Belgium: Statistical Appendix

International Monetary Fund

doi:10.5089/9781451803082.002.A001

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Belgium

Statistical Appendix

Author:

International Monetary Fund

International Monetary Fund
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Publication Date:: 09 Apr 1999

eISBN:: 9781451803082

Language:: English

Keywords:: ISCR; CR; Belgium; current account; gross domestic product; prices in the enterprise sector; household income; deutsche mark

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In recent years, the IMF has released a growing number of reports and other documents covering economic and financial developments and trends in member countries. Each report, prepared by a staff team after discussions with government officials, is published at the option of the member country.

Abstract

Table 1.

Belgium: Macroeconomic Performance in Comparison with European Partner Countries ^1/

(Changes in percent)

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

^{^1/}Members of the European Union.

^{^2/}Staff estimates.

^{^3/}Consumer price index.

^{^4/}In percent of GDP. For Belgium, refers to position of BLEU.

^{^5/}National accounts basis, in percent of GNP/GDP.

Table 1.

Belgium: Macroeconomic Performance in Comparison with European Partner Countries ^1/

(Changes in percent)

			1990	1991	1992	1993	1994	1995	1996	1997	1998 ^2/
Real GDP
	Belgium		3.0	1.6	1.5	-1.5	2.6	2.3	1.3	3.0	2.9
	France		2.5	0.8	1.2	-1.3	2.8	2.1	1.6	2.3	3.1
	Germany		5.7	5.0	2.2	-1.2	2.7	1.2	1.3	2.2	2.8
	European Union		3.0	1.6	1.0	-0.5	2.9	2.4	1.7	2.7	2.9
Inflation ^3/
	Belgium		3.5	3.2	2.4	2.8	2.4	1.4	2.1	1.6	1.0
	France		3.4	3.2	2.4	2.1	1.7	1.8	2.0	1.2	1.1
	Germany		2.7	3.5	4.7	4.6	2.7	1.8	1.5	1.8	0.9
	European Union		5.4	5.1	4.4	3.8	3.0	2.9	2.5	1.9	1.7
Employment
	Belgium		1.4	0.1	-0.5	-1.1	-0.9	0.5	0.4	0.3	0.9
	France		1.1	0.2	-0.6	-1.2	-0.1	1.1	0.0	0.8	1.4
	Germany		3.0	1.7	-1.9	-1.8	-0.7	-0.4	-1.3	-1.2	-0.0
	European Union		1.7	0.1	-1.6	-2.0	-0.2	0.6	0.5	0.6	1.2
Unemployment Rate
	Belgium		6.7	6.6	7.3	8.8	10.0	9.9	9.7	9.2	8.8
	France		8.9	9.4	10.3	11.6	12.3	11.6	12.4	12.5	11.8
	Germany		6.2	5.5	7.7	8.8	9.6	9.4	10.4	11.4	11.1
	European Union		8.1	8.5	9.9	11.1	11.6	11.2	11.3	11.0	10.3
Current account ^4/
	Belgium		1.8	2.4	3.0	5.2	5.4	5.2	5.3	5.6	5.0
	France		-0.8	-0.5	0.3	0.7	0.6	0.7	1.3	2.8	2.2
	Germany		3.3	-1.0	-1.0	-0.7	-1.0	-0.9	-0.6	-0.2	0.3
	European Union		-0.5	-1.2	-1.1	0.1	0.3	0.6	1.1	1.5	1.2
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.

^{^1/}Members of the European Union.

^{^2/}Staff estimates.

^{^3/}Consumer price index.

^{^4/}In percent of GDP. For Belgium, refers to position of BLEU.

^{^5/}National accounts basis, in percent of GNP/GDP.

Table 1.

