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Belgium

Author(s):
International Monetary Fund
Published Date:
September 1998
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STATISTICAL APPENDIX
Table A1.Belgium: Macroeconomic Performance in Comparison with European Partner Countries 1/(Changes in percent)
198919901991199219931994199519961997 2/
Real GDP
Belgium3.63.01.61.5-1.52.42.11.52.7
Germany3.65.75.02.2-1.22.71.81.42.3
European Union3.53.01.61.0-0.52.92.51.72.6
Inflation 3/
Belgium3.13.53.22.42.82.41.52.11.6
Germany2.82.73.55.14.52.71.81.51.8
European Union4.75.45.14.53.83.02.92.51.9
Employment
Belgium1.61.40.1-0.5-1.1-0.90.50.40.3
Germany1.53.01.7-1.9-1.8-0.7-0.4-1.2-1.3
European Union1.71.70.1-1.6-2.0-0.30.60.50.5
Unemployment Rate
Belgium9.38.79.310.312.012.912.912.712.5
Germany6.86.25.57.78.89.69.410.311.5
European Union8.78.18.69.911.211.611.211.411.1
Current account 4/
Belgium2.31.92.43.05.25.45.35.25.6
Germany4.83.3-1.0-1.0-0.7-1.0-1.0-0.6-0.4
European Union-0.1-0.5-1.2-1.10.10.30.61.01.2
General government
deficit 5/
Belgium-6.2-5.5-6.3-6.9-7.1-4.9-3.9-3.2-2.3
Germany0.2-3.3-5.5-4.4-5.8-4.2-5.1-5.1-5.3
European Union-2.4-3.7-4.3-5.1-6.4-5.8-5.2-4.3-2.7
Sources: IMF, World Economic Outlook; OECD, Analytical Database; and staff estimates.

Members of the European Union.

Staff estimates.

Consumer price index.

In percent of GDP. For Belgium, refers to position of BLEU.

National accounts basis, in percent of GNP/GDP, excluding net lending.

Sources: IMF, World Economic Outlook; OECD, Analytical Database; and staff estimates.

Members of the European Union.

Staff estimates.

Consumer price index.

In percent of GDP. For Belgium, refers to position of BLEU.

National accounts basis, in percent of GNP/GDP, excluding net lending.

Table A2.Belgium: Aggregate Demand in Constant Prices 1/
Shares in GDP in Current PricesChanges in percent
1980198519901997 2/19931994199519961997 2/
Private consumption64.166.663.762.6-1.61.41.41.62.1
Public consumption17.617.014.014.51.21.60.91.81.0
Gross fixed investment21.015.720.317.7-3.6-0.13.20.64.8
Public4.12.41.31.45.25.8-8.3-14.223.1
Residential6.63.55.45.01.75.52.8-4.03.0
Private non-residential10.39.713.611.3-6.7-3.35.14.73.8
Total domestic demand103.498.698.094.7-1.81.41.71.42.3
Exports of goods and services 3/57.070.968.272.7-0.79.56.83.26.2
Imports of goods and services 3/60.269.665.967.5-0.78.26.12.85.5
Foreign balance 4/-3.21.32.25.20.01.10.70.40.7
GDP100.0100.0100.0100.0-1.52.42.11.52.7
GNP99.899.099.5101.6-0.52.62.41.62.8
Sources: Data supplied by the National Bank of Belgium; and IMF, World Economic Outlook.

1990 prices.

Estimates.

Excluding factor incomes.

Contribution to growth.

Sources: Data supplied by the National Bank of Belgium; and IMF, World Economic Outlook.

1990 prices.

Estimates.

Excluding factor incomes.

Contribution to growth.

Table A3.Belgium: Growth of Output by Sector 1/(Shares and changes in percent)
SharesChanges in Percent
19851990199619921993199419951996
Gross domestic product100.0100.0100.01.5-1.52.42.11.5
Agriculture, horticulture and fishing2.21.91.99.94.8-6.40.5-4.3
Manufacturing22.422.021.1-0.7-3.14.53.10.2
Electricity, gas, and water2.52.52.70.6-0.11.44.64.0
Construction4.65.24.92.9-4.12.21.1-2.3
Market services 2/50.251.053.52.10.11.91.83.1
Public services13.211.712.02.31.02.11.21.5
Sources: National Bank of Belgium, Annual Report 1996; and data provided by the authorities.

Measured in value added at constant prices.

