Belgium

Click here for more Europe Links and Resources

FITA helps you find
service providers for:

Market Research

Economic and political outline

Economic indicators | Foreign Trade in figures | Sources of general economic information | Political outline

Economic indicators

After four years of vigorous growth, the economy was hit head-on by the international crisis during the second quarter of 2008. At the end of 2008, economic activity suffered an unprecedented reduction from the impact of the financial crisis and the decline in global trade. In effect, the crisis engendered the bankruptcy of the financial institutions and in particular the Fortis group, which had to be nationalized. The economy had benefitted from the recovery of activities on the European Union level, monetary support conditions and the beneficial effects of multi-annual tax and employment market reforms that the government had put in place. The employment situation is expected to deteriorate and the use of the manpower remains relatively low. Economically, Belgium does not expect a revival before 2012, following a most chaotic 2009 year. Direct foreign investment should slow down due to the tightening of credit and loss of confindence by consummers and companies. As for inflation, it should follow a downward trend. In the meantime, the political tensions do not seem to be getting resolved and could slow down an otherwise more rapid improvement of the circumstances.

Main indicators	2006	2007	2008	2009	2010
GDP (billions USD)	400.30	459.03	506.39	433.52e	437.04e
GDP (constant prices, annual % change)	3.0	2.6	1.1e	-3.8e	0.3
GDP per capita (USD)	37,818	43,033	47,108e	40,019	40,033e
General government balance (in % of GDP)	0.2	-0.3	-1.2e	-4.7	-5.6e
Inflation rate (%)	2.3	1.8	4.5	0.5	1.0e
Unemployment rate (% of the labor force)	8.3	7.5	6.8	9.5	10.5
Current Account (billions USD)	10.59	7.77	-12.89	-10.60	-12.92
Current Account (in % of GDP)	2.6	1.7	-2.5	-2.4	-3.0

Source: IMF - World Economic Outlook Database

Note: (e) Estimated data

Main sectors of industry

Agriculture contributes a small amount to the Belgian economy.
The industrial sector accounts for practically a fourth of the GDP. There are significant discrepancies between the three Belgian regions in this field; Flanders, Wallonia and the capital, Brussels. If Flanders has succeeded in developing the second largest petro-chemical sector in the world, Wallonia is in the middle of restructuring following the closure of collieries and a large number of steel industries.
Currently, the Belgian economy is more orientated towards services. In effect, the tertiary sector accounts for almost three fourths of the national wealth. Brussels which domiciles big European organizations, a number of diplomatic missions and different interest groups, has created an economy which is based essentially on services.

Breakdown of economic activity by sector	Agriculture	Industry	Services
Employment by sector (in % of total employment)	2.0	24.7	72.6
Value added (in % of GDP)	0.9	24.1	75.1
Value added (annual % change)	5.2	2.7	2.7

- last available data.

Monetary indicators	2004	2005	2006	2007	2008
Euro (EUR) - Average annual exchange rate for 1 USD	0.81	0.80	0.80	0.73	0.68

Source: World Bank - World Development Indicators

Indicator of economic freedom

Score:: 72.1/100
Position:: mostly free
World Rank:: 20 out of 179
Regional Rank:: 10 out of 44

Distribution of Economic freedom in the world
Source: 2008 Index of Economic freedom, Heritage Foundation

Country risk

See the country risk analysis provided by Ducroire.

Foreign trade in figures

Belgium's trade deficit is gradually worsening. Belgian international trade is primarily done within the European Union (nearly 80% of exports and imports). More than half of Belgium's GNP stems from foreign sales, which is one of the highest percentages in the industrialized nations. In addition to being an export champion, Belgium also plays an important role as a transit and distribution center for other European Union member countries.

