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Belgium Economy 1996
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.
GDP - purchasing power parity - $181.5 billion (1994 est.)
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National product real growth rate:
-
National product per capita:
-
Inflation rate (consumer prices):
$109.3 billion, including capital expenditures of $NA (1989)
$117 billion (f.o.b., 1992) Belgium-Luxembourg Economic Union
iron and steel, transportation equipment, tractors, diamonds, petroleum
products
EC 75.5%, US 3.7%, former Communist countries 1.4% (1991)
$120 billion (c.i.f., 1992) Belgium-Luxembourg Economic Union
fuels, grains, chemicals, foodstuffs
EC 73%, US 4.8%, oil-exporting less developed countries 4%, former Communist
countries 1.8% (1991)
$31.3 billion (1992 est.)
growth rate -0.1% (1993 est.); accounts for 25% of GDP
engineering and metal products, motor vehicle assembly, processed food and
beverages, chemicals, basic metals, textiles, glass, petroleum, coal
accounts for 2.0% of GDP; emphasis on livestock production - beef, veal,
pork, milk; major crops are sugar beets, fresh vegetables, fruits, grain,
tobacco; net importer of farm products
source of precursor chemicals for South American cocaine processors;
transshipment point for cocaine entering the European market
ODA and OOF commitments (1970-89), $5.8 billion
1 Belgian franc (BF) = 100 centimes
Belgian francs (BF) per US$1 - 31.549 (January 1995), 33.456 (1994), 34.597
(1993), 32.150 (1992), 34.148 (1991), 33.418 (1990)
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