Trade, transport and communication, financial services, insurance and other services rendered to enterprises; and medical professions, home rental, domestic and other services rendered to individuals.

Sources: National Bank of Belgium, Annual Report 1996; and data provided by the authorities.

Measured in value added at constant prices.

Trade, transport and communication, financial services, insurance and other services rendered to enterprises; and medical professions, home rental, domestic and other services rendered to individuals.

Table A4.Belgium: Household Income and Spending 1/2/(Changes in percent; current prices)
199219931994199519961997
1.Disposable income5.73.62.01.81.92.4
Compensation of employees5.52.33.53.41.32.7
Income of self-employed3.31.25.30.83.63.3
Property income9.35.71.5-0.2-0.01.3
Net current transfers paid9.7-2.615.45.5-3.73.1
Of which:
Direct taxes8.4-0.611.34.62.03.7
Social security contributions7.04.41.63.20.82.6
2.Consumption4.62.04.22.83.63.3
3.Gross saving (1-2)10.210.7-6.8-2.8-6.2-2.4
4.Gross capital formation9.32.46.94.1-1.34.3
5.Financial saving (3-4)0.98.2-13.7-6.9-4.9-6.6
Memorandum items:
Gross saving ratio 3/18.621.318.918.016.715.6
Financial saving ratio 3/11.212.610.510.38.57.7
Sources: Data provided by the authorities; and staff estimates.

National accounts definition.

Provisional data provided by the authorities at end-1997.

Percent of gross disposable income.

Sources: Data provided by the authorities; and staff estimates.

National accounts definition.

Provisional data provided by the authorities at end-1997.

Percent of gross disposable income.

Table A5.Belgium: Corporate Income and Spending 1/2/(In percent of GDP)
199219931994199519961997
Gross operating surplus before
subsidies13.813.614.115.115.716.5
Subsidies2.72.52.52.52.32.0
Gross operating surplus
(including subsidies)16.516.116.617.618.018.5
Net property income paid4.53.83.63.53.53.4
Transfer to other sectors
(including taxes)1.62.12.42.82.83.1
Disposable income (gross saving)10.210.010.311.011.411.8
Net capital transfers received0.40.50.1-0.20.40.5
Gross investment11.210.310.010.410.510.6
Net financing capacity (+) or
requirement (-)-0.60.20.50.51.31.7
Source: Data supplied by the authorities.

National accounts definitions.

Provisional data provided by the authorities at end-1997.

Source: Data supplied by the authorities.

National accounts definitions.

Provisional data provided by the authorities at end-1997.

Table A6.Belgium: Sectoral Breakdown of Fixed Investment(In percent; 1990 prices)
Shares in totalAnnual growth rates
19801985199019961993199419951996
Total100.0100.0100.0100.0-3.6-0.13.20.6
of which:
Agriculture2.12.41.91.2-31.1-8.7-6.214.1
Mining0.40.50.70.32.2-14.67.75.8
Manufacturing13.720.127.723.7-15.6-6.18.48.1
Construction1.61.62.21.9-9.34.310.1-4.0
Utilities5.36.13.25.0-17.93.04.66.6
Commerce, banking and insurance10.614.916.014.3-7.8-0.4-3.43.2
Transport and communication11.712.07.710.028.8-10.215.9-0.9
Housing32.624.026.627.81.75.52.8-4.0
Other 1/5.16.08.59.92.12.72.62.9
Source: Data provided by the authorities.

Includes public sector investment.

Source: Data provided by the authorities.

Includes public sector investment.

Table A7.Belgium: Labor Force and Employment

(Changes in thousands) 1/

199219931994199519961997 2/
1.Labor force2211-812148
Men-7-6-11-9-9-8
Women29183212216
2.Early retirement, etc. 3/-5-24-16-9196
Men-4-4-5-896
Women-1-19-11-1100
3.Labor force, national definition (1-2)2735821-62
4.Employment-18-40-351957
General government 4/-2-4-13-2---0
Of which:
Employment programs4-111----
Enterprise sector-14-36-242158
Agriculture, horticulture, fishing-3-1-2-1
Industry-20-33-21-6
Construction384-4
Market services7-9-531
5.Unemployment, national definition (3-4)-18-40-351957
Memorandum items:
Participation rates 5/
Total63.463.863.964.264.164.1
Men72.672.472.172.171.671.1
Women54.155.155.556.156.556.9
Source: National Bank of Belgium, Annual Report 1996; data provided by the authorities; and staff estimates.

