The CIA World Factbook Every edition, 1990 to 2025 Europe
Economic overview Belgium, in 36 editions.
The entry for Belgium published Economic overview in 36 editions of 36, from 1990 to 2025. The text changed in 32 editions. Each is shown as published. Economic overview in every entry.
- editions changed the text
- 32
- the first edition with it
- 1990
- the latest edition with it
- 2025
Published as “Overview” (1990 to 1995), “Economic overview” (1996 to 2025), “Economy - overview” (1997 to 2019), “Economy-overview” (1998) and “Economy--overview” (1999).
field in that editiontext changed from the edition beforenot in that editionthe edition shownChoose an edition on the strip beside the text, or step through them with the arrows. Mark changes compares it with the edition before: the marks are ours, words added and words removed.
2025 edition
Changed since 2024Published as “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.
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.
Published as “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. During the period 1988-90 Belgium's economic performance was marked by buoyant output growth, moderate inflation, and a substantial external surplus. Real GDP grew by an average of 3.9% in 1988-90. However, the economy is likely to slow in 1991-92 to below 3% GDP growth.
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 Over 70% of trade was is with other EC countries. During the period 1986-88 the economy profited from falling oil prices 1988-90 Belgium's economic performance was marked by buoyant output growth, moderate inflation, and a lower dollar, which helped to improve the terms of trade. substantial external surplus. Real GDP grew by an average of 3.5% in 1986-89, up from 1.5% 3.9% in 1985. 1988-90. However, a large budget deficit and 10% unemployment cast a shadow on the economy. economy is likely to slow in 1991-92 to below 3% GDP growth.
Published as “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. During the period 1988-90, Belgium's economic performance was marked by 4% average growth, moderate inflation, and a substantial external surplus. Growth fell to 1.4% in 1991.
This small private-enterprise 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. During the period 1988-90 1988-90, Belgium's economic performance was
marked by buoyant output 4% average growth, moderate inflation, and a substantial external
surplus. Real GDP grew by an average of 3.9% in 1988-90. However, the economy is likely Growth fell to slow 1.4% in 1991-92 to below 3% GDP growth. 1991.
Published as “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.
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. During The economy grew at a strong 4% pace during the period 1988-90, Belgium's
but economic growth slowed to a 1% pace in 1991-92. The economy is expected
to turn in another sluggish 1% performance was in 1993. Belgium's public debtmarked by 4% average growth, moderate inflation, remains high at 120% of GDP and a substantial external the government is trying to control itssurplus. Growth fell expenditures to 1.4% in 1991. bring the figure more into line with other industrialized
countries.
Published as “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 substantial quantities of raw materials and export a large volume of manufactures, making its economy unusually dependent on the state of world markets.
Three fourths of its 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 and dropped by 1.5% in 1993. Belgium's public debt has risen to 140% of GDP, and the government is trying to control its expenditures to bring the figure more into line with other industrialized countries.
This small private enterprise economy has capitalized on its central
geographic location, highly developed transport network, and diversified
diversified industrial and commercial base. Industry is concentrated
mainly in the
government is encouraging
Walloon. With few natural resourcesessential substantial
quantities of raw materials, materials and export a large volume of manufactures,
making its economy closelyunusually dependent on the state of world markets. Over 70%
Three fourths of its trade is with other EC
grew at a strong 4% pace during the period 1988-90,
growth slowed to a 1% pace in 1991-92. The economy is expected 1991-92 and dropped by 1.5% in 1993.
to turn in another sluggish 1% performance
Belgium's public debt
remains high at 120%GDP GDP, and the government is
trying to control its
with other industrialized
Published as “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 substantial quantities of raw materials and export a large volume of manufactures, making its economy unusually dependent on the state of world markets.
Three-fourths of its trade is with other EU countries. The economy grew at a strong 4% pace during the period 1988-90, slowed to 1% in 1991-92, dropped by 1.5% in 1993, and recovered with 2.3% growth in 1994. Belgium's public debt has risen to 140% of GDP, and the government is trying to control its expenditures to bring the figure more into line with other industrialized countries.
This small private enterprise economy has capitalized on its central
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 substantial
quantities of raw materials and export a large volume of manufactures,
making its economy unusually dependent on the state of world markets.Three fourths Three-fourths of its trade is with other EC EU countries. The economy
grew at a strong 4% pace during the period 1988-90, but economic slowed to
growtha 1% pace in 1991-92 and
1991-92, dropped by 1.5% in 1993. 1993, and recovered with 2.3% growth in
1994. Belgium's public debt has risen to 140% of GDP, and the
government is
more into line
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 substantial quantities of raw materials and export a large volume of manufactures, making its economy unusually dependent on the state of world markets.
Two-thirds of its trade is with other EU countries. The economy grew at a strong 4% annual pace during the period 1988-90, slowed to 1% in 1991-92, dropped by 1.5% in 1993, and recovered with moderate 2.3% growth in 1994 and 1995. Belgium's public debt has risen to 140% of GDP, and the government is trying to control its expenditures to bring the figure more into line with other industrialized countries.
This small private enterprise economy has
capitalized on its
transport network, and
Industry is concentrated
north, although the
southern region ofresources resources, Belgium must
import substantial
volume of manufactures,
the state of world markets.
Three-fourths
countries. The economy
period 1988-90, slowed to 1% in
and recovered with moderate 2.3% growth in
1994.
public debt has risen to 140% of GDP, and the
to control its expenditures to bring the figure
other industrialized countries.
Published as “Economy - overview”
This highly developed 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 substantial quantities of raw materials and export a large volume of manufactures, making its economy unusually dependent on the state of world markets.
Two-thirds of its trade is with other EU countries. The economy grew at a strong 4% annual pace during the period 1988-90, slowed to 1% in 1991-92, dropped by 1.5% in 1993, recovered with moderate 2.3% growth in 1994 and 1995, and fell off again to 1.4% in 1996, with continued substantial unemployment. Belgium's public debt has risen to 140% of GDP, and the government is trying to control its expenditures to bring the figure more into line with other industrialized countries.
This small highly developed private enterprise economy has
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 substantial quantities of raw materials and export a large
volume of manufactures, making its economy unusually dependent on
state of world markets. Two-thirds of its trade is with other EU
countries. The economy grew at a strong 4% annual pace during the
period 1988-90, slowed to 1% in 1991-92, dropped by 1.5% in 1993,and recovered with moderate 2.3% growth in 1994 and 1995. Belgium's 1995, and fell off
again to 1.4% in 1996, with continued substantial unemployment.
Belgium's public debt has risen to 140% of GDP, and the government is trying
trying to control its expenditures to bring the figure more into line with
with other industrialized countries.