Belgium: Macroeconomic Performance in Comparison with European Partner Countries ^1/

(Changes in percent)

			1990	1991	1992	1993	1994	1995	1996	1997	1998 ^2/
Real GDP
	Belgium		3.0	1.6	1.5	-1.5	2.6	2.3	1.3	3.0	2.9
	France		2.5	0.8	1.2	-1.3	2.8	2.1	1.6	2.3	3.1
	Germany		5.7	5.0	2.2	-1.2	2.7	1.2	1.3	2.2	2.8
	European Union		3.0	1.6	1.0	-0.5	2.9	2.4	1.7	2.7	2.9
Inflation ^3/
	Belgium		3.5	3.2	2.4	2.8	2.4	1.4	2.1	1.6	1.0
	France		3.4	3.2	2.4	2.1	1.7	1.8	2.0	1.2	1.1
	Germany		2.7	3.5	4.7	4.6	2.7	1.8	1.5	1.8	0.9
	European Union		5.4	5.1	4.4	3.8	3.0	2.9	2.5	1.9	1.7
Employment
	Belgium		1.4	0.1	-0.5	-1.1	-0.9	0.5	0.4	0.3	0.9
	France		1.1	0.2	-0.6	-1.2	-0.1	1.1	0.0	0.8	1.4
	Germany		3.0	1.7	-1.9	-1.8	-0.7	-0.4	-1.3	-1.2	-0.0
	European Union		1.7	0.1	-1.6	-2.0	-0.2	0.6	0.5	0.6	1.2
Unemployment Rate
	Belgium		6.7	6.6	7.3	8.8	10.0	9.9	9.7	9.2	8.8
	France		8.9	9.4	10.3	11.6	12.3	11.6	12.4	12.5	11.8
	Germany		6.2	5.5	7.7	8.8	9.6	9.4	10.4	11.4	11.1
	European Union		8.1	8.5	9.9	11.1	11.6	11.2	11.3	11.0	10.3
Current account ^4/
	Belgium		1.8	2.4	3.0	5.2	5.4	5.2	5.3	5.6	5.0
	France		-0.8	-0.5	0.3	0.7	0.6	0.7	1.3	2.8	2.2
	Germany		3.3	-1.0	-1.0	-0.7	-1.0	-0.9	-0.6	-0.2	0.3
	European Union		-0.5	-1.2	-1.1	0.1	0.3	0.6	1.1	1.5	1.2
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.

^{^1/}Members of the European Union.

^{^2/}Staff estimates.

^{^3/}Consumer price index.

^{^4/}In percent of GDP. For Belgium, refers to position of BLEU.

^{^5/}National accounts basis, in percent of GNP/GDP.

Table 2.

Belgium: Aggregate Demand in Constant Prices ^1/

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

^{^1/}1990 prices.

^{^2/}Estimates.

^{^3/}Excluding factor incomes.

^{^4/}Contribution to growth.

Table 2.

Belgium: Aggregate Demand in Constant Prices ^1/

		Shares in GDP in Current Prices				Changes in percent
		1980	1985	1990	1998 ^2/	1994	1995	1996	1997	1998 ^2/
Private consumption		64.0	66.7	63.7	62.7	1.7	1.3	2.4	2.2	3.3
Public consumption		17.6	17.0	14.0	14.2	1.7	0.7	1.4	0.8	1.5
Gross fixed investment		21.0	15.7	20.3	17.8	-0.1	4.2	0.5	5.4	4.7
	Public	4.1	2.4	1.3	1.4	5.9	-6.6	-14.9	19.1	2.4
	Residential	6.6	3.5	5.4	5.3	5.5	5.5	-4.0	4.9	4.9
	Private non-residential	10.3	9.7	13.6	11.2	-3.3	5.1	4.6	4.2	4.9
Total domestic demand		102.6	99.4	97.9	95.0	1.7	1.8	1.8	2.3	3.7
Exports of goods and services ^3/		57.0	71.0	68.1	74.4	8.4	6.0	2.2	7.1	6.0
Imports of goods and services ^3/		60.2	69.7	65.9	69.5	7.2	4.8	2.2	6.3	7.3
Foreign balance ^4/		-3.2	1.3	2.2	4.9	1.0	1.0	0.1	0.9	-0.7
GDP		100.0	100.0	100.0	100.0	2.6	2.3	1.3	3.0	2.9
GNP		99.8	99.0	99.5	101.7	2.8	2.7	1.5	3.1	2.9

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

^{^1/}1990 prices.