As of June 30 of each year.

Estimates.

Includes also older unemployed who no longer register as unemployed and beneficiaries of career interruption and unemployment interruption schemes.

Including public sector employment programs such as the cadre special temporaire (CST), the troisieme circuit de travail (TCT), and the subsidized employment of the local authorities, etc. Excluding public enterprises.

Net labor force (excluding early and tempory withdrawals) as percent of working age population.

Source: National Bank of Belgium, Annual Report 1996; data provided by the authorities; and staff estimates.

As of June 30 of each year.

Estimates.

Includes also older unemployed who no longer register as unemployed and beneficiaries of career interruption and unemployment interruption schemes.

Including public sector employment programs such as the cadre special temporaire (CST), the troisieme circuit de travail (TCT), and the subsidized employment of the local authorities, etc. Excluding public enterprises.

Net labor force (excluding early and tempory withdrawals) as percent of working age population.

Table A8.Belgium: Incidence and Structure of Unemployment(Period averages)
199219931994199519961997 1/
(In percent)
Unemployment rates
Harmonized rate (EU)7.38.910.09.99.8
National concept 2/
Total10.312.012.912.912.712.5
Men7.48.99.89.89.69.8
Women14.216.117.117.016.616.1
Duration of unemployment 3/
Less than one year
Total42.743.139.936.035.936.4
Men47.447.944.739.840.039.7
Women39.439.736.433.233.033.8
1-2 years
Total18.719.119.219.619.018.4
Men18.118.819.320.219.418.7
Women19.119.319.119.118.718.1
More than two years
Total38.637.840.944.445.045.3
Men34.433.336.040.040.641.6
Women41.541.044.547.748.348.1
(In thousands)
Insured unemployed410.7475.9507.2500.0477.7
Non-job seekers119.1104.797.196.8116.3
Part-time unemployed158.3120.185.459.828.1
Temporary unemployed53.162.849.047.550.2
Early retirement139.3138.3137.3135.1134.0
Sources: Ministry of Labor and Employment, Evolution du marche du travail; Ministry of Finance, Note de Conjoncture; and data provided by the authorities.

Estimates.

Excludes early retirement, older unemployed who are no longer registered as unemployed, and beneficiaries of career interruption and unemployment interruption schemes.

As a percentage of the insured unemployed.

Sources: Ministry of Labor and Employment, Evolution du marche du travail; Ministry of Finance, Note de Conjoncture; and data provided by the authorities.

Estimates.

Excludes early retirement, older unemployed who are no longer registered as unemployed, and beneficiaries of career interruption and unemployment interruption schemes.

As a percentage of the insured unemployed.

Table A9.Belgium: Indicators of Costs and Prices in the Enterprise Sector(Changes in percent; National Accounts basis)
19921993199419951996
Unit labor costs 1/3.54.3-0.81.3-0.1
Compensation per employee 1/6.25.01.93.31.6
Productivity 1/2.60.62.71.91.7
Imported goods and services-2.9-2.60.91.02.0
Unit selling prices0.61.01.31.01.8
Domestic2.52.42.41.61.7
Export-1.2-1.20.30.61.7
Gross operating surplus per unit sold-0.41.72.65.73.4
Source: Data provided by the authorities.

On a full-time basis.

Source: Data provided by the authorities.

On a full-time basis.

Table A10.Belgium: Price Developments(Changes in percent from preceding year)
Weights199219931994199519961997
GDP deflator3.64.22.31.71.61.4 1/
Total domestic demand deflator2.93.02.71.91.51.6 1/
Consumer price index100.02.42.82.41.52.01.6
Energy9.3-1.03.50.9-0.66.13.8
Food19.0-0.1-0.81.81.20.61.8
Services34.24.23.82.62.02.31.4
Rents7.25.95.34.62.92.51.6
Other products30.31.53.02.10.82.41.4
Wholesale price index0.2-0.91.32.30.61.5 1/
Sources: Data supplied by National Bank of Belgium; IMF, International Financial Statistics and World Economic Outlook; and OECD, Main Economic Indicators.

Estimates.

Sources: Data supplied by National Bank of Belgium; IMF, International Financial Statistics and World Economic Outlook; and OECD, Main Economic Indicators.

Estimates.

