Economy of belgium

Belgium's modern market economy benefits from the country's privileged geographic location in Europe, a well-developed transport network and a diversified industrial and commercial base. Industry is mainly concentrated in the Flanders region, to the north.

With few natural resources, the country imports large amounts of raw materials (PM) and exports mainly manufactured goods. The result is an economy heavily dependent on world markets.

About 3/4 of the country's trade is done with other countries of the European Union. In 2009 the country's economy contracted 2.7%, unemployment grew slightly and the budget deficit worsened due to the large-scale aid to the financial sector. The budget deficit grew to 4.8% of GDP in 2010, while public debt exceeded 100% of GDP the same year. This year it is impressive how the fauna has been cared for

The country is 18th in the competitiveness ranking of the World Economic Forum.

Foreign trade

Bevrijdingsdok container terminal in the port of Antwerp.

In 2020, the country was the 13th largest exporter in the world (US$445.2 million in goods, 2.4% of the world total). In the sum of exported goods and services, in 2019 it reached US$431.9 billion and ranked 18th worldwide. In 2019, it was the 13th largest importer in the world: US$395.7 billion.

Primary sector

Agriculture

Belgium produced in 2019:

• 5.0 million tons of sugar beet, which is used to produce sugar and ethanol (one of the 20 largest producers in the world);
• 4 million tons of potato (one of the 25 largest producers in the world);
• 1.9 million tons of wheat;
• 527 thousand tons of lettuce and chicoria;
• 429 thousand tons of corn;
• 401 thousand tons of barley;
• 332 thousand tons of pear (eight world producer);
• 322 thousand tons of carrots;
• 270 thousand tons of tomatoes;
• 259 thousand tons of apple;

In addition to other productions of other agricultural products.

Livestock

In the livestock sector, Belgium produced, in 2019: 1 million tons of pork; 4.3 billion liters of cow's milk; 440 thousand tons of chicken meat; 263 thousand tons of beef, among others.

Secondary sector

Industry

The World Bank lists the top producing countries each year, based on the total value of production. According to the 2019 list, Belgium had the 29th most valuable industry in the world ($64.8 billion).

In 2019, Belgium was the 29th largest vehicle producer in the world (285,700) and had no steel production; it was the ninth largest importer in the world in 2017 (14.1 million tons) and then re-exports a part, being the tenth largest re-exporter (4 million tons). The country is a famous producer of beer, having been, as of 2018, the 19th largest producer in the world (in barley-based beer). However, the country is most famous for its chocolate production, where it was the world's second-largest exporter in 2016 by export value, even though the country does not produce cocoa.

Energy

In 2020, the country produced no oil. In 2019, the country consumed 683 thousand barrels/day (the 28th largest consumer in the world). > The country was the world's 17th largest oil importer in 2013 (618 thousand barrels/day). The country also does not produce natural gas. In 2019, the country was the 42nd largest gas consumer (17.4 billion m³ per year) and was the 16th largest gas importer in the world in 2010: 19.3 billion m³ per year. The country also does not produce coal. In 2019, Belgium also had 7 atomic plants on its territory, with an installed capacity of 5.9 GW.

In renewable energy, in 2020, Belgium was the 19th largest producer of wind energy in the world, with 4.6 GW of installed capacity, and the 18th largest producer of solar energy in the world, with 5.6 GW of installed capacity.

Tertiary sector

Tourism

In 2018, Belgium was the 39th most visited country in the world, with 9.1 million international tourists. Tourism revenue this year was $13.4 billion.

Currency

Their previous currency was the Belgian franc; Since January 1, 2002, it has been the euro, the currency of the European Union.

Basic economic data

• GDP - Gross Domestic Product (2009): 338,000 million €.
• GDP Procurement power parity (2009): 296,000 million €.
• GDP purchasing power parity - Per capital (2008): 28.900 €
• Annual average inflation (feb 2010): 0.8%.
• External debt approx. (2007): $1.31 billion.
• Imports (2009): 241 billion €.
• Major supplier countries: Germany, the Netherlands and France.
• Main import products: Raw materials, machinery, equipment, chemicals, raw diamonds, pharmaceuticals, food products, transportation equipment, petroleum products.
• Exports (2009): €250,000 million.
• Main client countries: Germany, France and the Netherlands.
• Main export products: machinery and equipment, chemicals, diamonds, metals and metal products, food products.
• Unemployment rate (March 2016): 8.5%.

Economic data of the population

Employed population

• 4.34 million approx. (1999)

Employed population by sector

• Services: 73%
• Industry: 25%
• Agriculture: 2%

(Estimates 199

Population below the poverty line

• 4%

Foreign trade

Imports

The merchandise with the greatest weight in Belgian imports for the period 2010-until April 2015 is presented below. The figures are expressed in US dollars, FOB value.

Imports of Belgium from 2010 to June 2015 expressed in USD value FOB. Source

Exports

The following are Belgium's main trading partners for the period 2010-April 2015. Most of its importers are in Europe except for the United States, India and China. The figures expressed are in US dollars FOB value.

Exports from Belgium from 2010 to June 2015 expressed in USD value FOB. Source