^{^2/}Estimates.

^{^3/}Excluding factor incomes.

^{^4/}Contribution to growth.

Table 2.

Belgium: Aggregate Demand in Constant Prices ^1/

		Shares in GDP in Current Prices				Changes in percent
		1980	1985	1990	1998 ^2/	1994	1995	1996	1997	1998 ^2/
Private consumption		64.0	66.7	63.7	62.7	1.7	1.3	2.4	2.2	3.3
Public consumption		17.6	17.0	14.0	14.2	1.7	0.7	1.4	0.8	1.5
Gross fixed investment		21.0	15.7	20.3	17.8	-0.1	4.2	0.5	5.4	4.7
	Public	4.1	2.4	1.3	1.4	5.9	-6.6	-14.9	19.1	2.4
	Residential	6.6	3.5	5.4	5.3	5.5	5.5	-4.0	4.9	4.9
	Private non-residential	10.3	9.7	13.6	11.2	-3.3	5.1	4.6	4.2	4.9
Total domestic demand		102.6	99.4	97.9	95.0	1.7	1.8	1.8	2.3	3.7
Exports of goods and services ^3/		57.0	71.0	68.1	74.4	8.4	6.0	2.2	7.1	6.0
Imports of goods and services ^3/		60.2	69.7	65.9	69.5	7.2	4.8	2.2	6.3	7.3
Foreign balance ^4/		-3.2	1.3	2.2	4.9	1.0	1.0	0.1	0.9	-0.7
GDP		100.0	100.0	100.0	100.0	2.6	2.3	1.3	3.0	2.9
GNP		99.8	99.0	99.5	101.7	2.8	2.7	1.5	3.1	2.9

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

^{^1/}1990 prices.

^{^2/}Estimates.

^{^3/}Excluding factor incomes.

^{^4/}Contribution to growth.

Table 3.

Belgium: Growth of Output by Sector ^1/

(Shares and changes in percent)

Sources: National Bank of Belgium, Annual Report 1997; and data provided by the authorities.

^{^1/}Measured in value added at constant prices.

^{^2/}Recent data revisions.

^{^3/}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 3.

Belgium: Growth of Output by Sector ^1/

(Shares and changes in percent)

		Shares			Changes in Percent
		1985	1990	1997	1993	1994	1995	1996	1997
Gross domestic product		100.0	100.0	100.0	-1.5	2.6	2.3	1.3	3.0
	Agriculture, horticulture and fishing	2.2	1.9	2.0	4.6	-6.2	2.7	-2.0	-0.3
	Manufacturing ^2/	22.5	21.9	21.3	-3.0	4.5	2.7	0.0	4.6
	Electricity, gas, and water	2.5	2.5	2.7	-0.1	1.4	4.6	4.5	1.0
	Construction	4.5	5.2	5.0	-4.1	2.2	2.3	-2.3	5.9
	Market services ^3/	50.4	51.1	52.9	-0.1	2.5	2.1	1.9	2.6
	Public services	13.2	11.7	11.6	1.0	2.1	1.2	1.5	-0.1

Sources: National Bank of Belgium, Annual Report 1997; and data provided by the authorities.

^{^1/}Measured in value added at constant prices.

^{^2/}Recent data revisions.

Table 3.

Belgium: Growth of Output by Sector ^1/

(Shares and changes in percent)

		Shares			Changes in Percent
		1985	1990	1997	1993	1994	1995	1996	1997
Gross domestic product		100.0	100.0	100.0	-1.5	2.6	2.3	1.3	3.0
	Agriculture, horticulture and fishing	2.2	1.9	2.0	4.6	-6.2	2.7	-2.0	-0.3
	Manufacturing ^2/	22.5	21.9	21.3	-3.0	4.5	2.7	0.0	4.6
	Electricity, gas, and water	2.5	2.5	2.7	-0.1	1.4	4.6	4.5	1.0
	Construction	4.5	5.2	5.0	-4.1	2.2	2.3	-2.3	5.9
	Market services ^3/	50.4	51.1	52.9	-0.1	2.5	2.1	1.9	2.6
	Public services	13.2	11.7	11.6	1.0	2.1	1.2	1.5	-0.1

Sources: National Bank of Belgium, Annual Report 1997; and data provided by the authorities.