Foreign trade indicators	2003	2004	2005	2006	2007
Imports of goods (millions USD)	194,003	235,718	257,137	277,778	322,023
Exports of goods (millions USD)	204,962	245,426	263,056	281,135	323,708
Imports of services (millions USD)	42,862	49,023	51,172	53,250	72,578
Exports of services (millions USD)	44,708	52,708	56,144	59,516	79,113
Imports of goods and services (annual % change)	2.9	6.6	4.2	2.7	4.6
Exports of goods and services (annual % change)	2.9	6.5	3.6	2.6	3.8
Imports of goods and services (in % of GDP)	76.5	79.5	82.9	84.5	86.5
Exports of goods and services (in % of GDP)	81.0	83.8	86.6	87.7	89.4
Trade Balance (millions USD)	10,959	9,708	5,919	3,357	1,685
Trade Balance (including service) (millions USD)	12,804	13,392	10,891	9,623	8,220
Foreign trade (in % of GDP)	157.5	163.3	169.6	172.2	175.9

Source: World Bank

Main partner countries

Main customers (% of exports)	2008
Germany	19.9%
France	17.4%
Netherlands	12.3%
United Kingdom	7.2%
United States	4.8%
Italy	4.7%
Spain	3.3%
Luxembourg	1.9%
Poland	1.6%
India	1.5%
Sweden	1.4%
Switzerland	1.4%
Russia	1.2%
Turkey	1.1%
China	1.0%
Austria	1.0%
Czech Republic	0.9%
Denmark	0.9%
Finland	0.7%
Greece	0.7%
See more countries	38.4%

Main suppliers (% of imports)	2008
Netherlands	19.5%
Germany	17.3%
France	11.0%
United Kingdom	5.7%
United States	5.5%
China	4.1%
Ireland	4.0%
Italy	3.2%
Japan	2.6%
Sweden	2.0%
Spain	1.9%
Russia	1.7%
Norway	1.4%
India	1.2%
Luxembourg	0.9%
Brazil	0.9%
Poland	0.9%
Turkey	0.8%
Switzerland	0.8%
Czech Republic	0.8%
See more countries	41.1%