Published as “Economy-overview”
This highly developed 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 substantial quantities of raw materials and export a large volume of manufactures, making its economy unusually dependent on the state of world markets.
Two-thirds of its trade is with other EU countries. The economy grew at a strong 4% annual pace during the period 1988-90, slowed to 1% in 1991-92, dropped by 1.5% in 1993, recovered with moderate 2.3% growth in 1994 and 1995, and fell off again to 1.4% in 1996, with continued substantial unemployment. Belgium's public debt fell from 127% of GDP in 1996 to 124% in 1997, and the government is trying to control its expenditures to bring the figure more into line with other industrialized countries. GDP growth of 2.5% is forecast for 1998.
This highly developed private enterprise economy
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 substantial quantities of raw materials and export a large
volume of manufactures, making its economy unusually dependent on the
state of world markets. Two-thirds of its trade is with other EU
countries. The economy grew at a strong 4% annual pace during the
period 1988-90, slowed to 1% in 1991-92, dropped by 1.5% in 1993,
recovered with moderate 2.3% growth in 1994 and 1995, and fell off
again to 1.4% in 1996, with continued substantial unemployment.
Belgium's public debt has risen to 140% fell from 127% of GDP, GDP in 1996 to 124% in 1997,
and the government is
figure more into line
of 2.5% is forecast for 1998.
Published as “Economy--overview”
This highly developed 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 Wallonia. With few natural resources, Belgium must import substantial quantities of raw materials and export a large volume of manufactures, making its economy unusually dependent on the state of world markets.
Two-thirds of its trade is with other EU countries. Belgium's public debt fell from 127% of GDP in 1996 to 122% of GDP in 1998 and the government is trying to control its expenditures to bring the figure more into line with other industrialized countries. Belgium became a charter member of the European Monetary Union (EMU) in January 1999.
This highly developed private enterprise
economy hasdeveloped
developed transport network, and diversified industrial and
commercial base.
Flemish area in the
reinvestment in theWalloon. Wallonia. With few natural
resources, Belgium must
materials and export a large
economy unusually dependent on the
Two-thirds of its trade is with other EUThe economy grew at a strong 4% annual pace during theBelgium's public
period 1988-90, slowed to 1% in 1991-92, dropped by 1.5% in 1993,
recovered with moderate 2.3% growth in 1994 and 1995, and fell off
again to 1.4% in 1996, with continued substantial unemployment.
debt fell from 127% of GDP in 1996 to 124% 122% of GDP in 1997,1998 and the
government is trying to control its expenditures to bring the
more into line with other industrialized countries. GDP growth Belgium became a
charter member of 2.5% is forecast for 1998. the European Monetary Union (EMU) in January 1999.
Published as “Economy - overview”
This modern 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 investment in the southern region of Wallonia. With few natural resources, Belgium must import substantial quantities of raw materials and export a large volume of manufactures, making its economy unusually dependent on the state of world markets.
About three-quarters of its trade is with other EU countries. Belgium's public debt fell from 127% of GDP in 1996 to 122% of GDP in 1998 and the government is trying to control its expenditures to bring the figure more into line with other industrialized countries. Belgium became a charter member of the European Monetary Union (EMU) in January 1999. The dioxin crisis - beginning in June 1999 with the discovery of a cancer-causing substance in animal feed - constituted a serious blow to the food-processing industry, both domestically and internationally. This crisis slowed down GDP growth with recovery expected in the year 2000.
This highly developed modern private enterprise
reinvestment
Two-thirds
Published as “Economy - overview”
This modern 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 investment in the southern region of Wallonia. With few natural resources, Belgium must import substantial quantities of raw materials and export a large volume of manufactures, making its economy unusually dependent on the state of world markets.
About three-quarters of its trade is with other EU countries. Belgium's public debt is expected to fall below 100% of GDP in 2002, and the government has succeeded in balancing is budget. Belgium became a charter member of the European Monetary Union (EMU) in January 1999. Economic growth in 2000 was broad based, putting the government in a good position to pursue its energy market liberalization policies and planned tax cuts.
This modern 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 investment in the southern region of Wallonia. With few natural resources, Belgium must import substantial quantities of raw materials and export a large volume of manufactures, making its economy unusually dependent on the state of world markets. About three-quarters of its trade is with other EU countries. Belgium's public debt fell from 127% of GDP in 1996 is expected to 122% fall below 100% of GDP in 1998 2002, and the government has succeeded in balancing is trying to control its expenditures to bring the figure more into line with other industrialized countries. budget. Belgium became a charter member of the European Monetary Union (EMU) in January 1999. The dioxin crisis - beginning Economic growth in June 1999 with 2000 was broad based, putting the discovery of a cancer-causing substance government in animal feed - constituted a serious blow good position to the food-processing industry, both domestically pursue its energy market liberalization policies and internationally. This crisis slowed down GDP growth with recovery expected in the year 2000. planned tax cuts.
Published as “Economy - overview”
This modern 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. With few natural resources, Belgium must import substantial quantities of raw materials and export a large volume of manufactures, making its economy unusually dependent on the state of world markets.
About three-quarters of its trade is with other EU countries. Public debt is about 100% of GDP, and the government has succeeded in balancing its budget. Belgium, together with 11 of its EU partners, began circulating euro currency in January 2002. Economic growth in 2001-02 dropped sharply due to the global economic slowdown. Prospects for 2003 again depend largely on recovery in the EU and the US.
This modern 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 investment in the southern region of Wallonia. north. With few natural resources, Belgium must import substantial quantities of raw materials and export a large volume of manufactures, making its economy unusually dependent on the state of world markets. About three-quarters of its trade is with other EU countries. Belgium's public Public debt is expected to fall below about 100% of GDP in 2002, GDP, and the government has succeeded in balancing is its budget. Belgium became a charter member Belgium, together with 11 of the European Monetary Union (EMU) its EU partners, began circulating euro currency in January 1999. 2002. Economic growth in 2000 was broad based, putting 2001-02 dropped sharply due to the government global economic slowdown. Prospects for 2003 again depend largely on recovery in a good position to pursue its energy market liberalization policies the EU and planned tax cuts. the US.
Published as “Economy - overview”
This modern 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. With few natural resources, Belgium must import substantial quantities of raw materials and export a large volume of manufactures, making its economy unusually dependent on the state of world markets.
Roughly three-quarters of its trade is with other EU countries. Public debt is about 100% of GDP, and the government has succeeded in balancing its budget. Belgium, together with 11 of its EU partners, began circulating the euro currency in January 2002. Economic growth in 2001-03 dropped sharply due to the global economic slowdown. Prospects for 2004 again depend largely on recovery in the EU and the US.
