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Belgium

Author(s):
International Monetary Fund
Published Date:
April 1999
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Table 1.Belgium: Macroeconomic Performance in Comparison with European Partner Countries 1/(Changes in percent)
199019911992199319941995199619971998 2/
Real GDP
Belgium3.01.61.5-1.52.62.31.33.02.9
France2.50.81.2-1.32.82.11.62.33.1
Germany5.75.02.2-1.22.71.21.32.22.8
European Union3.01.61.0-0.52.92.41.72.72.9
Inflation 3/
Belgium3.53.22.42.82.41.42.11.61.0
France3.43.22.42.11.71.82.01.21.1
Germany2.73.54.74.62.71.81.51.80.9
European Union5.45.14.43.83.02.92.51.91.7
Employment
Belgium1.40.1-0.5-1.1-0.90.50.40.30.9
France1.10.2-0.6-1.2-0.11.10.00.81.4
Germany3.01.7-1.9-1.8-0.7-0.4-1.3-1.2-0.0
European Union1.70.1-1.6-2.0-0.20.60.50.61.2
Unemployment Rate
Belgium6.76.67.38.810.09.99.79.28.8
France8.99.410.311.612.311.612.412.511.8
Germany6.25.57.78.89.69.410.411.411.1
European Union8.18.59.911.111.611.211.311.010.3
Current account 4/
Belgium1.82.43.05.25.45.25.35.65.0
France-0.8-0.50.30.70.60.71.32.82.2
Germany3.3-1.0-1.0-0.7-1.0-0.9-0.6-0.20.3
European Union-0.5-1.2-1.10.10.30.61.11.51.2
General government
deficit 5/
Belgium-5.4-6.2-7.0-7.2-4.8-3.9-3.1-1.9-1.3
France-1.6-2.0-3.8-5.6-5.7-4.9-4.1-3.0-2.9
Germany-2.0-3.3-2.8-3.2-2.4-3.3-3.4-2.7-2.1
European Union-3.6-4.3-5.1-6.3-5.7-5.2-4.2-2.4-1.8
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.

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.

Table 2.Belgium: Aggregate Demand in Constant Prices 1/
Shares in GDP in Current PricesChanges in percent
1980198519901998 2/19941995199619971998 2/
Private consumption64.066.763.762.71.71.32.42.23.3
Public consumption17.617.014.014.21.70.71.40.81.5
Gross fixed investment21.015.720.317.8-0.14.20.55.44.7
Public4.12.41.31.45.9-6.6-14.919.12.4
Residential6.63.55.45.35.55.5-4.04.94.9
Private non-residential10.39.713.611.2-3.35.14.64.24.9
Total domestic demand102.699.497.995.01.71.81.82.33.7
Exports of goods and services 3/57.071.068.174.48.46.02.27.16.0
Imports of goods and services 3/60.269.765.969.57.24.82.26.37.3
Foreign balance 4/-3.21.32.24.91.01.00.10.9-0.7
GDP100.0100.0100.0100.02.62.31.33.02.9
GNP99.899.099.5101.72.82.71.53.12.9
Sources: Data provided by the authorities; and IMF, World Economic Outlook.

1990 prices.

Estimates.

Excluding factor incomes.

Contribution to growth.

Sources: Data provided by the authorities; and IMF, World Economic Outlook.

1990 prices.

Estimates.

Excluding factor incomes.

Contribution to growth.

Table 3.Belgium: Growth of Output by Sector 1/(Shares and changes in percent)
SharesChanges in Percent
19851990199719931994199519961997
Gross domestic product100.0100.0100.0-1.52.62.31.33.0
Agriculture, horticulture and fishing2.21.92.04.6-6.22.7-2.0-0.3
Manufacturing 2/22.521.921.3-3.04.52.70.04.6
Electricity, gas, and water2.52.52.7-0.11.44.64.51.0
Construction4.55.25.0-4.12.22.3-2.35.9
Market services 3/50.451.152.9-0.12.52.11.92.6
Public services13.211.711.61.02.11.21.5-0.1
Sources: National Bank of Belgium, Annual Report 1997; and data provided by the authorities.