Table A11.Belgium: Revenue and Expenditure of General Government(In percent of GDP)
19901991199219931994199519961997 1/

Est.
Revenue45.245.345.446.047.146.846.946.8
Taxes43.743.743.944.545.645.545.645.6
Direct taxes16.816.316.316.317.618.018.018.2
Households14.313.914.413.914.814.914.814.7
Corporations2.42.41.92.42.83.13.23.4
Indirect taxes12.212.112.112.412.712.312.812.8
Social security contributions14.414.915.215.414.914.814.514.3
Capital taxes0.30.30.30.40.40.40.40.4
Nontax revenue1.51.61.51.51.51.21.31.2
Expenditure50.751.652.253.152.050.750.149.4
Primary expenditure40.241.541.642.442.041.741.641.4
Consumption11.211.411.211.511.411.411.311.3
Wages and salaries8.78.99.09.39.39.39.29.2
Goods and services2.42.52.22.22.22.12.12.1
Transfers to households23.324.124.424.924.424.524.724.5
Pensions8.28.58.58.88.78.78.78.8
Health care5.05.45.75.75.65.96.16.1
Unemployment insurance1.92.12.12.32.22.12.22.1
Early retirement0.80.80.80.80.70.70.70.7
Family allowances2.12.12.12.12.02.02.02.0
Other5.25.25.25.15.15.14.94.8
Subsidies to enterprises2.22.22.12.01.91.91.91.6
Transfers abroad1.51.71.61.61.71.51.71.7
Gross fixed investment1.31.31.41.51.61.41.21.3
Other capital expenditure0.80.80.91.00.90.90.91.0
Interest payments10.510.110.710.710.09.08.58.0
Balance-5.5-6.3-6.9-7.1-4.9-3.9-3.2-2.6
Of which: primary balance5.03.83.83.65.15.15.35.4
Source: Data provided by the authorities.

Provisional data provided by the authorities at end-1997. Estimates do not incorporate revisions reflected in the staff report (SM/98/32) and selected issues paper.

Source: Data provided by the authorities.

Provisional data provided by the authorities at end-1997. Estimates do not incorporate revisions reflected in the staff report (SM/98/32) and selected issues paper.

Table A12.Belgium: Revenue and Expenditure of Federal Government(In percent of GDP)
19901991199219931994199519961997 1/

Est.
Revenue19.018.318.117.818.217.517.617.3
Tax revenue18.317.617.417.217.517.017.116.8
Direct taxes11.310.410.210.010.210.410.210.4
Households9.28.48.68.07.97.77.47.3
Enterprises2.12.11.52.02.42.72.83.0
Indirect taxes6.56.76.86.76.76.16.45.8
Social security contributions0.40.40.50.40.40.50.50.5
Capital taxes0.00.00.00.10.10.10.00.0
Nontax revenue0.60.70.60.60.70.40.50.5
Transfers from rest of government0.20.00.00.00.00.00.00.0
Expenditure24.723.724.124.023.121.520.619.9
Primary expenditure14.814.214.013.913.813.212.912.6
Consumption3.33.33.13.13.13.02.82.8
Wages and salaries2.32.22.22.22.32.22.12.2
Goods and services1.01.00.90.90.80.80.70.7
Transfers to households3.23.13.03.03.03.02.92.9
Subsidies to enterprises1.31.31.21.21.11.21.20.9
Transfers abroad1.51.71.61.61.71.51.71.7
Transfers to rest of government4.84.34.64.54.54.24.24.0
Current transfers to rest of government4.64.24.54.44.34.24.24.0
Capital transfers to rest of government0.20.10.10.10.20.10.10.1
Gross fixed investment0.30.20.20.20.20.20.00.1
Other capital expenditure0.30.30.30.30.30.20.10.2
Interest payments9.99.510.110.19.38.27.87.2
Balance-5.6-5.4-6.1-6.2-4.8-4.0-3.0-2.6
Of which: primary balance4.24.14.03.94.54.34.74.6
Source: Data provided by the authorities.

Provisional data provided by the authorities at end-1997. Estimates do not incorporate revisions reflected in the staff report (SM/98/32) and selected issues paper.

Source: Data provided by the authorities.

Provisional data provided by the authorities at end-1997. Estimates do not incorporate revisions reflected in the staff report (SM/98/32) and selected issues paper.