This modern 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. With few natural resources, Belgium must import substantial quantities of raw materials and export a large volume of manufactures, making its economy unusually dependent on the state of world markets. About Roughly three-quarters of its trade is with other EU countries. Public debt is about 100% of GDP, and the government has succeeded in balancing its budget. Belgium, together with 11 of its EU partners, began circulating the euro currency in January 2002. Economic growth in 2001-02 2001-03 dropped sharply due to the global economic slowdown. Prospects for 2003 2004 again depend largely on recovery in the EU and the US.
Published as “Economy - overview”
This modern 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. With few natural resources, Belgium must import substantial quantities of raw materials and export a large volume of manufactures, making its economy unusually dependent on the state of world markets.
Roughly three-quarters of its trade is with other EU countries. Public debt is about 100% of GDP, and the government has succeeded in balancing its budget. Belgium, together with 11 of its EU partners, began circulating the euro currency in January 2002. Economic growth in 2001-03 dropped sharply because of the global economic slowdown. Prospects for 2004 again depend largely on recovery in the EU and the US.
This modern 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. With few natural resources, Belgium must import substantial quantities of raw materials and export a large volume of manufactures, making its economy unusually dependent on the state of world markets. Roughly three-quarters of its trade is with other EU countries. Public debt is about 100% of GDP, and the government has succeeded in balancing its budget. Belgium, together with 11 of its EU partners, began circulating the euro currency in January 2002. Economic growth in 2001-03 dropped sharply due to because of the global economic slowdown. Prospects for 2004 again depend largely on recovery in the EU and the US.
Published as “Economy - overview”
This modern 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. With few natural resources, Belgium must import substantial quantities of raw materials and export a large volume of manufactures, making its economy unusually dependent on the state of world markets.
Roughly three-quarters of its trade is with other EU countries. Public debt is nearly 100% of GDP. On the positive side, the government has succeeded in balancing its budget, and income distribution is relatively equal. Belgium began circulating the euro currency in January 2002. Economic growth in 2001-03 dropped sharply because of the global economic slowdown, with moderate recovery in 2004.
This modern 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. With few natural resources, Belgium must import substantial quantities of raw materials and export a large volume of manufactures, making its economy unusually dependent on the state of world markets. Roughly three-quarters of its trade is with other EU countries. Public debt is about nearly 100% of GDP, and GDP. On the positive side, the government has succeeded in balancing its budget. Belgium, together with 11 of its EU partners, budget, and income distribution is relatively equal. Belgium began circulating the euro currency in January 2002. Economic growth in 2001-03 dropped sharply because of the global economic slowdown. Prospects for 2004 again depend largely on slowdown, with moderate recovery in the EU and the US. 2004.
Published as “Economy - overview”
This modern, 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. With few natural resources, Belgium must import substantial quantities of raw materials and export a large volume of manufactures, making its economy unusually dependent on the state of world markets.
Roughly three-quarters of its trade is with other EU countries. Public debt is nearly 100% of GDP. On the positive side, the government has succeeded in balancing its budget, and income distribution is relatively equal. Belgium began circulating the euro currency in January 2002. Economic growth in 2001-03 dropped sharply because of the global economic slowdown, with moderate recovery in 2004-05.
This modern private enterprise modern, 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. With few natural resources, Belgium must import substantial quantities of raw materials and export a large volume of manufactures, making its economy unusually dependent on the state of world markets. Roughly three-quarters of its trade is with other EU countries. Public debt is nearly 100% of GDP. On the positive side, the government has succeeded in balancing its budget, and income distribution is relatively equal. Belgium began circulating the euro currency in January 2002. Economic growth in 2001-03 dropped sharply because of the global economic slowdown, with moderate recovery in 2004. 2004-05.
Published as “Economy - overview”
This modern, 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. With few natural resources, Belgium must import substantial quantities of raw materials and export a large volume of manufactures, making its economy unusually dependent on the state of world markets.
Roughly three-quarters of its trade is with other EU countries. Public debt is more than 90% of GDP. On the positive side, the government has succeeded in balancing its budget, and income distribution is relatively equal. Belgium began circulating the euro currency in January 2002. Economic growth in 2001-03 dropped sharply because of the global economic slowdown, with moderate recovery in 2004-06.
This modern, 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. With few natural resources, Belgium must import substantial quantities of raw materials and export a large volume of manufactures, making its economy unusually dependent on the state of world markets. Roughly three-quarters of its trade is with other EU countries. Public debt is nearly 100% more than 90% of GDP. On the positive side, the government has succeeded in balancing its budget, and income distribution is relatively equal. Belgium began circulating the euro currency in January 2002. Economic growth in 2001-03 dropped sharply because of the global economic slowdown, with moderate recovery in 2004-05. 2004-06.
Published as “Economy - overview”
This modern, 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. With few natural resources, Belgium must import substantial quantities of raw materials and export a large volume of manufactures, making its economy unusually dependent on the state of world markets.
Roughly three-quarters of its trade is with other EU countries. Public debt is more than 85% of GDP. On the positive side, the government has succeeded in balancing its budget, and income distribution is relatively equal. Belgium began circulating the euro currency in January 2002. Economic growth in 2001-03 dropped sharply because of the global economic slowdown, with moderate recovery in 2004-07. Economic growth and foreign direct investment are expected to slow down in 2008, due to credit tightening, falling consumer and business confidence, and above average inflation.
However, with the successful negotiation of the 2008 budget and devolution of power within the government, political tensions seem to be easing and could lead to an improvement in the economic outlook for 2008.
This modern, 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. With few natural resources, Belgium must import substantial quantities of raw materials and export a large volume of manufactures, making its economy unusually dependent on the state of world markets. Roughly three-quarters of its trade is with other EU countries. Public debt is more than 90% 85% of GDP. On the positive side, the government has succeeded in balancing its budget, and income distribution is relatively equal. Belgium began circulating the euro currency in January 2002. Economic growth in 2001-03 dropped sharply because of the global economic slowdown, with moderate recovery in 2004-06. 2004-07. Economic growth and foreign direct investment are expected to slow down in 2008, due to credit tightening, falling consumer and business confidence, and above average inflation. However, with the successful negotiation of the 2008 budget and devolution of power within the government, political tensions seem to be easing and could lead to an improvement in the economic outlook for 2008.
Published as “Economy - overview”
This modern, 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. With few natural resources, Belgium must import substantial quantities of raw materials and export a large volume of manufactures, making its economy unusually dependent on the state of world markets.
Roughly three-quarters of its trade is with other EU countries. Public debt is more than 80% of GDP. On the positive side, the government succeeded in balancing its budget during the 2000-2008 period, and income distribution is relatively equal. Belgium began circulating the euro currency in January 2002. Economic growth and foreign direct investment dropped in 2008. In 2009 Belgium is likely to have negative growth, growing unemployment, and a 3% budget deficit, stemming from the worldwide banking crisis.