Source: Comtrade

Main products

Main exports (% of exports)	2008
Vehicles other than railway or tramway...Vehicles other than railway or tramway rolling-stock, and parts and accessories thereof	10.5%
Pharmaceutical productsPharmaceutical products	10.2%
Mineral fuels, mineral oils and products of their...Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes	9.2%
Nuclear reactors, boilers, machinery and...Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof	8.1%
Plastics and articles thereofPlastics and articles thereof	6.8%
Organic chemicalsOrganic chemicals	6.0%
Iron and steelIron and steel	5.9%
Electrical machinery and equipment and parts...Electrical machinery and equipment and parts thereof; sound recorders and reproducers, television image and sound recorders and reproducers, and parts and accessories of such articles	4.0%
Natural or cultured pearls, precious or...Natural or cultured pearls, precious or semi-precious stones, precious metals, metals clad with precious metal, and articles thereof; imitation jewellery; coin	4.0%
Optical, photographic, cinematographic, measuring,...Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus; parts and accessories thereof	1.9%
Miscellaneous chemical productsMiscellaneous chemical products	1.8%
Articles of iron or steelArticles of iron or steel	1.5%
Paper and paperboard; articles of paper pulp, of...Paper and paperboard; articles of paper pulp, of paper or of paperboard	1.3%
Rubber and articles thereofRubber and articles thereof	1.1%
Articles of apparel and clothing accessories, not...Articles of apparel and clothing accessories, not knitted or crocheted	1.0%
Articles of apparel and clothing accessories,...Articles of apparel and clothing accessories, knitted or crocheted	1.0%
Copper and articles thereofCopper and articles thereof	0.9%
Meat and edible meat offalMeat and edible meat offal	0.9%
Tanning or dyeing extracts; tannins and their...Tanning or dyeing extracts; tannins and their derivatives; dyes, pigments and other colouring matter; paints and varnishes; putty and other mastics; inks	0.9%
Furniture; bedding, mattresses, mattress supports,...Furniture; bedding, mattresses, mattress supports, cushions and similar stuffed furnishings; lamps and lighting fittings, not elsewhere specified or included; illuminated signs, illuminated name-plates and the like; prefabricated buildings	0.9%
Aluminium and articles thereofAluminium and articles thereof	0.8%
Edible fruit and nuts; peel of citrus fruits or...Edible fruit and nuts; peel of citrus fruits or melons	0.8%
Footwear, gaiters and the like; parts of such...Footwear, gaiters and the like; parts of such articles	0.8%
Dairy produce; birds' eggs; natural honey; edible...Dairy produce; birds' eggs; natural honey; edible products of animal origin, not elsewhere specified or included	0.8%
Glass and glasswareGlass and glassware	0.7%
Preparations of vegetables, fruit, nuts or other...Preparations of vegetables, fruit, nuts or other parts of plants	0.7%
Inorganic chemicals; organic or inorganic...Inorganic chemicals; organic or inorganic compounds of precious metals, of rare-earth metals, of radioactive elements or of isotopes	0.7%
Wood and articles of wood; wood charcoalWood and articles of wood; wood charcoal	0.7%
Preparations of cereals, flour, starch or milk;...Preparations of cereals, flour, starch or milk; pastrycooks' products	0.6%
Beverages, spirits and vinegarBeverages, spirits and vinegar	0.6%
Soap, organic surface-active agents, washing...Soap, organic surface-active agents, washing preparations, lubricating preparations, artificial waxes, prepared waxes, polishing or scouring preparations, candles and similar articles, modelling pastes, 'dental waxes' and dental preparations with a basis of plaster	0.6%
FertilizersFertilizers	0.6%
Cocoa and cocoa preparationsCocoa and cocoa preparations	0.6%
Carpets and other textile floor coveringsCarpets and other textile floor coverings	0.6%
