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.
GDP:
purchasing power equivalent - $171.8 billion, per capita $17,300; real
growth rate 1.4% (1991 est.)
Inflation rate (consumer prices):
3.2% (1991 est.)
Unemployment rate:
9.4% est. (1991 est.)
Budget:
revenues $45.0 billion; expenditures $55.3 billion, including capital
expenditures of NA (1989)
Exports:
$118 billion (f.o.b., 1990) Belgium-Luxembourg Economic Union
commodities:
iron and steel, transportation equipment, tractors, diamonds, petroleum
products
partners:
EC 74%, US 5%, former Communist countries 2% (1989)
Imports:
$120 billion (c.i.f., 1990) Belgium-Luxembourg Economic Union
commodities:
fuels, grains, chemicals, foodstuffs
partners:
EC 73%, US 4%, oil-exporting less developed countries 4%, former Communist
countries 3% (1989)
External debt:
$28.8 billion (1990 est.)
Industrial production:
growth rate 1.2% (1991 est.); accounts for almost 30% of GDP
Electricity:
17,400,000 kW capacity; 67,100 million kWh produced, 6,767 kWh per capita
(1991)
Industries:
engineering and metal products, processed food and beverages, chemicals,
basic metals, textiles, glass, petroleum, coal
Agriculture:
accounts for 2.3% of GDP; emphasis on livestock production - beef, veal,
pork, milk; major crops are sugar beets, fresh vegetables, fruits, grain,
and tobacco; net importer of farm products
Economic aid:
donor - ODA and OOF commitments (1970-89), $5.8 billion
Currency:
Belgian franc (plural - francs); 1 Belgian franc (BF) = 100 centimes
Exchange rates:
Belgian francs (BF) per US$1 - 32.462 (January 1992), 34.148 (1991), 33.418
(1990), 39.404 (1989), 36.768 (1988), 37.334 (1987)
Fiscal year:
calendar year

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