This modern, 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. With few natural resources, Belgium must import substantial quantities of raw materials and export a large volume of manufactures, making its economy unusually dependent on the state of world markets. Roughly three-quarters of its trade is with other EU countries. Public debt is more than 85% 80% of GDP. On the positive side, the government has succeeded in balancing its budget, budget during the 2000-2008 period, and income distribution is relatively equal. Belgium began circulating the euro currency in January 2002. Economic growth in 2001-03 dropped sharply because of the global economic slowdown, with moderate recovery in 2004-07. Economic growth and foreign direct investment are expected to slow down dropped in 2008, due 2008. In 2009 Belgium is likely to credit tightening, falling consumer and business confidence, have negative growth, growing unemployment, and above average inflation. However, with the successful negotiation of the 2008 a 3% budget and devolution of power within the government, political tensions seem to be easing and could lead to an improvement in deficit, stemming from the economic outlook for 2008. worldwide banking crisis.
Published as “Economy - overview”
This modern, 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. With few natural resources, Belgium imports substantial quantities of raw materials and exports a large volume of manufactures, making its economy vulnerable to volatility in world markets.
Roughly three-quarters of Belgium's trade is with other EU countries. In 2009 Belgian GDP contracted by 2.7%, the unemployment rate rose slightly, and the budget deficit worsened because of large-scale bail-outs in the financial sector. Belgium's budget deficit widened to 4.8% of GDP in 2010, while public debt was just over 100% of GDP. Belgian banks have been severely affected by the international financial crisis with three major banks receiving capital injections from the government.
An ageing population and rising social expenditures are also increasing pressure on public finances, making it likely the government will need to implement unpopular austerity measures to assuage investor concerns about Belgium's ability to restore fiscal balance.
This modern, 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. With few natural resources, Belgium must import imports substantial quantities of raw materials and export exports a large volume of manufactures, making its economy unusually dependent on the state of vulnerable to volatility in world markets. Roughly three-quarters of its Belgium's trade is with other EU countries. Public debt is more than 80% of GDP. On In 2009 Belgian GDP contracted by 2.7%, the positive side, unemployment rate rose slightly, and the government succeeded budget deficit worsened because of large-scale bail-outs in balancing its the financial sector. Belgium's budget during deficit widened to 4.8% of GDP in 2010, while public debt was just over 100% of GDP. Belgian banks have been severely affected by the 2000-2008 period, and income distribution is relatively equal. Belgium began circulating international financial crisis with three major banks receiving capital injections from the euro currency in January 2002. Economic growth government. An ageing population and foreign direct investment dropped in 2008. In 2009 Belgium is rising social expenditures are also increasing pressure on public finances, making it likely to have negative growth, growing unemployment, and a 3% budget deficit, stemming from the worldwide banking crisis. government will need to implement unpopular austerity measures to assuage investor concerns about Belgium's ability to restore fiscal balance.
Published as “Economy - overview”
This modern, open, and private-enterprise-based economy has capitalized on its central geographic location, highly developed transport network, and diversified industrial and commercial base. Industry is concentrated mainly in the more heavily-populated region of Flanders in the north. With few natural resources, Belgium imports substantial quantities of raw materials and exports a large volume of manufactures, making its economy vulnerable to volatility in world markets, yet also able to benefit from them.
Roughly three-quarters of Belgium's trade is with other EU countries, and Belgium has benefited most from its proximity to Germany. In 2010 Belgian GDP grew by 2.1%, the unemployment rate rose slightly, and the government reduced the budget deficit, which had worsened in 2008 and 2009 because of large-scale bail-outs in the financial sector. Belgium's budget deficit decreased from 6% of GDP to 4.1% in 2010, while public debt was just under 100% of GDP. Belgian banks were severely affected by the international financial crisis with three major banks receiving capital injections from the government. An ageing population and rising social expenditures are mid- to long-term challenges to public finances.
This modern, private-enterprise open, and private-enterprise-based 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 more heavily-populated region of Flanders in the north. With few natural resources, Belgium imports substantial quantities of raw materials and exports a large volume of manufactures, making its economy vulnerable to volatility in world markets. markets, yet also able to benefit from them. Roughly three-quarters of Belgium's trade is with other EU countries. countries, and Belgium has benefited most from its proximity to Germany. In 2009 2010 Belgian GDP contracted grew by 2.7%, 2.1%, the unemployment rate rose slightly, and the government reduced the budget deficit deficit, which had worsened in 2008 and 2009 because of large-scale bail-outs in the financial sector. Belgium's budget deficit widened to 4.8% decreased from 6% of GDP to 4.1% in 2010, while public debt was just over under 100% of GDP. Belgian banks have been were severely affected by the international financial crisis with three major banks receiving capital injections from the government. An ageing population and rising social expenditures are also increasing pressure on public finances, making it likely the government will need to implement unpopular austerity measures mid- to assuage investor concerns about Belgium's ability long-term challenges to restore fiscal balance. public finances.
Published as “Economy - overview”
This modern, open, and private-enterprise-based economy has capitalized on its central geographic location, highly developed transport network, and diversified industrial and commercial base. Industry is concentrated mainly in the more heavily-populated region of Flanders in the north. With few natural resources, Belgium imports substantial quantities of raw materials and exports a large volume of manufactures, making its economy vulnerable to volatility in world markets.
Roughly three-quarters of Belgium's trade is with other EU countries, and Belgium has benefited most from its proximity to Germany. In 2011 Belgian GDP grew by 1.8%, the unemployment rate decreased slightly to 7.2% from 8.3% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 4.2% in 2011 and 3.3% in 2012. Despite the relative improvement in Belgium's budget deficit, public debt hovers around 100% of GDP, a factor that has contributed to investor perceptions that the country is increasingly vulnerable to spillover from the euro-zone crisis.
Belgian banks were severely affected by the international financial crisis in 2008 with three major banks receiving capital injections from the government, and the nationalization of the Belgian retail arm of a Franco-Belgian bank.