^{^1/}Measured in value added at constant prices.

^{^2/}Recent data revisions.

Table 4.

Belgium: Household Income and Spending ^1/

(Changes in percent; current prices)

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

^{^1/}National accounts definition.

^{^2/}Estimates.

^{^3/}Percent of gross disposable income.

Table 4.

Belgium: Household Income and Spending ^1/

(Changes in percent; current prices)

					1993	1994	1995	1996	1997	1998 ^2/
1.		Disposable income			3.4	1.8	2.1	1.9	2.9	3.6
			Compensation of employees		2.5	3.6	3.1	1.8	3.1	3.4
			Income of self-employed		1.3	5.6	3.2	5.1	3.4	4.8
			Property income		6.0	1.4	-0.7	0.1	2.6	2.5
			Net current transfers paid		1.9	17.9	2.3	0.7	4.1	1.5
				Of which:
				Direct taxes	0.8	12.2	4.2	2.1	5.1	2.7
				Social security contributions	4.4	1.7	2.6	1.2	3.6	2.9
2.		Consumption			1.8	4.4	3.0	4.2	3.9	4.3
3.		Gross saving (1-2)			10.1	-7.8	-1.5	-7.8	-2.3	-0.7
4.		Gross capital formation			2.5	7.0	6.6	-1.3	6.2	5.7
5.		Financial saving (3-4)			7.6	-14.9	-8.1	-6.5	-8.5	-6.4
Memorandum items:
	Gross saving ratio ^3/				20.4	18.5	17.8	16.1	15.3	14.7
	Financial saving ratio ^3/				12.7	10.3	10.1	8.3	7.1	6.3

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

^{^1/}National accounts definition.

^{^2/}Estimates.

^{^3/}Percent of gross disposable income.

Table 4.

Belgium: Household Income and Spending ^1/

(Changes in percent; current prices)

					1993	1994	1995	1996	1997	1998 ^2/
1.		Disposable income			3.4	1.8	2.1	1.9	2.9	3.6
			Compensation of employees		2.5	3.6	3.1	1.8	3.1	3.4
			Income of self-employed		1.3	5.6	3.2	5.1	3.4	4.8
			Property income		6.0	1.4	-0.7	0.1	2.6	2.5
			Net current transfers paid		1.9	17.9	2.3	0.7	4.1	1.5
				Of which:
				Direct taxes	0.8	12.2	4.2	2.1	5.1	2.7
				Social security contributions	4.4	1.7	2.6	1.2	3.6	2.9
2.		Consumption			1.8	4.4	3.0	4.2	3.9	4.3
3.		Gross saving (1-2)			10.1	-7.8	-1.5	-7.8	-2.3	-0.7
4.		Gross capital formation			2.5	7.0	6.6	-1.3	6.2	5.7
5.		Financial saving (3-4)			7.6	-14.9	-8.1	-6.5	-8.5	-6.4
Memorandum items:
	Gross saving ratio ^3/				20.4	18.5	17.8	16.1	15.3	14.7
	Financial saving ratio ^3/				12.7	10.3	10.1	8.3	7.1	6.3

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

^{^1/}National accounts definition.

^{^2/}Estimates.

^{^3/}Percent of gross disposable income.

Table 5.

Belgium: Corporate Income and Spending ^1/

(In percent of GDP)

Sources: Data supplied by the authorities and staff estimates.

^{^1/}National accounts definitions.

^{^2/}Estimates.

Table 5.