Table A13.Belgium: Revenue and Expenditure of Social Security(In percent of GDP)
19901991199219931994199519961997 1/

Est.
Revenue19.018.819.319.519.919.719.519.3
Tax revenue14.815.215.415.916.416.416.316.3
Direct taxes0.00.00.00.00.60.40.50.2
Indirect taxes0.30.20.20.40.71.01.21.7
Social security contributions14.515.015.315.615.115.014.614.4
Capital taxes0.00.00.00.00.00.00.00.0
Nontax revenue0.30.30.30.30.20.20.20.2
Transfers from rest of government3.83.43.63.43.33.13.02.8
Expenditure18.519.219.419.719.319.319.519.2
Primary expenditure18.619.319.619.919.419.519.619.3
Consumption0.80.80.80.80.80.80.80.8
Wages and salaries0.50.50.50.50.50.50.50.5
Goods and services0.20.20.20.20.20.20.20.2
Transfers to households17.818.518.819.018.518.618.718.4
Pensions6.26.36.36.56.46.46.46.4
Health care4.75.15.35.35.25.55.75.6
Unemployment insurance1.92.12.12.32.22.12.22.1
Early retirement0.80.80.80.80.70.70.70.7
Family allowances1.81.81.81.81.81.81.71.7
Other2.42.42.42.32.22.12.12.0
Subsidies to enterprises0.10.10.10.10.10.00.10.1
Transfers abroad0.00.00.00.00.00.00.00.0
Gross fixed investment0.00.00.00.00.00.00.00.0
Other capital expenditure0.00.00.00.00.00.00.00.0
Transfers to rest of government0.00.00.00.00.00.00.00.0
Interest payments-0.1-0.1-0.2-0.2-0.1-0.2-0.1-0.1
Balance0.5-0.3-0.1-0.10.70.40.00.1
Of which: primary balance0.4-0.5-0.3-0.30.50.2-0.10.0
Source: Data provided by the authorities.

Provisional data provided by the authorities at end-1997. Estimates do not incorporate revisions reflected in the staff report (SM/98/32) and selected issues paper.

Source: Data provided by the authorities.

Provisional data provided by the authorities at end-1997. Estimates do not incorporate revisions reflected in the staff report (SM/98/32) and selected issues paper.

Table A14.Belgium: Revenue and Expenditure of Regions and Communities(In percent of GDP)
19901991199219931994199519961997 1/

Est.
Revenue9.910.010.210.810.911.211.311.6
Tax revenue9.39.59.610.110.310.410.510.7
Direct taxes3.94.24.44.74.95.25.35.6
Indirect taxes5.05.04.95.15.04.94.84.8
Earmarked VAT4.64.64.54.44.44.34.24.2
Other earmarked indirect taxes0.30.30.30.30.30.30.30.3
Taxes levied by communities and regions0.10.10.10.40.30.40.40.4
Social security contributinos0.00.00.00.00.00.00.00.0
Capital taxes0.30.30.30.30.30.30.40.3
Nontax revenue0.10.10.10.10.10.10.10.1
Transfers from rest of government0.60.40.50.60.60.70.70.7
Expenditure10.310.911.111.411.611.911.811.8
Primary expenditure10.210.810.911.211.311.511.411.5
Consumption4.44.64.54.74.74.84.74.7
Wages and salaries3.53.73.83.93.94.03.93.9
Goods and services0.90.90.80.80.70.80.80.8
Transfers to households1.31.61.61.81.91.92.02.0
Subsidies to enterprises0.80.80.80.70.80.70.70.7
Transfers abroad0.00.00.00.00.00.00.00.0
Transfers to rest of government3.02.92.93.03.03.02.92.8
Gross fixed investment0.30.50.50.40.40.50.50.5
Other capital expenditure0.40.40.50.60.60.70.80.8
Interest payments0.10.10.20.30.30.30.30.3
Balance-0.5-0.9-0.9-0.6-0.7-0.7-0.5-0.2
Of which: primary balance-0.3-0.7-0.7-0.4-0.4-0.3-0.10.1
Source: Data provided by the authorities.

Provisional data provided by the authorities at end-1997. Estimates do not incorporate revisions reflected in the staff report (SM/98/32) and selected issues paper.

Source: Data provided by the authorities.

Provisional data provided by the authorities at end-1997. Estimates do not incorporate revisions reflected in the staff report (SM/98/32) and selected issues paper.