This modern, open, and private-enterprise-based economy has capitalized on its central geographic location, highly developed transport network, and diversified industrial and commercial base. Industry is concentrated mainly in the more heavily-populated region of Flanders in the north. With few natural resources, Belgium imports substantial quantities of raw materials and exports a large volume of manufactures, making its economy vulnerable to volatility in world markets, yet also able to benefit from them. markets. Roughly three-quarters of Belgium's trade is with other EU countries, and Belgium has benefited most from its proximity to Germany. In 2010 2011 Belgian GDP grew by 2.1%, 1.8%, the unemployment rate rose slightly, decreased slightly to 7.2% from 8.3% the previous year, and the government reduced the budget deficit, which had worsened in 2008 and 2009 because of large-scale bail-outs in the financial sector. Belgium's budget deficit decreased from a peak of 6% of GDP in 2009 to 4.1% 4.2% in 2010, while 2011 and 3.3% in 2012. Despite the relative improvement in Belgium's budget deficit, public debt was just under hovers around 100% of GDP. GDP, a factor that has contributed to investor perceptions that the country is increasingly vulnerable to spillover from the euro-zone crisis. Belgian banks were severely affected by the international financial crisis in 2008 with three major banks receiving capital injections from the government. An ageing population government, and rising social expenditures are mid- to long-term challenges to public finances. the nationalization of the Belgian retail arm of a Franco-Belgian bank.
Published as “Economy - overview”
This modern, open, and private-enterprise-based economy has capitalized on its central geographic location, highly developed transport network, and diversified industrial and commercial base. Industry is concentrated mainly in the more heavily-populated region of Flanders in the north. With few natural resources, Belgium imports substantial quantities of raw materials and exports a large volume of manufactures, making its economy vulnerable to volatility in world markets.
Roughly three-quarters of Belgium's trade is with other EU countries, and Belgium has benefited most from its proximity to Germany. In 2011 Belgian GDP grew by 1.8%, the unemployment rate decreased slightly to 7.2% from 8.3% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 4.2% in 2011 and 3.3% in 2012. Fourth quarter GDP growth in 2012 was at -0.1%, the third consecutive quarter of negative growth.
This brought economic growth for the whole of 2012 to negative 0.2%. It also left Belgium on the brink of a possible recession at the end of 2012. However, at year's end, the government appeared close to meeting its 2012 budget deficit goal of 3% of GDP. Despite the relative improvement in Belgium's budget deficit, public debt hovers around 100% of GDP, a factor that has contributed to investor perceptions that the country is increasingly vulnerable to spillover from the euro-zone crisis.
Belgian banks were severely affected by the international financial crisis in 2008 with three major banks receiving capital injections from the government, and the nationalization of the Belgian retail arm of a Franco-Belgian bank.
This modern, open, and private-enterprise-based economy has capitalized on its central geographic location, highly developed transport network, and diversified industrial and commercial base. Industry is concentrated mainly in the more heavily-populated region of Flanders in the north. With few natural resources, Belgium imports substantial quantities of raw materials and exports a large volume of manufactures, making its economy vulnerable to volatility in world markets. Roughly three-quarters of Belgium's trade is with other EU countries, and Belgium has benefited most from its proximity to Germany. In 2011 Belgian GDP grew by 1.8%, the unemployment rate decreased slightly to 7.2% from 8.3% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 4.2% in 2011 and 3.3% in 2012. Fourth quarter GDP growth in 2012 was at -0.1%, the third consecutive quarter of negative growth. This brought economic growth for the whole of 2012 to negative 0.2%. It also left Belgium on the brink of a possible recession at the end of 2012. However, at year's end, the government appeared close to meeting its 2012 budget deficit goal of 3% of GDP. Despite the relative improvement in Belgium's budget deficit, public debt hovers around 100% of GDP, a factor that has contributed to investor perceptions that the country is increasingly vulnerable to spillover from the euro-zone crisis. Belgian banks were severely affected by the international financial crisis in 2008 with three major banks receiving capital injections from the government, and the nationalization of the Belgian retail arm of a Franco-Belgian bank.
Published as “Economy - overview”
This modern, open, and private-enterprise-based economy has capitalized on its central geographic location, highly developed transport network, and diversified industrial and commercial base. Industry is concentrated mainly in the more heavily-populated region of Flanders in the north. With few natural resources, Belgium imports substantial quantities of raw materials and exports a large volume of manufactures, making its economy vulnerable to volatility in world markets.
Roughly three-quarters of Belgium's trade is with other EU countries, and Belgium has benefited most from its proximity to Germany. In 2013 Belgian GDP grew by 0.1%, the unemployment rate increased to 8.8% from 7.6% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 3.2%. Despite the relative improvement in Belgium's budget deficit, public debt hovers around 100% of GDP, a factor that has contributed to investor perceptions that the country is increasingly vulnerable to spillover from the euro-zone crisis.
Belgian banks were severely affected by the international financial crisis in 2008 with three major banks receiving capital injections from the government, and the nationalization of the Belgian retail arm of a Franco-Belgian bank.
This modern, open, and private-enterprise-based economy has capitalized on its central geographic location, highly developed transport network, and diversified industrial and commercial base. Industry is concentrated mainly in the more heavily-populated region of Flanders in the north. With few natural resources, Belgium imports substantial quantities of raw materials and exports a large volume of manufactures, making its economy vulnerable to volatility in world markets. Roughly three-quarters of Belgium's trade is with other EU countries, and Belgium has benefited most from its proximity to Germany. In 2011 2013 Belgian GDP grew by 1.8%, 0.1%, the unemployment rate decreased slightly increased to 7.2% 8.8% from 8.3% 7.6% the previous year, and the government reduced the budget deficit from a peak of 6% of GDP in 2009 to 4.2% in 2011 and 3.3% in 2012. Fourth quarter GDP growth in 2012 was at -0.1%, the third consecutive quarter of negative growth. This brought economic growth for the whole of 2012 to negative 0.2%. It also left Belgium on the brink of a possible recession at the end of 2012. However, at year's end, the government appeared close to meeting its 2012 budget deficit goal of 3% of GDP. 3.2%. Despite the relative improvement in Belgium's budget deficit, public debt hovers around 100% of GDP, a factor that has contributed to investor perceptions that the country is increasingly vulnerable to spillover from the euro-zone crisis. Belgian banks were severely affected by the international financial crisis in 2008 with three major banks receiving capital injections from the government, and the nationalization of the Belgian retail arm of a Franco-Belgian bank.
Published as “Economy - overview”
This modern, open, and private-enterprise-based economy has capitalized on its central geographic location, highly developed transport network, and diversified industrial and commercial base. Industry is concentrated mainly in the more heavily-populated region of Flanders in the north. With few natural resources, Belgium imports substantial quantities of raw materials and exports a large volume of manufactures, making its economy vulnerable to shifts in foreign demand, particularly in Belgium’s EU trade partners.
Roughly three-quarters of Belgium's trade is with other EU countries. In 2014 Belgian GDP grew by 0.9%, the unemployment rate stabilized at 8.5%, and the the budget deficit was 3.2% of GDP. Prime Minister Charles MICHEL’s center-right government has pledged to further reduce the deficit in response to EU pressure to reduce Belgium’s high public debt, which remains above 100% of GDP, but such efforts could also dampen economic growth.