Measured in value added at constant prices.

Recent data revisions.

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 1997; and data provided by the authorities.

Measured in value added at constant prices.

Recent data revisions.

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 4.Belgium: Household Income and Spending 1/(Changes in percent; current prices)
199319941995199619971998 2/
1.Disposable income3.41.82.11.92.93.6
Compensation of employees2.53.63.11.83.13.4
Income of self-employed1.35.63.25.13.44.8
Property income6.01.4-0.70.12.62.5
Net current transfers paid1.917.92.30.74.11.5
Of which:
Direct taxes0.812.24.22.15.12.7
Social security contributions4.41.72.61.23.62.9
2.Consumption1.84.43.04.23.94.3
3.Gross saving (1-2)10.1-7.8-1.5-7.8-2.3-0.7
4.Gross capital formation2.57.06.6-1.36.25.7
5.Financial saving (3-4)7.6-14.9-8.1-6.5-8.5-6.4
Memorandum items:
Gross saving ratio 3/20.418.517.816.115.314.7
Financial saving ratio 3/12.710.310.18.37.16.3
Sources: Data provided by the authorities; and staff estimates.

National accounts definition.

Estimates.

Percent of gross disposable income.

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

National accounts definition.

Estimates.

Percent of gross disposable income.

Table 5.Belgium: Corporate Income and Spending 1/(In percent of GDP)
199319941995199619971998 2/
Gross operating surplus before subsidies13.514.115.115.215.916.7
Subsidies2.62.42.42.42.02.0
Gross operating surplus (including subsidies)16.216.517.517.617.918.7
Net property income paid3.83.63.53.43.43.6
Transfer to other sectors (including taxes)2.12.32.72.73.03.2
Disposable income (gross saving)10.010.311.011.111.111.5
Net capital transfers received0.40.2-0.20.20.40.3
Gross investment10.29.910.310.410.210.3
Net financing capacity (+) or requirement (-)0.20.60.40.91.41.6
Sources: Data supplied by the authorities and staff estimates.

National accounts definitions.

Estimates.

Sources: Data supplied by the authorities and staff estimates.

National accounts definitions.

Estimates.

Table 6.Belgium: Sectoral Breakdown of Fixed Investment(In percent; 1990 prices)
Shares in totalAnnual growth rates
19801985199019971994199519961997
Total100.0100.0100.0100.0-0.14.20.55.4
of which:
Agriculture2.12.41.91.2-8.7-6.214.18.8
Mining0.40.50.70.3-14.67.75.84.9
Manufacturing13.720.127.723.0-6.18.48.13.4
Construction1.61.62.21.94.310.1-4.09.0
Utilities5.36.13.24.83.04.66.62.9
Commerce, banking and insurance10.614.916.014.7-0.4-3.43.210.0
Transport and communication11.712.07.79.3-10.215.9-0.9-1.5
Housing32.624.026.628.25.55.5-4.04.9
Other 1/5.16.08.59.42.72.62.61.1
Source: Data provided by the authorities.

Includes public sector investment.

Source: Data provided by the authorities.

Includes public sector investment.

Table 7.Belgium: Labor Force and Employment

(Changes in thousands) 1/

199319941995199619971998 2/
1.Labor force7-413241320
Men-7-11-8-0-4-7
Women14621241727
2.Early retirement, etc. 3/-28-12-819616
Men-5-5-7861
Women-23-7-110015
3.Labor force, national definition (1-2)35821574
4.Employment-40-3519161139
General government 4/-4-13-2-10-0
Of which:
Employment programs-1110--1
Enterprise sector-36-2421161139
Agriculture, horticulture, fishing-1-2-1-2-1-1
Industry-33-21-6-12-21-8
Construction84-4-222
Market services-9-531323246
5.Unemployment, national definition (3-4)-40-3519161139
Memorandum items:
Participation rates 5/
Total63.863.964.264.264.364.4
Men72.472.172.171.971.571.3
Women55.155.556.156.557.057.4
Sources: 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; based on recent data.