Table A15.Belgium: Revenue and Expenditure of Local Governments(In percent of GDP)
19901991199219931994199519961997 1/

Est.
Revenue5.86.06.06.06.36.56.36.3
Tax revenue1.92.12.12.02.22.42.42.4
Direct taxes1.51.71.71.61.82.01.92.0
Households1.21.31.41.31.41.61.61.6
Enterprises0.30.30.30.30.40.40.40.4
Indirect taxes0.30.30.30.30.30.30.40.4
Social security contributions0.10.10.10.10.10.10.10.1
Capital taxes0.00.00.00.00.00.00.00.0
Nontax revenue0.50.50.50.50.50.50.50.5
Transfers from rest of government3.43.43.43.53.63.53.53.4
Expenditure5.75.75.86.26.36.16.16.1
Primary expenditure5.15.15.25.65.75.65.65.7
Consumption3.43.43.43.53.63.63.73.7
Wages and salaries3.13.13.13.23.33.33.33.3
Goods and services0.30.30.30.30.30.30.40.4
Transfers to households1.01.01.01.01.01.11.11.1
Subsidies to enterprises0.00.00.00.00.00.00.00.0
Transfers abroad0.00.00.00.00.00.00.00.0
Transfers to rest of government0.00.00.10.00.00.10.00.0
Gross fixed investment0.60.60.70.91.00.80.70.8
Other capital expenditure0.10.00.10.00.00.00.00.0
Interest payments0.60.60.60.60.50.50.50.5
Balance0.10.30.2-0.20.00.40.20.2
Of which: primary balance0.70.90.80.40.50.90.80.7
Source: Data provided by the authorities.

Provisional data provided by the authorities at end-1997. Estimates do not incorporate revisions reflected in the staff report (SM/98/32) and selected issues paper.

Source: Data provided by the authorities.

Provisional data provided by the authorities at end-1997. Estimates do not incorporate revisions reflected in the staff report (SM/98/32) and selected issues paper.

Table A16.Belgium: Link between General Government Deficit and Change in Debt(In percent of GDP)
199219931994199519961997

Est.
General government deficit6.97.14.93.93.22.3
Effect GDP growth on debt ratio-6.3-3.3-6.1-4.9-3.9-5.0
Net lending and participations0.50.20.00.3-2.4-0.4
Of which: gold sales0.00.00.00.0-2.70.0
Increase of financial assets-0.10.5-0.6-1.4-0.6-0.3
Statistical adjustments 1/0.61.60.2-0.1-0.70.1
Change in gross debt ratio (Maastricht definition)1.66.2-1.7-2.2-4.3-2.3
Memorandum Items:
Gross debt ratio general government (Maastricht definition)129.0135.1133.5131.2126.9123.6
Net debt ratio general government119.4125.3124.4124.2120.6
Gross debt ratio central government114.8122.5120.3118.3115.7
In Belgian francs100.8101.9102.9104.8106.8
Short-term74.179.074.783.284.3
Long-term26.623.028.221.622.6
In foreign currencies14.020.517.413.58.8
Short-term8.49.29.69.97.9
Long-term5.611.37.83.60.9
Source: Data provided by the authorities; and staff estimates.

Includes revaluations of foreign currency debt.

Source: Data provided by the authorities; and staff estimates.

Includes revaluations of foreign currency debt.

Table A17.Belgium: Key Interest Rates(In percent per annum)
199219931994199519961997
Official (end of period)
Discount rate7.755.254.503.002.502.75
Money market
Three-month treasury bill rate9.368.525.564.673.193.38
Three-month interbank rate9.388.215.724.803.243.46
Capital market
Government bond yield8.647.187.767.346.265.57
Bank interest rates
Prime lending rate13.0011.819.428.427.177.06
Deposit rate6.257.104.864.042.662.86
Memorandum item:
Term structure (bond yield minus
3-month Treasury bill rate, in percent)-0.72-1.332.202.663.072.19
Sources: National Bank of Belgium, Bulletin: and IMF, International Financial Statistics.
Sources: National Bank of Belgium, Bulletin: and IMF, International Financial Statistics.
Table A18:Belgium: Monetary Survey
199219931994199519961997