In addition to restrained public spending, low wage growth and high unemployment promise to curtail a more robust recovery in private consumption. The government has pledged to pursue an reform program to improve Belgium’s competitiveness, including changes to tax policy, labor market rules, and welfare benefits. These changes risk worsening tensions with trade unions and triggering extended strikes.
This modern, open, and private-enterprise-based economy has capitalized on its central geographic location, highly developed transport network, and diversified industrial and commercial base. Industry is concentrated mainly in the more heavily-populated region of Flanders in the north. With few natural resources, Belgium imports substantial quantities of raw materials and exports a large volume of manufactures, making its economy vulnerable to volatility shifts in world markets. foreign demand, particularly in Belgium’s EU trade partners. Roughly three-quarters of Belgium's trade is with other EU countries, and Belgium has benefited most from its proximity to Germany. countries. In 2013 2014 Belgian GDP grew by 0.1%, 0.9%, the unemployment rate increased to 8.8% from 7.6% the previous year, stabilized at 8.5%, and the government reduced the budget deficit from a peak of 6% was 3.2% of GDP in 2009 GDP. Prime Minister Charles MICHEL’s center-right government has pledged to 3.2%. Despite further reduce the relative improvement deficit in Belgium's budget deficit, response to EU pressure to reduce Belgium’s high public debt hovers around debt, which remains above 100% of GDP, but such efforts could also dampen economic growth. In addition to restrained public spending, low wage growth and high unemployment promise to curtail a factor that more robust recovery in private consumption. The government has contributed pledged to investor perceptions that the country is increasingly vulnerable pursue an reform program to spillover from the euro-zone crisis. Belgian banks were severely affected by the international financial crisis in 2008 improve Belgium’s competitiveness, including changes to tax policy, labor market rules, and welfare benefits. These changes risk worsening tensions with three major banks receiving capital injections from the government, trade unions and the nationalization of the Belgian retail arm of a Franco-Belgian bank. triggering extended strikes.
Published as “Economy - overview”
This modern, open, and private-enterprise-based economy has capitalized on its central geographic location, highly developed transport network, and diversified industrial and commercial base. Industry is concentrated mainly in the more heavily-populated region of Flanders in the north. With few natural resources, Belgium imports substantial quantities of raw materials and exports a large volume of manufactures, making its economy vulnerable to shifts in foreign demand, particularly with Belgium’s EU trade partners. Roughly three-quarters of Belgium's trade is with other EU countries.
In 2015, Belgian GDP grew by 1.4%, the unemployment rate stabilized at 8.6%, and the budget deficit was 2.7% of GDP. Prime Minister Charles MICHEL's center-right government has pledged to further reduce the deficit in response to EU pressure to reduce Belgium's high public debt, which remains above 100% of GDP, but such efforts could also dampen economic growth. In addition to restrained public spending, low wage growth and high unemployment promise to curtail a more robust recovery in private consumption.
The government has pledged to pursue a reform program to improve Belgium’s competitiveness, including changes to tax policy, labor market rules, and welfare benefits. These changes risk worsening tensions with trade unions and triggering extended strikes.
This modern, open, and private-enterprise-based economy has capitalized on its central geographic location, highly developed transport network, and diversified industrial and commercial base. Industry is concentrated mainly in the more heavily-populated region of Flanders in the north. With few natural resources, Belgium imports substantial quantities of raw materials and exports a large volume of manufactures, making its economy vulnerable to shifts in foreign demand, particularly in with Belgium’s EU trade partners. Roughly three-quarters of Belgium's trade is with other EU countries.
In 2014 2015, Belgian GDP grew by 0.9%, 1.4%, the unemployment rate stabilized at 8.5%, 8.6%, and the the budget deficit was 3.2% 2.7% of GDP. Prime Minister Charles MICHEL’s MICHEL's center-right government has pledged to further reduce the deficit in response to EU pressure to reduce Belgium’s Belgium's high public debt, which remains above 100% of GDP, but such efforts could also dampen economic growth. In addition to restrained public spending, low wage growth and high unemployment promise to curtail a more robust recovery in private consumption.
The government has pledged to pursue an a reform program to improve Belgium’s competitiveness, including changes to tax policy, labor market rules, and welfare benefits. These changes risk worsening tensions with trade unions and triggering extended strikes.
Published as “Economy - overview”
Belgium’s central geographic location and highly developed transport network have helped develop a well-diversified economy, with a broad mix of transport, services, manufacturing, and high tech. Industry is concentrated mainly in the more heavily-populated region of Flanders in the north. Belgium is 100% reliant on foreign sources of fossil fuels, and the planned closure of its seven nuclear plants by 2025 should increase its dependence on foreign energy.
Its role as a regional logistical hub makes its economy vulnerable to shifts in foreign demand, particularly with EU trading partners. Roughly three-quarters of Belgium's trade is with other EU countries.
Belgium’s GDP grew by 1.4% in 2016, unemployment at yearend was 8.4%, and the budget deficit was 2.7% of GDP. The economy largely recovered from the March 2016 terrorist attacks, which mainly impacted the Brussels region tourist and hospitality industry. Prime Minister Charles MICHEL's center-right government has pledged to further reduce the deficit in response to EU pressure to decrease Belgium's high public debt of about 107% of GDP, but such efforts could also dampen economic growth. In addition to restrained public spending, low wage growth and higher inflation promise to curtail a more robust recovery in private consumption.
The government has pledged to pursue a reform program to improve Belgium’s competitiveness, including changes to tax policy, labor market rules, and welfare benefits. These changes have generally made Belgian wages more competitive regionally, but risk worsening tensions with trade unions and triggering extended strikes.
This modern, open, and private-enterprise-based economy has capitalized on its Belgium’s central geographic location, location and highly developed transport network, and diversified industrial network have helped develop a well-diversified economy, with a broad mix of transport, services, manufacturing, and commercial base. high tech. Industry is concentrated mainly in the more heavily-populated region of Flanders in the north. With few natural resources, Belgium imports substantial quantities is 100% reliant on foreign sources of raw materials fossil fuels, and exports a large volume the planned closure of manufactures, making its seven nuclear plants by 2025 should increase its dependence on foreign energy. Its role as a regional logistical hub makes its economy vulnerable to shifts in foreign demand, particularly with Belgium’s EU trade trading partners. Roughly three-quarters of Belgium's trade is with other EU countries.In 2015, Belgian Belgium’s GDP grew by 1.4%, the 1.4% in 2016, unemployment rate stabilized at 8.6%, yearend was 8.4%, and the budget deficit was 2.7% of GDP. The economy largely recovered from the March 2016 terrorist attacks, which mainly impacted the Brussels region tourist and hospitality industry. Prime Minister Charles MICHEL's center-right government has pledged to further reduce the deficit in response to EU pressure to reduce decrease Belgium's high public debt, which remains above 100% debt of about 107% of GDP, but such efforts could also dampen economic growth. In addition to restrained public spending, low wage growth and high unemployment higher inflation promise to curtail a more robust recovery in private consumption.