Sources: 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; based on recent data.

Table 8.Belgium: Incidence and Structure of Unemployment(Period averages)
199319941995199619971998 1/
(In percent)
Unemployment rates
Harmonized rate (EU)8.810.09.99.79.28.8
National concept 2/
Total12.012.912.912.712.511.8
Men8.99.89.89.69.89.2
Women16.117.117.016.616.115.1
Duration of unemployment 3/
Less than one year
Total43.139.936.035.936.434.6
Men47.944.739.840.039.737.2
Women39.736.433.233.033.832.6
1-2 years
Total19.119.219.619.018.418.4
Men18.819.320.219.418.718.5
Women19.319.119.118.718.118.4
More than two years
Total37.840.944.445.045.347.0
Men33.336.040.040.641.644.2
Women41.044.547.748.348.149.1
(In thousands)
Insured unemployed475.9507.2500.0477.7458.4
Non-job seekers104.797.196.8116.3
Part-time unemployed120.185.459.828.1
Temporary unemployed62.849.047.550.244.3
Early retirement145.5140.3135.7133.5129.3
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 9.Belgium: Indicators of Costs and Prices in the Enterprise Sector(Changes in percent; National Accounts basis)
199319941995199619971998 1/
Unit labor costs 2/5.1-0.60.81.1-0.30.3
Compensation per employee 2/4.92.52.61.42.72.7
Productivity 2/-0.23.11.80.33.02.4
Imported goods and services-2.61.92.12.95.2-0.7
Unit selling prices0.91.81.52.22.90.6
Domestic2.42.31.61.71.30.5
Export-1.21.30.92.54.50.8
Gross operating surplus per unit sold0.82.16.41.61.64.0
Source: Data provided by the authorities.

Estimates.

On a full-time basis.

Source: Data provided by the authorities.

Estimates.

On a full-time basis.

Table 10.Belgium: Price Developments(Changes in percent from preceding year)
Weights199319941995199619971998 1/
GDP deflator4.02.31.51.61.41.8
Total domestic demand deflator3.02.61.91.61.60.8
Consumer price index
(National definition)100.02.82.41.42.11.61.0
Energy9.33.20.1-0.53.82.3-2.8
Food19.0-0.61.61.10.82.22.0
Services34.23.82.62.02.31.52.2
Rents7.25.34.52.92.51.71.0
Other products30.33.02.00.82.41.5-0.5
Consumer price index
(EU harmonized)1.81.50.9
Wholesale price index-0.91.32.30.61.7-0.8
Sources: Data supplied by National Bank of Belgium; WEFA; IMF, International Financial Statistics and World Economic Outlook; and OECD, Main Economic Indicators.

Estimates; for EU harmonized CPI, average of first eleven months.

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

Estimates; for EU harmonized CPI, average of first eleven months.

Table 11.Belgium: Revenue and Expenditure of General Government(In percent of GDP)
199019911992199319941995199619971998

