Economy of Belgium
Belgium is considered to be a developed nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developed nation, Belgium is able to provide its citizens with social services like public education, healthcare, and law enforcement. Citizens of developed nations enjoy a high standard of living and longer life expectancies than citizens of developing nations. Each year, Belgium exports around $295.3 billion and imports roughly $310.2 billion. 6.6% of population in the country are unemployed. The total number of unemployed people in Belgium is 758,902. In Belgium, 15.1% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Belgium is fairly high, but is not reason for complete concern with regard to investments. Potential financial backers should look at other economic markers, including GDP, urbanization rate, and strength of currency, before making any decisions regarding investments. Government expenditure on education is 6% of GDP. The Gini Index of the country is 25.9. Belgium is experiencing high equality. Differences in income among citizens are only mildly significant. Belgium has a Human Development Index (HDI) of 0.881. Belgium has a very high HDI score. This indicates that nearly all citizens are able to attain a desirable life because of social and economic support; citizens with a low standard of living receive aid and support and have the opportunity to advance in society. The Global Peace Index (GPI) for Belgium is 1.365. Due to strong law enforcement presence and high social responsibility, Belgium is very safe by international standards. The strength of legal rights index for Belgium is 4. Overall, it is considered to be rather inadequate - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders to some degree; credit information may be sufficient, but hardly available, or, the oppoiste case, available but not sufficient.
The currency of Belgium is euro. There are several plural forms of the name 'euro'. These are euro, euros. The symbol used for this currency is €, and it is abbreviated as EUR. The euro is divided into Cent; there are 100 in one euro.
The depth of credit information index for Belgium is 5, which means that information is usually sufficient and quite accessible, although occasionally some necessary details may be lacking. According to the S&P credit-rating agency, Belgium has a credit rating score of AA, and the prospects of this rating are negative. According to the Fitch credit-rating agency, Belgium has a credit rating score of AA, and the prospects of this rating are stable. According to the Moody's credit-rating agency, Belgium has a credit rating score of Aa3, and the prospects of this rating are negative.
The prime lending rate of Belgium's commercial banks is 3.5. In Belgium, the institution that manages the state's currency, money supply, and interest rates is called National Bank of Belgium. Locally, the central bank of Belgium is called Nationale Bank van België,Banque nationale de Belgique,Belgische Nationalbank. The average deposit interest rate offered by local banks in Belgium is 1.65%.
Belgium has a government debt of 23% of the country's Gross Domestic Product (GDP), as assessed in 2012.
The corporate tax in Belgium is set at 33.99%. Personal income tax ranges from 0% to 64%, depending on your specific situation and income level. VAT in Belgium is 21%.
The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Belgium is $483331 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Belgium was last recorded at $42 million. PPP in Belgium is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Belgium is 524,806 billion. Based on this statistic, Belgium is considered to have a large economy. Countries with large economies support a wide variety of industries and businesses, providing ample opportunities for investment. Large economies support a substantial financial sector, making it easy to organize investments and financial transactions. It should be very easy to find good opportunities for investment in Belgium. The Gross Domestic Product (GDP) per capita in Belgium was last recorded at $46 million. The average citizen in Belgium has low wealth. Countries with low wealth per capita often have slightly lower life expectancies and lower quality of living among citizens. It can be difficult to find highly skilled workers in countries with low wealth, as it is occasionally difficult for citizens to obtain the requisite education needed for specialized industries. Labor can be found for low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Belgium averaged 1% in 2014. According to this percentage, Belgium is currently experiencing modest growth. Countries that are experiencing modest growth offer safe opportunities for investment; their expanding economy indicates that businesses, jobs, and income will expand accordingly. To read more about financial information click on finances of Belgium.
Major industries in the country are engineering and metal products, motor vehicle assembly, transportation equipment, scientific instruments, processed food and beverages, chemicals, base metals, textiles, glass, petroleum. The total labor force of Belgium is 5,026,240 people, wherein 6.6% of population in the country are unemployed. The total number of unemployed people in Belgium is 758,902. The Industrial Production growth rate of Belgium is 4%.To read more about industrial information within Belgium click on industry of Belgium.
There are 8302 km2 of arable land in Belgium, and it comprises 27% of the country's total territory. There are 8511 km2 of cultivated land in Belgium. The country's major agricultural crops and products are sugar beets, fresh vegetables, fruits, grain, tobacco, beef, veal, pork, milk.To read more about agriculture click on agriculture of Belgium.