The government has pledged to pursue a reform program to improve Belgium’s competitiveness, including changes to tax policy, labor market rules, and welfare benefits. These changes have generally made Belgian wages more competitive regionally, but risk worsening tensions with trade unions and triggering extended strikes.
The same text in 2018 and 2019.
Published as “Economy - overview”
Belgium’s central geographic location and highly developed transport network have helped develop a well-diversified economy, with a broad mix of transport, services, manufacturing, and high tech. Service and high-tech industries are concentrated in the northern Flanders region while the southern region of Wallonia is home to industries like coal and steel manufacturing. Belgium is completely reliant on foreign sources of fossil fuels, and the planned closure of its seven nuclear plants by 2025 should increase its dependence on foreign energy.
Its role as a regional logistical hub makes its economy vulnerable to shifts in foreign demand, particularly with EU trading partners. Roughly three-quarters of Belgium's trade is with other EU countries, and the port of Zeebrugge conducts almost half its trade with the United Kingdom alone, leaving Belgium’s economy vulnerable to the outcome of negotiations on the UK’s exit from the EU. Belgium’s GDP grew by 1.7% in 2017 and the budget deficit was 1.5% of GDP. Unemployment stood at 7.3%, however the unemployment rate is lower in Flanders than Wallonia, 4.4% compared to 9.4%, because of industrial differences between the regions.
The economy largely recovered from the March 2016 terrorist attacks that mainly impacted the Brussels region tourist and hospitality industry. Prime Minister Charles MICHEL's center-right government has pledged to further reduce the deficit in response to EU pressure to decrease Belgium's high public debt of about 104% of GDP, but such efforts would also dampen economic growth. In addition to restrained public spending, low wage growth and higher inflation promise to curtail a more robust recovery in private consumption.
The government has pledged to pursue a reform program to improve Belgium’s competitiveness, including changes to labor market rules and welfare benefits. These changes have generally made Belgian wages more competitive regionally, but have raised tensions with trade unions, which have called for extended strikes. In 2017, Belgium approved a tax reform plan to ease corporate rates from 33% to 29% by 2018 and down to 25% by 2020. The tax plan also included benefits for innovation and SMEs, intended to spur competitiveness and private investment.
Belgium’s central geographic location and highly developed transport network have helped develop a well-diversified economy, with a broad mix of transport, services, manufacturing, and high tech. Industry is Service and high-tech industries are concentrated mainly in the more heavily-populated region of northern Flanders in region while the north. southern region of Wallonia is home to industries like coal and steel manufacturing. Belgium is 100% completely reliant on foreign sources of fossil fuels, and the planned closure of its seven nuclear plants by 2025 should increase its dependence on foreign energy. Its role as a regional logistical hub makes its economy vulnerable to shifts in foreign demand, particularly with EU trading partners. Roughly three-quarters of Belgium's trade is with other EU countries.countries, and the port of Zeebrugge conducts almost half its trade with the United Kingdom alone, leaving Belgium’s economy vulnerable to the outcome of negotiations on the UK’s exit from the EU. Belgium’s GDP grew by 1.4% 1.7% in 2016, unemployment at yearend was 8.4%, 2017 and the budget deficit was 2.7% 1.5% of GDP. Unemployment stood at 7.3%, however the unemployment rate is lower in Flanders than Wallonia, 4.4% compared to 9.4%, because of industrial differences between the regions. The economy largely recovered from the March 2016 terrorist attacks, which attacks that mainly impacted the Brussels region tourist and hospitality industry. Prime Minister Charles MICHEL's center-right government has pledged to further reduce the deficit in response to EU pressure to decrease Belgium's high public debt of about 107% 104% of GDP, but such efforts could would also dampen economic growth. In addition to restrained public spending, low wage growth and higher inflation promise to curtail a more robust recovery in private consumption.tax policy, labor market rules, rules and welfare benefits. These changes have generally made Belgian wages more competitive regionally, but risk worsening have raised tensions with trade unions and triggering unions, which have called for extended strikes. In 2017, Belgium approved a tax reform plan to ease corporate rates from 33% to 29% by 2018 and down to 25% by 2020. The tax plan also included benefits for innovation and SMEs, intended to spur competitiveness and private investment.
Belgium’s central geographic location and highly developed transport network have helped develop a well-diversified economy, with a broad mix of transport, services, manufacturing, and high tech. Service and high-tech industries are concentrated in the northern Flanders region while the southern region of Wallonia is home to industries like coal and steel manufacturing. Belgium is completely reliant on foreign sources of fossil fuels, and the planned closure of its seven nuclear plants by 2025 should increase its dependence on foreign energy.
Its role as a regional logistical hub makes its economy vulnerable to shifts in foreign demand, particularly with EU trading partners. Roughly three-quarters of Belgium's trade is with other EU countries, and the port of Zeebrugge conducts almost half its trade with the United Kingdom alone, leaving Belgium’s economy vulnerable to the outcome of negotiations on the UK’s exit from the EU. Belgium’s GDP grew by 1.7% in 2017 and the budget deficit was 1.5% of GDP. Unemployment stood at 7.3%, however the unemployment rate is lower in Flanders than Wallonia, 4.4% compared to 9.4%, because of industrial differences between the regions.
The economy largely recovered from the March 2016 terrorist attacks that mainly impacted the Brussels region tourist and hospitality industry. Prime Minister Charles MICHEL's center-right government has pledged to further reduce the deficit in response to EU pressure to decrease Belgium's high public debt of about 104% of GDP, but such efforts would also dampen economic growth. In addition to restrained public spending, low wage growth and higher inflation promise to curtail a more robust recovery in private consumption.
The government has pledged to pursue a reform program to improve Belgium’s competitiveness, including changes to labor market rules and welfare benefits. These changes have generally made Belgian wages more competitive regionally, but have raised tensions with trade unions, which have called for extended strikes. In 2017, Belgium approved a tax reform plan to ease corporate rates from 33% to 29% by 2018 and down to 25% by 2020. The tax plan also included benefits for innovation and SMEs, intended to spur competitiveness and private investment.