Est.
Revenue45.045.245.346.047.146.646.947.246.9
Taxes43.543.643.944.545.645.345.445.945.7
Direct taxes16.816.316.316.317.618.018.018.418.3
Households14.313.914.113.914.914.914.814.914.6
Corporations2.42.42.22.42.73.13.23.53.7
Indirect taxes12.112.012.112.412.712.312.712.812.8
Social security contributions14.414.915.115.414.914.714.414.314.2
Capital taxes0.30.30.30.40.40.40.40.40.4
Nontax revenue1.51.61.51.51.51.31.41.31.2
Expenditure50.451.452.353.251.950.549.949.048.2
Primary expenditure40.041.341.642.541.941.641.441.240.8
Consumption11.011.311.211.511.511.411.211.211.0
Wages and salaries2.22.32.22.32.22.12.12.12.1
Goods and services8.78.99.09.39.39.39.29.18.9
Transfers to households23.224.124.524.824.324.524.524.323.9
Pensions8.28.58.58.88.78.78.78.78.5
Health care5.05.45.75.85.65.96.15.85.9
Unemployment insurance1.92.12.12.32.22.12.22.12.1
Early retirement0.80.80.80.80.70.70.70.70.6
Family allowances2.12.12.12.12.02.02.01.91.9
Other5.25.35.35.15.05.04.95.15.0
Subsidies to enterprises2.22.22.12.11.91.92.01.61.6
Transfers abroad1.51.71.61.61.71.51.61.71.7
Gross fixed investment1.31.31.41.51.61.41.21.41.4
Other capital expenditure0.80.70.91.01.00.90.80.90.9
Interest payments10.510.110.710.710.08.98.57.87.3
Balance-5.4-6.2-7.0-7.2-4.8-3.9-3.1-1.9-1.3
Of which:
Primary balance5.03.83.73.55.25.05.46.06.1
Source: Data provided by the authorities; and Fund staff estimates.
Source: Data provided by the authorities; and Fund staff estimates.
Table 12.Belgium: Revenue and Expenditure of Federal Government(In percent of GDP)
1989199019911992199319941995199619971998

Est.
Revenue19.319.018.318.017.818.217.517.617.517.6
Tax revenue18.418.317.617.417.217.517.017.117.017.2
Direct taxes11.311.310.410.110.010.210.410.310.610.6
Households8.89.28.48.47.97.97.77.57.57.2
Enterprises2.52.12.11.82.12.32.72.83.13.4
Indirect taxes6.66.56.76.86.76.76.16.35.96.1
Social security contributions0.50.40.40.50.40.40.50.50.50.5
Capital taxes0.00.00.00.00.10.10.10.00.00.0
Non tax revenue0.70.60.70.60.50.70.40.50.40.3
Transfers from rest of government0.20.20.00.00.00.00.00.00.00.0
Expenditure26.524.723.724.224.023.021.520.719.819.2
Primary expenditure17.114.814.214.114.013.713.212.912.612.4
Consumption3.63.33.33.13.13.13.02.82.82.8
Wages and salaries2.42.32.22.22.22.32.22.12.12.0
Goods and services1.21.01.00.90.90.80.80.70.70.7
Transfers to households3.43.23.13.03.03.03.02.93.02.9
Subsidies to enterprises1.41.31.31.21.21.11.11.10.80.8
Transfers abroad1.61.51.71.61.61.61.51.61.71.7
Transfers to rest of government6.34.84.34.64.54.54.24.24.03.9
Current transfers to rest of government5.94.64.24.54.44.34.24.24.03.9
Capital transfers to rest of government0.40.20.10.10.10.20.10.10.10.0
Gross fixed investment0.50.30.20.20.20.20.20.00.10.1
Other capital expenditure0.40.30.30.40.30.30.20.10.20.1
Interest payments9.49.99.510.110.19.38.37.87.26.8
Balance-7.2-5.6-5.4-6.1-6.3-4.8-4.0-3.1-2.3-1.6
Of which:
Primary balance2.24.24.14.03.84.54.24.74.95.2
Source: Data provided by the authorities; and Fund staff estimates.
Source: Data provided by the authorities; and Fund staff estimates.
Table 13.Belgium: Revenue and Expenditure of Social Security(In percent of GDP)
199019911992199319941995199619971998

