FITA helps you find
service providers for:

Market Research


flag Belgium Belgium: Economic and Political Outline

Economic Indicators | Foreign Trade in Figures | Sources of General Economic Information | Political Outline

Economic Indicators

Following the year 2009, most chaotic regarding the economy and marked by the global recession, the GDP growth has again become positive in 2010. It is estimated at 1.6% and is lead by strong public spending and the newly-found dynamism of international trade. Prospects for 2011 are hardly more optimistic.

The crisis has left Belgium in a difficult financial situation: the country faces a large public debt, the budget deficit has deepened, which has prompted the European Council to open an excessive deficit procedure. The government however refuses to adopt austerity measures and instead has decided to set up an economic stimulus plan.

Belgium is a prosperous country and its GDP is among the highest in the world. Nevertheless, regional disparities remain strong; Wallonia faces a worrying problem of structural unemployment.

 
Main Indicators 2009201020112012 (e)2013 (e)
GDP (billions USD) 472.10467.78e529.05e549.68567.24
GDP (Constant Prices, Annual % Change) -2.72.12.41.51.7
GDP per Capita (USD) 43,55242,84548,11049,63050,849
General Government Balance (in % of GDP) -3.2-2.9-2.6-2.7-2.8
General Government Gross Debt (in % of GDP) 96.296.794.694.393.9
Inflation Rate (%) -0.02.33.2e2.02.0
Unemployment Rate (% of the Labor Force) 8.08.47.98.18.2
Current Account (billions USD) -0.044.893.08e4.917.57
Current Account (in % of GDP) -0.01.0e0.61.3-

Source: IMF - World Economic Outlook Database ; World Bank , Last Available Data

Note: (e) Estimated Data

Main Sectors of Industry

The Belgian economy is largely orientated towards services. In fact, the tertiary sector accounts for almost three fourths of the national wealth. Brussels, which is home to several European institutions, numerous diplomatic missions and different interest groups, has created an economy which is based essentially on services.

The industrial sector accounts for practically a fourth of the GDP. There are significant discrepancies between the three Belgian regions. While 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 several collieries and a large number of steel industries. Brussels distinguishes itself in the areas of telecommunication, software development and in pharmaceutical and automobile industry.

Agriculture contributes a small amount to the Belgian economy.

 
Breakdown of Economic Activity By Sector Agriculture Industry Services
Employment By Sector (in % of Total Employment) 1.5 23.5 74.1
Value Added (in % of GDP) 0.7 21.7 77.6
Value Added (Annual % Change) -0.4 -6.7 -1.5

Source: World Bank - Last Available Data.

 
 
 
 
Learn more about Market Analysis about Belgium on Globaltrade.net, the Directory for International Trade Services.
 

Indicator of Economic Freedom

Score:
70.2/100
Position:
Mostly free
World Rank:
30/179
Regional Rank:
17/42

Distribution of Economic freedom in the world
Source: 2011 Index of Economic freedom, Heritage Foundation

 

Country Risk

See the Country Risk Analysis Provided By Ducroire.

 

Return to top

Foreign Trade in Figures

The Belgian economy is particularly open, foreign trade representing more than 180% of GDP. In addition to being an export champion, Belgium also plays an important role as a transit and distribution center for the other countries of the European Union.

Belgium's trade deficit, which was structurally in surplus but had been gradually worsening since 2002, reached a colossal deficit under the effects of the global recession. It has somewhat recovered with the resumption of exports.

Belgian international trade is primarily done within the European Union (nearly 80% of exports and imports). Its main trading partners are the Netherlands, Germany, France, Great Britain and the United States.

 
Foreign Trade Indicators 20062007200820092010
Imports of Goods (million USD) 351,635411,558466,307351,944390,156
Exports of Goods (million USD) 366,745430,952471,840369,845411,240
Imports of Services (million USD) 52,31368,41882,66272,82375,455
Exports of Services (million USD) 57,14372,20785,18779,47380,813
Imports of Goods and Services (Annual % Change) 4.64.73.0-11.1-
Exports of Goods and Services (Annual % Change) 2.63.8---
Imports of Goods and Services (in % of GDP) 78.579.584.870.2-
Exports of Goods and Services (in % of GDP) 82.383.485.773.0-
Trade Balance (million USD) 2,872615-16,135-6,611-2,331
Trade Balance (Including Service) (million USD) 9,1356,388-11,2713,3494,598
Foreign Trade (in % of GDP) 160.8162.9170.5143.2-

Source: WTO - World Trade Organization ; World Bank , Last Available Data

 

Main Partner Countries

Main Customers
(% of Exports)
2010
Germany 18.6%
France 16.6%
Netherlands 11.9%
United Kingdom 7.0%
United States 5.7%
See More Countries 40.2%
Main Suppliers
(% of Imports)
2010
Netherlands 18.9%
Germany 16.3%
France 11.3%
United States 5.5%
United Kingdom 5.4%
See More Countries 42.6%

Source: Comtrade, Last Available Data

 

Main Products

Main Exports
(% of Exports)
2010
Medicaments consisting of mixed or unmixed...Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses "incl. those in the form of transdermal administration" or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006) 8.7%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 5.8%
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 5.7%
Diamonds, whether or not worked, but not mounted...Diamonds, whether or not worked, but not mounted or set (excl. unmounted stones for pick-up styluses, worked stones, suitable for use as parts of meters, measuring instruments or other articles of chapter 90) 4.0%
Heterocyclic compounds with nitrogen hetero-atom[s...Heterocyclic compounds with nitrogen hetero-atom[s] only 2.3%
See More Products 73.5%
Main Imports
(% of Imports)
2010
Medicaments consisting of mixed or unmixed...Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses "incl. those in the form of transdermal administration" or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006) 7.9%
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702) 6.3%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude 5.2%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals 4.6%
Diamonds, whether or not worked, but not mounted...Diamonds, whether or not worked, but not mounted or set (excl. unmounted stones for pick-up styluses, worked stones, suitable for use as parts of meters, measuring instruments or other articles of chapter 90) 3.7%
See More Products 72.3%

Source: Comtrade, Last Available Data

 
See More Products
More imports (Intracen Data)
More exports (Intracen Data)
 

Return to top

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
Google.be
Altavista
Netbel
Sharelook
Economic Portals
Belgium Portal

Return to top

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: Elio DI RUPO (since 5 December 2011) - Socialist Party;
Next Election Dates
Senate and Chamber of Deputies : June 2011.
Communal and provincial elections in October 2012.
 

Indicator of Freedom of the Press

World Rank:
14/178
Evolution:
3 places down compared to 2009

Source: Worldwide Press Freedom Index 2010, Reporters Without Borders

 

Indicator of Political Freedom

Ranking:
Free
Political Freedom:
1/7
Civil Liberties:
1/7

Map of freedom 2010
Source: Freedom House

 

Return to top

Any Comments About This Content? Report It to Us.

 

© Export Entreprises SA, All Rights Reserved.
Last Updates: January 2012