Belgium: Corporate Income and Spending ^1/

(In percent of GDP)

	1993	1994	1995	1996	1997	1998 ^2/
Gross operating surplus before subsidies	13.5	14.1	15.1	15.2	15.9	16.7
Subsidies	2.6	2.4	2.4	2.4	2.0	2.0
Gross operating surplus (including subsidies)	16.2	16.5	17.5	17.6	17.9	18.7
Net property income paid	3.8	3.6	3.5	3.4	3.4	3.6
Transfer to other sectors (including taxes)	2.1	2.3	2.7	2.7	3.0	3.2
Disposable income (gross saving)	10.0	10.3	11.0	11.1	11.1	11.5
Net capital transfers received	0.4	0.2	-0.2	0.2	0.4	0.3
Gross investment	10.2	9.9	10.3	10.4	10.2	10.3
Net financing capacity (+) or requirement (-)	0.2	0.6	0.4	0.9	1.4	1.6

Sources: Data supplied by the authorities and staff estimates.

^{^1/}National accounts definitions.

^{^2/}Estimates.

Table 5.

Belgium: Corporate Income and Spending ^1/

(In percent of GDP)

	1993	1994	1995	1996	1997	1998 ^2/
Gross operating surplus before subsidies	13.5	14.1	15.1	15.2	15.9	16.7
Subsidies	2.6	2.4	2.4	2.4	2.0	2.0
Gross operating surplus (including subsidies)	16.2	16.5	17.5	17.6	17.9	18.7
Net property income paid	3.8	3.6	3.5	3.4	3.4	3.6
Transfer to other sectors (including taxes)	2.1	2.3	2.7	2.7	3.0	3.2
Disposable income (gross saving)	10.0	10.3	11.0	11.1	11.1	11.5
Net capital transfers received	0.4	0.2	-0.2	0.2	0.4	0.3
Gross investment	10.2	9.9	10.3	10.4	10.2	10.3
Net financing capacity (+) or requirement (-)	0.2	0.6	0.4	0.9	1.4	1.6

Sources: Data supplied by the authorities and staff estimates.

^{^1/}National accounts definitions.

^{^2/}Estimates.

Table 6.

Belgium: Sectoral Breakdown of Fixed Investment

(In percent; 1990 prices)

Source: Data provided by the authorities.

^{^1/}Includes public sector investment.

Table 6.

Belgium: Sectoral Breakdown of Fixed Investment

(In percent; 1990 prices)

		Shares in total				Annual growth rates
		1980	1985	1990	1997	1994	1995	1996	1997
Total		100.0	100.0	100.0	100.0	-0.1	4.2	0.5	5.4
of which:
	Agriculture	2.1	2.4	1.9	1.2	-8.7	-6.2	14.1	8.8
	Mining	0.4	0.5	0.7	0.3	-14.6	7.7	5.8	4.9
	Manufacturing	13.7	20.1	27.7	23.0	-6.1	8.4	8.1	3.4
	Construction	1.6	1.6	2.2	1.9	4.3	10.1	-4.0	9.0
	Utilities	5.3	6.1	3.2	4.8	3.0	4.6	6.6	2.9
	Commerce, banking and insurance	10.6	14.9	16.0	14.7	-0.4	-3.4	3.2	10.0
	Transport and communication	11.7	12.0	7.7	9.3	-10.2	15.9	-0.9	-1.5
	Housing	32.6	24.0	26.6	28.2	5.5	5.5	-4.0	4.9
	Other ^1/	5.1	6.0	8.5	9.4	2.7	2.6	2.6	1.1

Source: Data provided by the authorities.

^{^1/}Includes public sector investment.

Table 6.