Q2
(In billions of Belgian francs; end of period)
Net foreign assets-401.3118.6-73.6-202.4-93.0-109.1
Domestic credit10717.011068.311840.812233.612618.913137.2
Claims on government (net)4575.54769.25329.35631.15762.35994.1
Claims on local government503.2576.2605.2591.8606.5545.4
Claims on nonfinancial public enterprises79.976.365.575.40.00.0
Claims on private sector4980.05010.55166.95195.55528.85857.9
Claims on other financial institutions578.4636.1673.9739.8721.3739.8
Money1379.01485.61507.61580.71439.21678.0
Quasi-money4148.94560.74706.04936.35521.75575.3
Money market instruments3422.93583.83703.23691.33607.23475.6
Capital accounts587.1614.2636.4651.81365.11796.0
Other items (net)776.2942.81213.61169.8586.4503.4
(Percentage change from a year earlier)
Domestic credit3.37.03.33.12.7
Claims on government (net)4.211.75.72.30.8
Claims on local government14.55.0-2.22.5-7.7
Claims on nonfinancial public enterprises-4.5-14.215.1
Claims on private sector0.63.10.66.46.9
Claims on other financial institutions10.05.99.8-2.5-3.8
Money7.71.54.8-9.0-2.2
Quasi-money9.93.24.911.95.2
Money market instruments4.73.3-0.3-2.3-3.7
Capital accounts4.63.62.4109.464.7
Other items (net)21.528.7-3.6-49.9-46.8
Source: IMF, International Financial Statistics.
Source: IMF, International Financial Statistics.
Table A19.BLEU: Balance of Payments(In percent of GDP of Belgium)
1990199119921993199419951996
Current Account1.92.43.05.25.45.35.2
Balance on goods0.91.01.62.72.93.53.2
Balance on services0.90.91.21.61.70.80.9
Balance on goods and services1.81.92.84.34.64.54.3
Balance on income1.21.61.32.32.22.52.6
Balance on goods, services, and income3.03.54.16.66.97.06.9
Balance on current transfers-1.1-1.1-1.2-1.3-1.5-1.6-1.6
Capital Account0.10.1
Financial Account-1.0-1.9-3.7-5.4-4.4-4.7-5.0
Foreign direct investment0.91.50.02.73.1-0.52.2
Portfolio investment-0.7-1.3-1.7-3.8-10.1-8.2-4.1
Other investment-1.0-2.1-1.7-5.32.74.2-3.2
Monetary authorities0.00.00.00.00.00.1-0.2
General government0.41.0-1.54.6-2.40.1-0.2
Banks-5.7-8.8-7.4-12.54.34.40.9
Other4.45.87.32.60.8-0.5-3.8
Net errors and omissions-0.8-0.50.80.1-1.0-0.8-0.5
Reserves and related items-0.2-0.3-0.31.0-0.1-0.20.0
Pro memoria:
Official development assistance0.460.410.390.390.320.380.35
Source: IMF, Balance of Payments Statistics, and data provided by the authorities.
Source: IMF, Balance of Payments Statistics, and data provided by the authorities.
Table A20.BLEU: Current Account on a Transactions Basis(In percent of GDP of Belgium)
1990199119921993199419951996
Goods0.91.01.62.72.93.53.2
Exports56.153.552.049.652.856.557.5
Imports-55.2-52.5-50.4-46.9-49.8-53.0-54.3
Non-factor services0.90.91.21.61.70.80.9
Transportation0.70.50.60.80.80.80.7
Travel-0.9-1.0-1.1-1.1-1.1-1.1-1.2
Inflows1.91.81.81.92.22.32.4
Outflows-2.8-2.8-2.9-3.0-3.3-3.4-3.6
Other services1.21.41.71.92.01.11.4
Factor income1.21.61.32.32.22.52.6
Compensation of employees0.80.90.90.90.80.70.7
Inflows1.41.61.61.61.51.61.6
Outflows-0.6-0.6-0.7-0.7-0.7-0.9-0.9
Investment income0.40.70.41.41.51.81.9
Inflows31.935.837.737.137.025.121.1
Outflows-31.5-35.1-37.3-35.7-35.6-23.3-19.2
Current transfers-1.1-1.1-1.2-1.3-1.5-1.6-1.6
General government-0.6-0.7-0.7-0.8-1.1-1.2-1.2
Other-0.5-0.4-0.5-0.5-0.4-0.4-0.4
Total1.92.43.05.25.45.35.2
Source: IMF, Balance of Payments Statistics, and data provided by the authorities.
Source: IMF, Balance of Payments Statistics, and data provided by the authorities.
Table A21.Belgium: Exchange Rate of the Belgian Franc Against Selected Currencies 1/(Indices, 1990=100)
Deutsche markU.S. DollarECUEffective exchange rates
NominalReal 2/