Edible vegetables and certain roots and tubersEdible vegetables and certain roots and tubers	0.5%
Animal or vegetable fats and oils and their...Animal or vegetable fats and oils and their cleavage products; prepared edible fats; animal or vegetable waxes	0.5%
Essential oils and resinoids; perfumery, cosmetic...Essential oils and resinoids; perfumery, cosmetic or toilet preparations	0.5%
Photographic or cinematographic goodsPhotographic or cinematographic goods	0.4%
Tools, implements, cutlery, spoons and forks, of...Tools, implements, cutlery, spoons and forks, of base metal; parts thereof of base metal	0.4%
Printed books, newspapers, pictures and other...Printed books, newspapers, pictures and other products of the printing industry; manuscripts, typescripts and plans	0.4%
Residues and waste from the food industries;...Residues and waste from the food industries; prepared animal fodder	0.4%
Salt; sulphur; earths and stone; plastering...Salt; sulphur; earths and stone; plastering materials, lime and cement	0.4%
Articles of stone, plaster, cement, asbestos, mica...Articles of stone, plaster, cement, asbestos, mica or similar materials	0.3%
Toys, games and sports requisites; parts and...Toys, games and sports requisites; parts and accessories thereof	0.3%
Miscellaneous edible preparationsMiscellaneous edible preparations	0.3%
Ores, slag and ashOres, slag and ash	0.3%
Products of the milling industry; malt; starches;...Products of the milling industry; malt; starches; inulin; wheat gluten	0.3%
Articles of leather; saddlery and harness; travel...Articles of leather; saddlery and harness; travel goods, handbags and similar containers; articles of animal gut (other than silkworm gut)	0.3%
Pulp of wood or of other fibrous cellulosic...Pulp of wood or of other fibrous cellulosic material; recovered (waste and scrap) paper or paperboard	0.3%
Sugars and sugar confectionerySugars and sugar confectionery	0.3%
Aircraft, spacecraft, and parts thereofAircraft, spacecraft, and parts thereof	0.3%
Coffee, tea, maté and spicesCoffee, tea, maté and spices	0.3%
Preparations of meat, of fish or of crustaceans,...Preparations of meat, of fish or of crustaceans, molluscs or other aquatic invertebrates	0.2%
Other made-up textile articles; sets; worn...Other made-up textile articles; sets; worn clothing and worn textile articles; rags	0.2%
Ships, boats and floating structuresShips, boats and floating structures	0.2%
CerealsCereals	0.2%
Man-made staple fibresMan-made staple fibres	0.2%
Fish and crustaceans, molluscs and other aquatic...Fish and crustaceans, molluscs and other aquatic invertebrates	0.2%
Tobacco and manufactured tobacco substitutesTobacco and manufactured tobacco substitutes	0.2%
Ceramic productsCeramic products	0.2%
Man-made filamentsMan-made filaments	0.2%
Albuminoidal substances; modified starches; glues;...Albuminoidal substances; modified starches; glues; enzymes	0.2%
Live trees and other plants; bulbs, roots and the...Live trees and other plants; bulbs, roots and the like; cut flowers and ornamental foliage	0.2%
Oil seeds and oleaginous fruits; miscellaneous...Oil seeds and oleaginous fruits; miscellaneous grains, seeds and fruit; industrial or medicinal plants; straw and fodder	0.1%
Wadding, felt and nonwovens; special yarns; twine,...Wadding, felt and nonwovens; special yarns; twine, cordage, ropes and cables and articles thereof	0.1%
Impregnated, coated, covered or laminated textile...Impregnated, coated, covered or laminated textile fabrics; textile articles of a kind suitable for industrial use	0.1%
CottonCotton	0.1%
Miscellaneous articles of base metalMiscellaneous articles of base metal	0.1%
Miscellaneous manufactured articlesMiscellaneous manufactured articles	0.1%
Other base metals; cermets; articles thereofOther base metals; cermets; articles thereof	0.1%
Nickel and articles thereofNickel and articles thereof	0.1%
Live animalsLive animals	0.1%
See more products	55.3%

