The economy of Belgium is primarily based on industries and services like transportation, coal mining, steel, real estate and chemical industry. Belgium is a economically developed country with high GDP (Gross Domestic Product) growth rate and a strong member of OECD.
OECD is an Organisation for Economic Co-operation and Development, which represents the economic status of leading industrialized countries.
Some major economic sectors of Belgium
For many years Belgium is maintaining a high GDP growth rate and the per capita export of Belgium is much more than Germany and Japan.
The economy of Belgium is largely dependent on industries like transportation, coal, chemical, heavy machinaries, vehicles, petroleum, fertilizers etc. some of the other industries include cement industry, diamond cutting, leather, wood and glass industries.
Factors responsible for the economical growth of Belgium
Belgium is located in such a position, that it has a convenient access to most of the leading economically developed countries, which helps in boosting the economy of the country. The other prime factor responsible for the growth of country’s economy is the availability of skilled labors.
Belgium industry is dependent upon imports of raw materials to a considerable degree. Raw material include zinc, lead, iron and tin and the export include diamonds, petroleum bi-products etc.
One of the most deciding factors for the growth economy is transportation facilities. Belgium has a large number of roads and water ways, through which they process their trading.
In respect of agricultural production, Belgium has the reputation of producing a large amount of agricultural products. This is because of the fertility of the soil and the other reason is the source of water. The technological advancement is also one factor behind the growth of this industry. The major agricultural products include wheat, barley, soats, rye, sugarcane, potatoes. The dairy and cattle industry also has a crucial role in the overall growth of the Belgium economy.
Belgium Economic Performance 1990-2013
|Year||GDP % Change||Inflation % Change||Year||GDP % Change||Inflation % Change|
Source: World Bank
|Last Updated on : 26th February 2015||Next Update : February 2016|