Belgium: Sectoral Breakdown of Fixed Investment

(In percent; 1990 prices)

		Shares in total				Annual growth rates
		1980	1985	1990	1997	1994	1995	1996	1997
Total		100.0	100.0	100.0	100.0	-0.1	4.2	0.5	5.4
of which:
	Agriculture	2.1	2.4	1.9	1.2	-8.7	-6.2	14.1	8.8
	Mining	0.4	0.5	0.7	0.3	-14.6	7.7	5.8	4.9
	Manufacturing	13.7	20.1	27.7	23.0	-6.1	8.4	8.1	3.4
	Construction	1.6	1.6	2.2	1.9	4.3	10.1	-4.0	9.0
	Utilities	5.3	6.1	3.2	4.8	3.0	4.6	6.6	2.9
	Commerce, banking and insurance	10.6	14.9	16.0	14.7	-0.4	-3.4	3.2	10.0
	Transport and communication	11.7	12.0	7.7	9.3	-10.2	15.9	-0.9	-1.5
	Housing	32.6	24.0	26.6	28.2	5.5	5.5	-4.0	4.9
	Other ^1/	5.1	6.0	8.5	9.4	2.7	2.6	2.6	1.1

Source: Data provided by the authorities.

^{^1/}Includes public sector investment.

Table 7.

Belgium: Labor Force and Employment

(Changes in thousands) ^1/

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

^{^1/}As of June 30 of each year.

^{^2/}Estimates.

^{^3/}Includes also older unemployed who no longer register as unemployed and beneficiaries of career interruption and unemployment interruption schemes.

^{^4/}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.

^{^5/}Net labor force (excluding early and tempory withdrawals) as percent of working age population; based on recent data.

Table 7.

Belgium: Labor Force and Employment

(Changes in thousands) ^1/

					1993	1994	1995	1996	1997	1998 ^2/
1.		Labor force			7	-4	13	24	13	20
			Men		-7	-11	-8	-0	-4	-7
			Women		14	6	21	24	17	27
2.		Early retirement, etc. ^3/			-28	-12	-8	19	6	16
				Men	-5	-5	-7	8	6	1
				Women	-23	-7	-1	10	0	15
3.		Labor force, national definition (1-2)			35	8	21	5	7	4
4.		Employment			-40	-35	19	16	11	39
			General government ^4/		-4	-13	-2	-1	0	-0
				Of which:
				Employment programs	-1	1	1	0	--	1
			Enterprise sector		-36	-24	21	16	11	39
				Agriculture, horticulture, fishing	-1	-2	-1	-2	-1	-1
				Industry	-33	-21	-6	-12	-21	-8
				Construction	8	4	-4	-2	2	2
				Market services	-9	-5	31	32	32	46
5.		Unemployment, national definition (3-4)			-40	-35	19	16	11	39
Memorandum items:
	Participation rates ^5/
			Total		63.8	63.9	64.2	64.2	64.3	64.4
				Men	72.4	72.1	72.1	71.9	71.5	71.3
				Women	55.1	55.5	56.1	56.5	57.0	57.4

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

^{^1/}As of June 30 of each year.

^{^2/}Estimates.

^{^3/}Includes also older unemployed who no longer register as unemployed and beneficiaries of career interruption and unemployment interruption schemes.

^{^5/}Net labor force (excluding early and tempory withdrawals) as percent of working age population; based on recent data.

Table 7.

Belgium: Labor Force and Employment

(Changes in thousands) ^1/

					1993	1994	1995	1996	1997	1998 ^2/
1.		Labor force			7	-4	13	24	13	20
			Men		-7	-11	-8	-0	-4	-7
			Women		14	6	21	24	17	27
2.		Early retirement, etc. ^3/			-28	-12	-8	19	6	16
				Men	-5	-5	-7	8	6	1
				Women	-23	-7	-1	10	0	15
3.		Labor force, national definition (1-2)			35	8	21	5	7	4
4.		Employment			-40	-35	19	16	11	39
			General government ^4/		-4	-13	-2	-1	0	-0
				Of which:
				Employment programs	-1	1	1	0	--	1
			Enterprise sector		-36	-24	21	16	11	39
				Agriculture, horticulture, fishing	-1	-2	-1	-2	-1	-1
				Industry	-33	-21	-6	-12	-21	-8
				Construction	8	4	-4	-2	2	2
				Market services	-9	-5	31	32	32	46
5.		Unemployment, national definition (3-4)			-40	-35	19	16	11	39
Memorandum items:
	Participation rates ^5/
			Total		63.8	63.9	64.2	64.2	64.3	64.4
				Men	72.4	72.1	72.1	71.9	71.5	71.3
				Women	55.1	55.5	56.1	56.5	57.0	57.4

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

^{^1/}As of June 30 of each year.