Main imports (% of imports)	2008
Mineral fuels, mineral oils and products of their...Mineral fuels, mineral oils and products of their distillation; bituminous substances; mineral waxes	15.5%
Vehicles other than railway or tramway...Vehicles other than railway or tramway rolling-stock, and parts and accessories thereof	10.7%
Pharmaceutical productsPharmaceutical products	8.9%
Nuclear reactors, boilers, machinery and...Nuclear reactors, boilers, machinery and mechanical appliances; parts thereof	8.8%
Organic chemicalsOrganic chemicals	6.4%
Electrical machinery and equipment and parts...Electrical machinery and equipment and parts thereof; sound recorders and reproducers, television image and sound recorders and reproducers, and parts and accessories of such articles	4.7%
Iron and steelIron and steel	4.2%
Plastics and articles thereofPlastics and articles thereof	4.0%
Natural or cultured pearls, precious or...Natural or cultured pearls, precious or semi-precious stones, precious metals, metals clad with precious metal, and articles thereof; imitation jewellery; coin	3.8%
Optical, photographic, cinematographic, measuring,...Optical, photographic, cinematographic, measuring, checking, precision, medical or surgical instruments and apparatus; parts and accessories thereof	2.1%
Articles of iron or steelArticles of iron or steel	1.7%
Paper and paperboard; articles of paper pulp, of...Paper and paperboard; articles of paper pulp, of paper or of paperboard	1.4%
Miscellaneous chemical productsMiscellaneous chemical products	1.2%
Rubber and articles thereofRubber and articles thereof	1.1%
Articles of apparel and clothing accessories, not...Articles of apparel and clothing accessories, not knitted or crocheted	1.1%
Furniture; bedding, mattresses, mattress supports,...Furniture; bedding, mattresses, mattress supports, cushions and similar stuffed furnishings; lamps and lighting fittings, not elsewhere specified or included; illuminated signs, illuminated name-plates and the like; prefabricated buildings	1.1%
Inorganic chemicals; organic or inorganic...Inorganic chemicals; organic or inorganic compounds of precious metals, of rare-earth metals, of radioactive elements or of isotopes	1.0%
Articles of apparel and clothing accessories,...Articles of apparel and clothing accessories, knitted or crocheted	1.0%
Edible fruit and nuts; peel of citrus fruits or...Edible fruit and nuts; peel of citrus fruits or melons	0.9%
Aluminium and articles thereofAluminium and articles thereof	0.9%
Copper and articles thereofCopper and articles thereof	0.9%
Dairy produce; birds' eggs; natural honey; edible...Dairy produce; birds' eggs; natural honey; edible products of animal origin, not elsewhere specified or included	0.8%
Beverages, spirits and vinegarBeverages, spirits and vinegar	0.8%
Wood and articles of wood; wood charcoalWood and articles of wood; wood charcoal	0.7%
Ores, slag and ashOres, slag and ash	0.7%
Footwear, gaiters and the like; parts of such...Footwear, gaiters and the like; parts of such articles	0.6%
Animal or vegetable fats and oils and their...Animal or vegetable fats and oils and their cleavage products; prepared edible fats; animal or vegetable waxes	0.6%
CerealsCereals	0.5%
Tanning or dyeing extracts; tannins and their...Tanning or dyeing extracts; tannins and their derivatives; dyes, pigments and other colouring matter; paints and varnishes; putty and other mastics; inks	0.5%
Glass and glasswareGlass and glassware	0.5%
Essential oils and resinoids; perfumery, cosmetic...Essential oils and resinoids; perfumery, cosmetic or toilet preparations	0.5%
Salt; sulphur; earths and stone; plastering...Salt; sulphur; earths and stone; plastering materials, lime and cement	0.5%
Residues and waste from the food industries;...Residues and waste from the food industries; prepared animal fodder	0.4%
Toys, games and sports requisites; parts and...Toys, games and sports requisites; parts and accessories thereof	0.4%
Preparations of vegetables, fruit, nuts or other...Preparations of vegetables, fruit, nuts or other parts of plants	0.4%
FertilizersFertilizers	0.4%
Soap, organic surface-active agents, washing...Soap, organic surface-active agents, washing preparations, lubricating preparations, artificial waxes, prepared waxes, polishing or scouring preparations, candles and similar articles, modelling pastes, 'dental waxes' and dental preparations with a basis of plaster	0.4%
Edible vegetables and certain roots and tubersEdible vegetables and certain roots and tubers	0.4%
Meat and edible meat offalMeat and edible meat offal	0.4%
Tools, implements, cutlery, spoons and forks, of...Tools, implements, cutlery, spoons and forks, of base metal; parts thereof of base metal	0.4%
Preparations of cereals, flour, starch or milk;...Preparations of cereals, flour, starch or milk; pastrycooks' products	0.4%
Fish and crustaceans, molluscs and other aquatic...Fish and crustaceans, molluscs and other aquatic invertebrates	0.4%
Cocoa and cocoa preparationsCocoa and cocoa preparations	0.4%
Oil seeds and oleaginous fruits; miscellaneous...Oil seeds and oleaginous fruits; miscellaneous grains, seeds and fruit; industrial or medicinal plants; straw and fodder	0.4%
Ships, boats and floating structuresShips, boats and floating structures	0.3%
Printed books, newspapers, pictures and other...Printed books, newspapers, pictures and other products of the printing industry; manuscripts, typescripts and plans	0.3%
Coffee, tea, maté and spicesCoffee, tea, maté and spices	0.3%
Miscellaneous articles of base metalMiscellaneous articles of base metal	0.3%
Aircraft, spacecraft, and parts thereofAircraft, spacecraft, and parts thereof	0.3%
Pulp of wood or of other fibrous cellulosic...Pulp of wood or of other fibrous cellulosic material; recovered (waste and scrap) paper or paperboard	0.3%
Preparations of meat, of fish or of crustaceans,...Preparations of meat, of fish or of crustaceans, molluscs or other aquatic invertebrates	0.3%
Articles of leather; saddlery and harness; travel...Articles of leather; saddlery and harness; travel goods, handbags and similar containers; articles of animal gut (other than silkworm gut)	0.3%
Miscellaneous edible preparationsMiscellaneous edible preparations	0.2%
Ceramic productsCeramic products	0.2%
Other made-up textile articles; sets; worn...Other made-up textile articles; sets; worn clothing and worn textile articles; rags	0.2%
Articles of stone, plaster, cement, asbestos, mica...Articles of stone, plaster, cement, asbestos, mica or similar materials	0.2%
Tobacco and manufactured tobacco substitutesTobacco and manufactured tobacco substitutes	0.2%
Sugars and sugar confectionerySugars and sugar confectionery	0.2%
Man-made filamentsMan-made filaments	0.2%
Products of the milling industry; malt; starches;...Products of the milling industry; malt; starches; inulin; wheat gluten	0.2%
Photographic or cinematographic goodsPhotographic or cinematographic goods	0.2%
Nickel and articles thereofNickel and articles thereof	0.2%
Live animalsLive animals	0.1%
Albuminoidal substances; modified starches; glues;...Albuminoidal substances; modified starches; glues; enzymes	0.1%
Man-made staple fibresMan-made staple fibres	0.1%
Live trees and other plants; bulbs, roots and the...Live trees and other plants; bulbs, roots and the like; cut flowers and ornamental foliage	0.1%
Wadding, felt and nonwovens; special yarns; twine,...Wadding, felt and nonwovens; special yarns; twine, cordage, ropes and cables and articles thereof	0.1%
Zinc and articles thereofZinc and articles thereof	0.1%
CottonCotton	0.1%
See more products	49.7%