Est.
Revenue19.018.819.319.619.919.519.519.419.2
Tax revenue14.815.215.415.916.416.316.316.516.2
Direct taxes0.00.00.00.00.70.50.50.30.3
Indirect taxes0.30.20.20.40.71.01.21.71.7
Social security contributions14.515.015.215.615.114.814.614.514.4
Capital taxes0.00.00.00.00.00.00.00.00.0
Non tax revenue0.30.30.30.30.20.20.20.20.2
Transfers from rest of government3.83.43.63.43.33.13.02.82.7
Expenditure18.519.119.419.719.219.319.519.018.7
Primary expenditure18.619.319.619.919.419.419.619.118.8
Consumption0.80.80.80.80.80.80.80.80.7
Wages and salaries0.50.50.50.50.50.50.50.50.5
Goods and services0.20.20.20.20.20.20.20.20.2
Transfers to households17.818.518.819.018.518.618.718.318.0
Pensions6.16.36.36.56.46.46.46.36.2
Health care4.75.15.35.35.25.55.65.45.4
Unemployment insurance1.92.12.12.32.22.12.22.12.1
Early retirement0.80.80.80.80.70.70.70.70.6
Family allowances1.81.81.81.81.81.81.71.71.6
Other2.42.42.42.32.22.12.12.12.1
Subsidies to enterprises0.10.10.10.10.10.00.10.10.1
Transfers abroad0.00.00.00.00.00.00.00.00.0
Gross fixed investment0.00.00.00.00.00.00.00.00.0
Other capital expenditure0.00.00.00.00.00.00.00.00.0
Transfers to rest of government0.00.00.00.00.00.00.00.00.0
Interest payments-0.1-0.2-0.2-0.2-0.1-0.2-0.1-0.1-0.1
Balance0.5-0.3-0.1-0.10.70.20.00.40.5
Of which:
Primary balance0.4-0.5-0.3-0.30.50.1-0.10.30.4
Source: Data provided by the authorities; and Fund staff estimates.
Source: Data provided by the authorities; and Fund staff estimates.
Table 14.Belgium: Revenue and Expenditure of Regions and Communities(In percent of GDP)
199019911992199319941995199619971998

Est.
Revenue9.910.010.110.810.911.111.311.611.5
Tax revenue9.39.59.610.110.210.410.510.710.6
Direct taxes3.94.24.44.74.95.25.35.55.6
Indirect taxes5.15.04.95.15.04.94.84.94.6
Social security contributinos0.00.00.00.00.00.00.00.00.0
Capital taxes0.30.30.30.30.30.30.40.30.3
Nontax revenue0.10.10.10.10.10.10.10.10.1
Transfers from rest of government0.60.40.50.60.60.70.70.80.8
Expenditure10.310.911.111.511.611.811.611.711.7
Primary expenditure10.210.810.911.211.211.411.311.411.4
Consumption4.44.64.54.74.74.84.74.74.6
Wages and salaries3.53.73.83.93.94.03.93.83.8
Goods and services0.90.90.80.80.70.80.80.90.9
Transfers to households1.31.61.71.71.81.81.82.02.0
Subsidies to enterprises0.80.80.80.80.70.70.70.70.7
Transfers abroad0.00.00.00.00.00.00.00.00.0
Transfers to rest of government3.02.92.93.03.03.02.82.82.7
Gross fixed investment0.30.50.50.40.40.50.50.50.6
Other capital expenditure0.40.40.40.60.60.60.70.70.7
Interest payments0.10.10.20.30.30.30.30.30.3
Balance-0.4-0.8-0.9-0.6-0.7-0.6-0.3-0.1-0.2
Of which:
Primary balance-0.3-0.7-0.7-0.4-0.3-0.30.00.20.1
Source: Data provided by the authorities; and Fund staff estimates.
Source: Data provided by the authorities; and Fund staff estimates.
Table 15.Belgium: Revenue and Expenditure of Local Governments(In percent of GDP)
199019911992199319941995199619971998

