Economy (Belgium)
=================


     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.
     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