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1994-05-02
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<text>
<title>
Belgium: Economy
</title>
<article><hdr>The World Factbook 1993: Belgium
Economy</hdr><body>
<p>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.
Over 70% of trade is with other EC countries. The economy grew
at a strong 4% pace during the period 1988-90, but economic
growth slowed to a 1% pace in 1991-92. The economy is expected
to turn in another sluggish 1% performance in 1993. Belgium's
public debt remains high at 120% of GDP and the government is
trying to control its expenditures to bring the figure more into
line with other industrialized countries.
</p>
<p>National product: GDP - purchasing power equivalent - $177.9
billion (1992)
</p>
<p>National product real growth rate: 0.8% (1992)
</p>
<p>National product per capita: $17,800 (1992)
</p>
<p>Inflation rate (consumer prices): 2.6% (1992 est.)
</p>
<p>Unemployment rate: 9.8% (end 1992)
</p>
<p>Budget: revenues $97.8 billion; expenditures $109.3 billion,
including capital expenditures of $NA (1989)
</p>
<list>
<l>Exports: $118 billion (f.o.b., 1991) Belgium-Luxembourg
Economic Union</l>
<l> commodities: iron and steel, transportation equipment,
tractors, diamonds, petroleum products</l>
<l> partners: EC 75.5%, US 3.7%, former Communist countries 1.4%
(1991)</l>
<l>Imports: $121 billion (c.i.f., 1991) Belgium-Luxembourg
Economic Union</l>
<l> commodities: fuels, grains, chemicals, foodstuffs</l>
<l> partners: EC 73%, US 4.8%, oil-exporting less developed
countries 4%, former Communist countries 1.8% (1991)</l>
</list>
<p>External debt: $31.3 billion (1992 est.)
</p>
<p>Industrial production: growth rate 1.6% (1992 est.)
</p>
<p>Electricity: 17,500,000 kW capacity; 68,000 million kWh
produced, 6,790 kWh per capita (1992)
</p>
<p>Industries: engineering and metal products, motor vehicle
assembly, processed food and beverages, chemicals, basic metals,
textiles, glass, petroleum, coal
</p>
<p>Agriculture: accounts for 2.3% of GDP; emphasis on livestock
production - beef, veal, pork, milk; major crops are sugar
beets, fresh vegetables, fruits, grain, tobacco; net importer of
farm products
</p>
<p>Illicit drugs: source of precursor chemicals for South
American cocaine processors; increasingly important gateway
country for cocaine entering the European market
</p>
<p>Economic aid: donor - ODA and OOF commitments (1970-89), $5.8
billion
</p>
<p>Currency: 1 Belgian franc (BF)=100 centimes
</p>
<p>Exchange rates: Belgian francs (BF) per US$1 - 33.256 (January
1993), 32.150 (1992), 34.148 (1991), 33.418 (1990), 39.404
(1989), 36.768 (1988)
</p>
<p>Fiscal year: calendar year
</p></body></article></text>