Est.
Revenue5.86.06.06.06.36.56.46.26.0
Tax revenue1.92.02.11.92.22.42.32.42.2
Direct taxes1.51.71.71.61.82.01.92.01.8
Households1.21.31.41.31.41.61.61.61.5
Enterprises0.30.30.30.30.40.40.40.40.3
Indirect taxes0.30.30.30.30.30.30.30.30.3
Social security contributions0.10.10.10.10.10.10.10.00.0
Capital taxes0.00.00.00.00.00.00.00.00.0
Nontax revenue0.50.50.50.50.50.60.60.60.6
Transfers from rest of government3.43.43.33.53.63.53.43.33.2
Expenditure5.65.75.86.26.36.16.16.16.1
Primary expenditure5.05.15.25.75.85.65.65.65.7
Consumption3.33.43.43.63.63.63.73.63.6
Wages and salaries3.13.13.13.23.33.33.33.33.3
Goods and services0.30.30.30.30.40.30.30.30.3
Transfers to households0.90.91.01.01.01.01.01.11.0
Subsidies to enterprises0.00.00.00.00.00.10.10.10.1
Transfers abroad0.00.00.00.00.00.00.00.00.0
Transfers to rest of government0.00.00.10.00.00.10.00.00.0
Gross fixed investment0.60.60.70.91.00.80.70.80.9
Other capital expenditure0.10.00.10.00.00.00.10.10.1
Interest payments0.60.60.60.60.50.50.50.40.4
Balance0.20.30.2-0.20.00.40.30.1-0.1
Of which:
Primary balance0.80.90.70.40.50.90.80.60.3
Source: Data provided by the authorities; and Fund staff estimates.
Source: Data provided by the authorities; and Fund staff estimates.
Table 16.Belgium: General Government Debt(In percent of GDP)
199019911992199319941995199619971998
(By maturity and currency)
Gross consolidated debt125.4127.2128.6135.0133.1130.8126.8121.9116.4
=Gross debt127.9130.0131.8138.9136.2134.2131.5127.3
In Belgian francs110.6113.9117.7118.4118.8120.8122.6118.4
Short-term30.328.827.223.428.622.424.023.2
Long-term80.385.190.595.090.298.498.795.2
In foreign currencies17.316.114.020.517.413.58.88.9
-Financial assets held with
general government2.52.83.13.83.13.44.75.4
-Financial assets other than held
with general government9.510.19.59.99.07.06.25.4
=Net debt115.9117.1119.1125.1124.1123.8120.6116.5
(By holdership)
Gross consolidated debt125.4127.2128.6135.0133.1130.8126.8121.9116.4
Domestic100.797.499.6101.0102.5100.998.192.7
Central Bank2.10.70.71.00.80.80.90.9
Other financial institutions77.573.474.076.580.077.476.071.3
Other21.123.324.923.521.722.721.220.5
Non-residents24.829.829.034.030.629.928.729.2
Domestic currency denominated13.618.319.020.019.219.220.521.0
Foreign currency denominated11.211.610.014.011.510.78.28.2
Source: Data provided by the authorities.
Source: Data provided by the authorities.
Table 17.Belgium: Key Interest Rates(In percent per annum)
199319941995199619971998
Official (end of period)
Discount rate5.254.503.002.502.752.75
Money market
Three-month treasury bill rate8.525.564.673.193.383.51
Three-month interbank rate8.215.724.803.243.463.58
Capital market
Government bond yield7.257.607.366.415.684.70
Bank interest rates
Prime lending rate11.819.428.427.177.067.25
Deposit rate7.104.864.042.662.883.01
Memorandum item:
Term structure (bond yield minus
3-month Treasury bill rate, in percent)-1.272.042.683.212.301.20
Sources: National Bank of Belgium, Bulletin; IMF, International Financial Statistics; and WEFA.
Sources: National Bank of Belgium, Bulletin; IMF, International Financial Statistics; and WEFA.
Table 18:Belgium: Monetary Survey
1992199319941995199619971998