^{^2/}Estimates.

^{^3/}Includes also older unemployed who no longer register as unemployed and beneficiaries of career interruption and unemployment interruption schemes.

^{^5/}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)

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

^{^1/}Estimates.

^{^2/}Excludes early retirement, older unemployed who are no longer registered as unemployed, and beneficiaries of career interruption and unemployment interruption schemes.

^{^3/}As a percentage of the insured unemployed.

Table 8.

Belgium: Incidence and Structure of Unemployment

(Period averages)

				1993	1994	1995	1996	1997	1998 ^1/
				(In percent)
Unemployment rates
	Harmonized rate (EU)			8.8	10.0	9.9	9.7	9.2	8.8
	National concept ^2/
		Total		12.0	12.9	12.9	12.7	12.5	11.8
			Men	8.9	9.8	9.8	9.6	9.8	9.2
			Women	16.1	17.1	17.0	16.6	16.1	15.1
Duration of unemployment ^3/
	Less than one year
		Total		43.1	39.9	36.0	35.9	36.4	34.6
			Men	47.9	44.7	39.8	40.0	39.7	37.2
			Women	39.7	36.4	33.2	33.0	33.8	32.6
	1-2 years
		Total		19.1	19.2	19.6	19.0	18.4	18.4
			Men	18.8	19.3	20.2	19.4	18.7	18.5
			Women	19.3	19.1	19.1	18.7	18.1	18.4
	More than two years
		Total		37.8	40.9	44.4	45.0	45.3	47.0
			Men	33.3	36.0	40.0	40.6	41.6	44.2
			Women	41.0	44.5	47.7	48.3	48.1	49.1
				(In thousands)
Insured unemployed				475.9	507.2	500.0	477.7	458.4	…
Non-job seekers				104.7	97.1	96.8	116.3	…	…
Part-time unemployed				120.1	85.4	59.8	28.1	…	…
Temporary unemployed				62.8	49.0	47.5	50.2	44.3	…
Early retirement				145.5	140.3	135.7	133.5	129.3	…

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

^{^1/}Estimates.

^{^2/}Excludes early retirement, older unemployed who are no longer registered as unemployed, and beneficiaries of career interruption and unemployment interruption schemes.

^{^3/}As a percentage of the insured unemployed.

Table 8.

Belgium: Incidence and Structure of Unemployment

(Period averages)

				1993	1994	1995	1996	1997	1998 ^1/
				(In percent)
Unemployment rates
	Harmonized rate (EU)			8.8	10.0	9.9	9.7	9.2	8.8
	National concept ^2/
		Total		12.0	12.9	12.9	12.7	12.5	11.8
			Men	8.9	9.8	9.8	9.6	9.8	9.2
			Women	16.1	17.1	17.0	16.6	16.1	15.1
Duration of unemployment ^3/
	Less than one year
		Total		43.1	39.9	36.0	35.9	36.4	34.6
			Men	47.9	44.7	39.8	40.0	39.7	37.2
			Women	39.7	36.4	33.2	33.0	33.8	32.6
	1-2 years
		Total		19.1	19.2	19.6	19.0	18.4	18.4
			Men	18.8	19.3	20.2	19.4	18.7	18.5
			Women	19.3	19.1	19.1	18.7	18.1	18.4
	More than two years
		Total		37.8	40.9	44.4	45.0	45.3	47.0
			Men	33.3	36.0	40.0	40.6	41.6	44.2
			Women	41.0	44.5	47.7	48.3	48.1	49.1
				(In thousands)
Insured unemployed				475.9	507.2	500.0	477.7	458.4	…
Non-job seekers				104.7	97.1	96.8	116.3	…	…
Part-time unemployed				120.1	85.4	59.8	28.1	…	…
Temporary unemployed				62.8	49.0	47.5	50.2	44.3	…
Early retirement				145.5	140.3	135.7	133.5	129.3	…

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

^{^1/}Estimates.