(CPI)
NominalRateNominalReal 2/

(CPI)
Real 3/

(NULC)
1990100.0100.0100.0100.0100.0100.0100.0
1991100.5100.197.9100.599.998.899.8
1992100.597.5103.9102.0102.299.8101.7
199398.894.496.6104.8102.799.8103.5
1994100.395.599.9107.0104.5101.4105.7
1995100.595.4113.4110.1109.3105.0110.8
1996100.595.9107.9108.0107.2103.0108.1
1997100.395.593.4104.7102.698.3103.5
1996I100.695.9110.4109.3108.7104.5109.6
1996II100.695.6106.6108.1107.0102.7107.6
1996III100.495.7108.1108.0107.3102.9108.6
1996IV100.496.1105.7106.6106.0101.9106.6
1997I100.395.897.5105.4104.1100.0103.9
1997II100.395.294.3104.9102.998.6103.7
1997III100.295.489.3104.1101.196.8102.6
1997IV100.295.492.0104.3102.297.7103.7
Sources: International Monetary Fund, International Financial Statistics; and staff estimates.

Increase indicates appreciation.

Relative consumer prices.

Relative normalized unit labor costs in manufacturing.

Sources: International Monetary Fund, International Financial Statistics; and staff estimates.

Increase indicates appreciation.

Relative consumer prices.

Relative normalized unit labor costs in manufacturing.

Table A22.BLEU: Export Performance and Export Pricing(Annual percent change)
19901991199219931994199519961997 1/
Volume performance
Total trade
(1)Market growth6.35.34.1-0.29.28.14.78.5
(2)Export growth4.72.24.1-0.79.011.43.56.2
(3)Export performance = (2)-(l)-1.6-3.1-0.0-0.5-0.23.2-1.2-2.3
Pricing behavior
Total trade
(1)Partner countries’ export prices
in dollars 2/11.6-1.83.1-7.03.611.3-2.4-8.5
(2)BF/dollar rate-15.22.2-5.97.6-3.3-11.95.015.3
(3)Export prices of foreign
producers in BF-3.60.3-2.70.60.3-0.62.66.8
(4)Export prices of domestic
producers in BF-2.8-2.0-1.9-1.4-1.10.41.14.6
(5)Relative price of exports = (4)-(3)0.7-2.40.8-2.0-1.31.0-1.5-2.2
Sources: International Monetary Fund, International Financial Statistics and World Economic Outlook.

Staff estimates.

Export weighted.

Sources: International Monetary Fund, International Financial Statistics and World Economic Outlook.

Staff estimates.

Export weighted.

Table A23.BLEU: Direction of Foreign Trade
1990199119921993199419951996
(Percent of Total)
EU countries
Exports78.678.378.375.271.473.273.0
Imports77.076.577.272.573.975.975.7
Germany
Exports21.523.722.920.919.920.919.9
Imports24.123.524.021.019.520.719.7
Netherlands
Exports13.413.713.713.012.512.813.0
Imports17.617.217.615.717.317.618.2
France
Exports20.219.119.319.018.017.717.4
Imports15.815.816.615.715.815.415.0
United Kingdom
Exports8.77.77.98.48.07.98.8
Imports8.38.47.79.09.18.79.0
Italy
Exports6.66.05.95.44.95.35.3
Imports4.54.54.54.34.24.24.1
United States
Exports4.33.83.94.44.43.64.0
Imports4.44.84.45.35.25.45.9
Oil-exporting
countries (OPEC)
Exports1.82.12.11.71.31.31.2
Imports2.63.02.61.61.10.80.9
(Billions of U.S. Dollars)
Memorandum item:
Balances
EU countries0.30.10.49.16.49.16.1
Germany-3.6-0.4-1.71.63.24.13.3
Netherlands-5.3-4.6-5.1-2.0-4.6-5.1-6.5
France4.93.53.25.25.46.96.2
United Kingdom0.3-1.00.1-0.0-0.40.21.0
Italy2.31.71.61.81.62.72.6
United States-0.2-1.4-0.7-0.7-0.3-2.3-2.4
Oil-exporting
countries (OPEC)-1.0-1.1-0.70.30.41.00.6
Source: International Monetary Fund, Direction of Trade Statistics.
Source: International Monetary Fund, Direction of Trade Statistics.

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