Q3
(In billions of Belgian francs; end of period)
Net foreign assets-401.3118.6-73.6-202.4-92.1142.3106.7
Domestic credit10738.911069.811869.012233.412645.612756.613437.6
Claims on government (net)4596.04770.75357.55630.95738.85546.55994.1
Claims on local government504.6576.2605.2591.8586.9538.1559.5
Claims on nonfinancial public enterprises79.976.365.575.40.00.00.0
Claims on private sector4980.05010.55166.95195.55492.25851.06123.5
Claims on other financial institutions578.4636.1673.9739.8827.7821.0760.5
Money1379.01485.61507.61580.71440.41509.51728.9
Quasi-money4148.94560.74706.04936.35490.45915.46115.0
Money market instruments3422.93583.83703.83691.33593.63291.53044.0
Capital accounts587.1614.2636.4652.81353.41754.92323.5
Other items (net)799.5944.51241.01169.6675.4427.440.1
(Percentage change from a year earlier)
Domestic credit3.17.23.13.40.93.8
Claims on government (net)3.812.35.11.9-3.43.5
Claims on local government14.25.0-2.2-0.8-8.33.9
Claims on nonfinancial public enterprises-4.5-14.215.1
Claims on private sector0.63.10.65.76.53.7
Claims on other financial institutions10.05.99.811.9-0.86.4
Money7.71.54.8-8.94.810.2
Quasi-money9.93.24.911.27.75.8
Money market instruments4.73.3-0.3-2.6-8.4-9.6
Capital accounts4.63.62.6107.329.738.2
Other items (net)18.131.4-5.8-42.3-36.7-93.2
Source: IMF, International Financial Statistics.
Source: IMF, International Financial Statistics.
Table 19.BLEU: Balance of Payments(In percent of GDP of Belgium)
19901991199219931994199519961997
Current Account1.82.43.05.25.45.25.35.6
Balance on goods0.91.01.62.73.03.53.33.4
Balance on services0.90.91.21.61.70.81.01.2
Balance on goods and services1.81.92.84.34.64.34.34.6
Balance on income1.21.61.32.32.22.52.62.6
Balance on goods, services, and income3.03.54.16.66.96.86.97.2
Balance on current transfers-1.1-1.1-1.2-1.3-1.5-1.6-1.7-1.6
Capital Account0.10.10.2
Financial Account-1.0-1.9-3.7-5.4-4.4-4.8-4.8-5.5
Foreign direct investment0.91.50.02.73.1-0.32.11.7
Portfolio investment-0.7-1.3-1.6-3.8-10.1-8.4-3.9-0.3
Other investment-1.0-2.1-1.7-5.32.74.0-2.9-6.3
Monetary authorities0.00.00.00.00.00.1-0.20.0
General government0.41.0-1.54.7-2.40.1-0.2-0.2
Banks-5.7-8.8-7.4-12.64.39.25.81.1
Other4.45.87.22.60.8-5.4-8.4-7.2
Net errors and omissions-0.8-0.50.80.1-1.0-0.5-0.5-0.3
Reserves and related items-0.2-0.3-0.31.0-0.1-0.1-0.2-0.4
Memorandum items:
Belgium
Current account4.24.14.6
Balance on goods4.13.94.4
Official development assistance 1/0.460.410.390.390.320.380.350.32
Sources: IMF, Balance of Payments Statistics; and OECD.

Net disbursements at 1995 prices.

Sources: IMF, Balance of Payments Statistics; and OECD.

Net disbursements at 1995 prices.