Belgium’s central geographic location and highly developed transport network have helped develop a well-diversified economy, with a broad mix of transport, services, manufacturing, and high tech. Service and high-tech industries are concentrated in the northern Flanders region while the southern region of Wallonia is home to industries like coal and steel manufacturing. Belgium is completely reliant on foreign sources of fossil fuels, and the planned closure of its seven nuclear plants by 2025 should increase its dependence on foreign energy. Its role as a regional logistical hub makes its economy vulnerable to shifts in foreign demand, particularly with EU trading partners. Roughly three-quarters of Belgium's trade is with other EU countries, and the port of Zeebrugge conducts almost half its trade with the United Kingdom alone, leaving Belgium’s economy vulnerable to the outcome of negotiations on the UK’s exit from the EU. Belgium’s GDP grew by 1.7% in 2017 and the budget deficit was 1.5% of GDP. Unemployment stood at 7.3%, however the unemployment rate is lower in Flanders than Wallonia, 4.4% compared to 9.4%, because of industrial differences between the regions. The economy largely recovered from the March 2016 terrorist attacks that mainly impacted the Brussels region tourist and hospitality industry. Prime Minister Charles MICHEL's center-right government has pledged to further reduce the deficit in response to EU pressure to decrease Belgium's high public debt of about 104% of GDP, but such efforts would also dampen economic growth. In addition to restrained public spending, low wage growth and higher inflation promise to curtail a more robust recovery in private consumption. The government has pledged to pursue a reform program to improve Belgium’s competitiveness, including changes to labor market rules and welfare benefits. These changes have generally made Belgian wages more competitive regionally, but have raised tensions with trade unions, which have called for extended strikes. In 2017, Belgium approved a tax reform plan to ease corporate rates from 33% to 29% by 2018 and down to 25% by 2020. The tax plan also included benefits for innovation and SMEs, intended to spur competitiveness and private investment.
The same text in 2021 and 2022.
Belgium’s central geographic location and highly developed transport network have helped develop a well-diversified economy, with a broad mix of transport, services, manufacturing, and high tech. Service and high-tech industries are concentrated in the northern Flanders region while the southern region of Wallonia is home to industries like coal and steel manufacturing. Belgium is completely reliant on foreign sources of fossil fuels, and the planned closure of its seven nuclear plants by 2025 should increase its dependence on foreign energy.
Its role as a regional logistical hub makes its economy vulnerable to shifts in foreign demand, particularly with EU trading partners. Roughly three-quarters of Belgium's trade is with other EU countries, and the port of Zeebrugge conducts almost half its trade with the United Kingdom alone, leaving Belgium’s economy vulnerable to the outcome of negotiations on the UK’s exit from the EU.
Belgium’s GDP grew by 1.7% in 2017 and the budget deficit was 1.5% of GDP. Unemployment stood at 7.3%, however the unemployment rate is lower in Flanders than Wallonia, 4.4% compared to 9.4%, because of industrial differences between the regions. The economy largely recovered from the March 2016 terrorist attacks that mainly impacted the Brussels region tourist and hospitality industry. Prime Minister Charles MICHEL's center-right government has pledged to further reduce the deficit in response to EU pressure to decrease Belgium's high public debt of about 104% of GDP, but such efforts would also dampen economic growth. In addition to restrained public spending, low wage growth and higher inflation promise to curtail a more robust recovery in private consumption.
The government has pledged to pursue a reform program to improve Belgium’s competitiveness, including changes to labor market rules and welfare benefits. These changes have generally made Belgian wages more competitive regionally, but have raised tensions with trade unions, which have called for extended strikes. In 2017, Belgium approved a tax reform plan to ease corporate rates from 33% to 29% by 2018 and down to 25% by 2020. The tax plan also included benefits for innovation and SMEs, intended to spur competitiveness and private investment.
Belgium’s central geographic location and highly developed transport network have helped develop a well-diversified economy, with a broad mix of transport, services, manufacturing, and high tech. Service and high-tech industries are concentrated in the northern Flanders region while the southern region of Wallonia is home to industries like coal and steel manufacturing. Belgium is completely reliant on foreign sources of fossil fuels, and the planned closure of its seven nuclear plants by 2025 should increase its dependence on foreign energy. Its role as a regional logistical hub makes its economy vulnerable to shifts in foreign demand, particularly with EU trading partners. Roughly three-quarters of Belgium's trade is with other EU countries, and the port of Zeebrugge conducts almost half its trade with the United Kingdom alone, leaving Belgium’s economy vulnerable to the outcome of negotiations on the UK’s exit from the EU.
Belgium’s GDP grew by 1.7% in 2017 and the budget deficit was 1.5% of GDP. Unemployment stood at 7.3%, however the unemployment rate is lower in Flanders than Wallonia, 4.4% compared to 9.4%, because of industrial differences between the regions. The economy largely recovered from the March 2016 terrorist attacks that mainly impacted the Brussels region tourist and hospitality industry. Prime Minister Charles MICHEL's center-right government has pledged to further reduce the deficit in response to EU pressure to decrease Belgium's high public debt of about 104% of GDP, but such efforts would also dampen economic growth. In addition to restrained public spending, low wage growth and higher inflation promise to curtail a more robust recovery in private consumption.
The government has pledged to pursue a reform program to improve Belgium’s competitiveness, including changes to labor market rules and welfare benefits. These changes have generally made Belgian wages more competitive regionally, but have raised tensions with trade unions, which have called for extended strikes. In 2017, Belgium approved a tax reform plan to ease corporate rates from 33% to 29% by 2018 and down to 25% by 2020. The tax plan also included benefits for innovation and SMEs, intended to spur competitiveness and private investment.
- high income economy with strong but moderate growth;
- high public debt;
- aging labor force;
- low labor force participation of low-skilled, migrant, and older workers;
- strong welfare system;
- high congestion;
- complex business permitting and judicial systems
Rewritten: too little of the 2022 text remains to mark the changes.
high income economy with strong but moderate growth; high public debt; aging labor force; low labor force participation of low-skilled, migrant, and older workers; strong welfare system; high congestion; complex business permitting and judicial systems
- high-income, core EU and eurozone economy;
- slow but steady growth supported by household consumption and energy shock recovery;
- high public debt and structural deficits linked to social spending;
- aging workforce with weak productivity growth and participation rates
Rewritten: too little of the 2023 text remains to mark the changes.
high-income, core EU and eurozone economy; slow but steady growth supported by household consumption and energy shock recovery; high public debt and structural deficits linked to social spending; aging workforce with weak productivity growth and participation rates
- high-income, core EU and eurozone economy;
- slow growth with weakened domestic consumption and export demand;
- high public debt and structural deficits linked to social spending;
- aging workforce with weak productivity growth and participation rates
high-income, core EU and eurozone economy; slow but steady growth supported by household with weakened domestic consumption and energy shock recovery; export demand; high public debt and structural deficits linked to social spending; aging workforce with weak productivity growth and participation rates
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Cite this page
Central Intelligence Agency. “Belgium: Economic overview.” The World Factbook, 1990–2025 editions. Archived by The Factbook, thefactbook.org/belgium/economic-overview.