Source: Comtrade

See more products: More imports (Intracen Data)
More exports (Intracen Data)

Sources of general economic information

Ministries: Foreign Affairs, Foreign Trade and Development Cooperation

Belgian Chamber of Commerce
Exportservices
Statistical Office: National Institute of Statistics
Central Bank: National Bank of Belgium
Stock Exchange: Brussels, Paris and Amsterdam stock exchange
Search Engines: Advalvas
Altavista
Belgique Moteur
Ilse
Lycos Belgium
Netbel
Sharelook
Economic portals: Belgium Portal

Political outline

Executive Power: Chief of the state is the King, who plays a largely ceremonial and symbolic role. King's primary political function is to designate a political leader (Prime Minister) to form a new government. Following legislative elections, the leader of the majority party (or the leader of the majority coalition) is usually appointed Prime Minister by the King and then approved by the parliament for a four-year term.
The King, on recommendation of the Prime Minister formally appoint Council of Ministers. At the federal level, executive power is wielded by the Council of Ministers. The Prime Minister chairs the Council. Each minister heads a governmental department.
Legislative Power: The Belgian Parliament consists of the Senate and the Chamber of Representatives. The Chamber has 150 directly elected members. The Senate has 71 members.
Main political parties: Political parties in Belgium are divided on the basis of community and linguistic lines into two groups:
- Flemish parties: VLD (Flemish Liberal Democrats), CD&V (Flemish Christian Democrats Party), SP.A/Spirit (the Flemish Socialists and Spirit alliance), GROEN! (formerly AGALEV, Flemish Greens); NVA (New Flemish Alliance) and the right-wing VB (Flemish Interest);
- Francophone parties: PS (Socialist Party), MR (Reformist Movement), ECOLO (Francophone Greens); CDH (Humanist and Democratic Center) and FN (National Front).
Current political leaders: King: ALBERT II (since August 1993); Heir Apparent: Prince PHILIPPE, son of the present King. Prime Minister: Herman VAN ROMPUY ( since December 2008)
Minister-President of Flemish Government (Region and Community): Kris Peeters (CD&V) Minister-President of French Community Government: Rudy Demotte (PS) Minister-President of Walloon Regional Government: Rudy Demotte (PS)
Minister-President of Brussels-Capital Regional Government: Charles Picqué (PS)
Minister-President of German Community Government: Karl-Heinz Lambertz (SP)
Next election dates: Senate and Chamber of Deputies : June 2011.

Indicator of freedom of the press

World Rank:: 7/173
Evolution:: 2 places down compared to 2007

Source: Worldwide Press Freedom Index 2007, Reporters Without Borders

Indicator of political freedom

Ranking:: Free
Political freedom:: 1/7
Civil liberties:: 1/7

Map of freedom 2007
Source: Freedom House

Any comments about this content? Report it to us.