Table 20.BLEU: Current Account on a Transactions Basis(In percent of GDP of Belgium)
19901991199219931994199519961997
Goods0.91.01.62.73.03.53.33.4
Exports56.153.552.049.652.756.757.762.1
Imports-55.2-52.5-50.3-46.9-49.8-53.2-54.4-58.7
Non-factor services0.90.91.21.61.70.81.01.2
Transportation0.70.50.60.80.80.70.70.7
Travel-0.9-1.0-1.1-1.1-1.1-1.1-1.3-1.2
Inflows1.91.81.81.92.22.12.22.2
Outflows-2.8-2.8-2.9-3.0-3.3-3.3-3.5-3.4
Other services1.21.41.71.92.01.31.51.8
Factor income1.21.61.32.32.22.52.62.6
Compensation of employees0.80.90.90.90.80.70.70.6
Inflows1.41.61.61.61.51.61.71.6
Outflows-0.6-0.6-0.7-0.7-0.7-0.9-1.0-1.0
Investment income0.40.70.41.41.51.81.92.0
Inflows31.935.837.637.137.025.121.121.4
Outflows-31.5-35.1-37.2-35.7-35.5-23.3-19.2-19.4
Current transfers-1.1-1.1-1.2-1.3-1.5-1.6-1.7-1.6
General government-0.6-0.7-0.7-0.8-1.1-1.2-1.2-1.2
Other-0.5-0.4-0.5-0.5-0.4-0.4-0.5-0.4
Total1.82.42.95.25.45.25.35.6
Memorandum item:
Belgium current account4.24.14.6
Source: IMF, Balance of Payments Statistics.
Source: IMF, Balance of Payments Statistics.
Table 21.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
1992100.597.5103.9102.0102.299.8101.6
199398.894.496.6104.8102.799.8103.7
1994100.395.599.9107.0104.5101.4106.1
1995100.595.4113.4110.1109.3105.0111.1
1996100.595.9107.9108.0107.2103.0108.5
1997100.395.593.4104.7102.698.3104.0
1997I100.395.897.5105.4104.1100.1104.2
1997II100.395.294.3104.9102.998.6103.8
1997III100.295.489.3104.1101.196.8103.2
1997IV100.295.592.0104.3102.197.6104.5
1998I100.395.488.8104.0101.596.8104.6
1998II100.295.690.1104.2102.398.0106.2
1998III100.395.491.7104.5103.398.4107.1
1998IV100.297.2105.1104.499.4108.1
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 22.BLEU: Export Performance and Export Pricing(Annual percent change)
19911992199319941995199619971998 1/
Volume performance
Total trade
(1)Market growth4.72.8-1.09.18.65.08.95.8
(2)Export growth1.83.70.110.69.51.96.95.8
(3)Export performance = (2)-(1)-2.90.81.11.50.9-3.1-2.00.0
Pricing behavior
Total trade
(1)Partner countries export prices
in dollars 2/-1.03.2-6.83.511.9-2.3-9.1-2.2
(2)BF/dollar rate2.2-5.97.6-3.3-11.95.015.32.6
(3)Export prices of foreign
producers in BF1.2-2.70.80.20.02.76.10.4
(4)Export prices of domestic
producers in BF-1.6-1.8-2.21.01.72.85.1-0.8
(5)Relative price of exports = (4)-(3)-2.90.9-3.00.91.60.0-1.0-1.2
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 23.BLEU: Direction of Foreign Trade
1991199219931994199519961997
(Exports, as a percent of total)
EU countries78.378.375.371.473.273.075.2
Euro-area67.967.664.160.762.361.360.2
Germany23.722.920.919.920.919.919.0
Netherlands13.713.713.112.512.813.012.6
France19.119.319.018.017.717.417.4
United Kingdom7.77.98.48.07.98.89.8
Italy6.05.95.54.95.35.35.4
United States3.83.94.44.43.64.04.8
Canada0.30.30.30.40.30.30.3
Japan1.21.01.01.11.21.21.2
Developing countries12.612.713.212.513.513.615.6
Asia4.24.24.94.54.84.65.1
China0.40.40.50.50.50.40.5
India1.21.11.51.21.51.41.6
Asean 41.61.71.71.81.71.61.9
Western Hemisphere0.80.90.90.91.21.01.3
Brazil0.10.10.10.20.50.30.5
Russia0.40.50.60.70.9
Source: International Monetary Fund, Direction of Trade Statistics.
Source: International Monetary Fund, Direction of Trade Statistics.

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