09-09-2017, 10:05 AM
Belgium has an open economy and private enterprise that capitalizes on its highly developed transport network, its central geographical location and its diversified industrial and commercial base. Most of the country industry is located in the Flanders region, which consumes two-thirds of the country's energy use. With scarce natural resources, Belgium is a major importer of raw materials and vulnerable to changes in external demand. Belgium GDP reached 402 billion euros in 2014, which translates into a GDP per capita of 35.998 € (8th place at EU28 level). After a flat GDP growth in 2013, Belgium's economy managed to recover with real growth of around 1.3% in 2014, 2015 and 2016 (estimated). In terms of sectoral activity, the Belgian economy has become increasingly service oriented, with services that drive economic growth. The composition of GDP by sector is largely dominated by services, which account for around 77% of total economic activity, compared with 17% and 6% respectively for the industrial and construction sectors. Finally, primary activities account for less than 1%. In terms of employment, deindustrialisation is also very visible, with 80.1% of the country's workforce in the services sector, 18.6% in industry and 1.3% in agriculture.