Overview: This small private-enterprise economy has capitalized on its central geographic location, highly developed transport network, and diversified industrial and commercial base. Industry is concentrated mainly in the populous Flemish area in the north, although the government is encouraging reinvestment in the southern region of Walloon. With few natural resources Belgium must import essential raw materials, making its economy closely dependent on the state of world markets. In 1988 over 70% of trade was with other EC countries. During the period 1986-88 the economy profited from falling oil prices and a lower dollar, which helped to improve the terms of trade. Real GDP grew by an average of 3.5% in 1986-89, up from 1.5% in 1985. However, a large budget deficit and 10% unemployment cast a shadow on the economy.

GDP: $136.0 billion, per capita $13,700; real growth rate 4.5% (1989 est.)

Inflation rate (consumer prices): 3.6% (1989 est.)

Unemployment rate: 9.7% est. (1989 est.)

Budget: revenues $45.0 billion; expenditures $55.3 billion, including capital expenditures of NA (1989)

Exports: $100.3 billion (f.o.b., 1989) Belgium-Luxembourg Economic Union; commodities--iron and steel, transportation equipment, tractors, diamonds, petroleum products; partners--EC 74%, US 5%, Communist countries 2% (1988)

Imports: $100.1 billion (c.i.f., 1989) Belgium-Luxembourg Economic Union; commodities--fuels, grains, chemicals, foodstuffs; partners--EC 72%, US 5%, oil-exporting less developed countries 4%, Communist countries 3% (1988)

External debt: $27.5 billion (1988)

Industrial production: growth rate 6.4% (1988)

Electricity: 17,325,000 kW capacity; 62,780 million kWh produced, 6,350 kWh per capita (1989)

Industries: engineering and metal products, processed food and beverages, chemicals, basic metals, textiles, glass, petroleum, coal

Agriculture: accounts for 2% of GDP; emphasis on livestock production--beef, veal, pork, milk; major crops are sugar beets, fresh vegetables, fruits, grain, and tobacco; net importer of farm products

Aid: donor--ODA and OOF commitments (1970-87), $4.3 billion

Currency: Belgian franc (plural--francs); 1 Belgian franc (BF) = 100 centimes

Exchange rates: Belgian francs (BF) per US$1--35.468 (January 1990), 39.404 (1989), 36.768 (1988), 37.334 (1987), 44.672 (1986), 59.378 (1985)

Fiscal year: calendar year

NOTE: The information regarding Belgium on this page is re-published from the 1990 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Belgium Economy 1990 information contained here. All suggestions for corrections of any errors about Belgium Economy 1990 should be addressed to the CIA.