Belgium has prospered over the past half century as a modern, technologically advanced European state. It was one of the first industrialized nations in Europe, but has, in recent decades, shifted to a more service-oriented economy.
Belgium has one of the most open economies in western Europe and in the world for that matter. The focus of the Belgian economy is squarely on international trade: exports account, on average, for more than 70% of the GDP.
Growing and lucrative sectors
- ICT sector: this includes the hard- and software, the telecoms market as well as the latest e-technologies.
- Medical sector: under the huge pressure of an ageing population, demand is growing in this sector too.
- Distribution of foodstuffs: this has seen a 4.2% increase in turnover in 2004.
- Means of transport: consists, mainly, of car assembly plants and outsource suppliers to the automotive industry.
Exports: 246.4 billion euros
- Commodities: machinery and equipment, chemicals, diamonds, metals and metal products and foodstuffs
- Main trading partners: Germany 19.9%, France 17.2%, the Netherlands 11.8%, UK 8.6%, USA 6.5% and Italy 5.2%
Imports: 229.5 billion euros
- Commodities: machinery and equipment, chemicals, diamonds, pharmaceuticals, foodstuffs, transportation equipment and oil products
- Main trading partners: Germany 18.4%, the Netherlands 17%, France 12.5%, UK 6.8%, Ireland 6.3% and the USA 5.5%
Useful facts
GDP: 283.3 billion euros
Growth rate of GDP: 2.7%
Inflation rate: 1.9%
Labour force: 4.75 million
Unemployment rate: about 12.5%