^{^2/}Excludes early retirement, older unemployed who are no longer registered as unemployed, and beneficiaries of career interruption and unemployment interruption schemes.

^{^3/}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)

Source: Data provided by the authorities.

^{^1/}Estimates.

^{^2/}On a full-time basis.

Table 9.

Belgium: Indicators of Costs and Prices in the Enterprise Sector

(Changes in percent; National Accounts basis)

		1993	1994	1995	1996	1997	1998 ^1/
Unit labor costs ^2/		5.1	-0.6	0.8	1.1	-0.3	0.3
	Compensation per employee ^2/	4.9	2.5	2.6	1.4	2.7	2.7
	Productivity ^2/	-0.2	3.1	1.8	0.3	3.0	2.4
Imported goods and services		-2.6	1.9	2.1	2.9	5.2	-0.7
Unit selling prices		0.9	1.8	1.5	2.2	2.9	0.6
	Domestic	2.4	2.3	1.6	1.7	1.3	0.5
	Export	-1.2	1.3	0.9	2.5	4.5	0.8
Gross operating surplus per unit sold		0.8	2.1	6.4	1.6	1.6	4.0

Source: Data provided by the authorities.

^{^1/}Estimates.

^{^2/}On a full-time basis.

Table 9.

Belgium: Indicators of Costs and Prices in the Enterprise Sector

(Changes in percent; National Accounts basis)

		1993	1994	1995	1996	1997	1998 ^1/
Unit labor costs ^2/		5.1	-0.6	0.8	1.1	-0.3	0.3
	Compensation per employee ^2/	4.9	2.5	2.6	1.4	2.7	2.7
	Productivity ^2/	-0.2	3.1	1.8	0.3	3.0	2.4
Imported goods and services		-2.6	1.9	2.1	2.9	5.2	-0.7
Unit selling prices		0.9	1.8	1.5	2.2	2.9	0.6
	Domestic	2.4	2.3	1.6	1.7	1.3	0.5
	Export	-1.2	1.3	0.9	2.5	4.5	0.8
Gross operating surplus per unit sold		0.8	2.1	6.4	1.6	1.6	4.0

Source: Data provided by the authorities.

^{^1/}Estimates.

^{^2/}On a full-time basis.

Table 10.

Belgium: Price Developments

(Changes in percent from preceding year)

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

^{^1/}Estimates; for EU harmonized CPI, average of first eleven months.

Table 10.

Belgium: Price Developments

(Changes in percent from preceding year)

		Weights	1993	1994	1995	1996	1997	1998 ^1/
GDP deflator		…	4.0	2.3	1.5	1.6	1.4	1.8
Total domestic demand deflator		…	3.0	2.6	1.9	1.6	1.6	0.8
Consumer price index
	(National definition)	100.0	2.8	2.4	1.4	2.1	1.6	1.0
	Energy	9.3	3.2	0.1	-0.5	3.8	2.3	-2.8
	Food	19.0	-0.6	1.6	1.1	0.8	2.2	2.0
	Services	34.2	3.8	2.6	2.0	2.3	1.5	2.2
	Rents	7.2	5.3	4.5	2.9	2.5	1.7	1.0
	Other products	30.3	3.0	2.0	0.8	2.4	1.5	-0.5
Consumer price index
	(EU harmonized)	…	…	…	…	1.8	1.5	0.9
Wholesale price index		…	-0.9	1.3	2.3	0.6	1.7	-0.8

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

^{^1/}Estimates; for EU harmonized CPI, average of first eleven months.

Table 10.

Belgium: Price Developments

(Changes in percent from preceding year)

		Weights	1993	1994	1995	1996	1997	1998 ^1/
GDP deflator		…	4.0	2.3	1.5	1.6	1.4	1.8
Total domestic demand deflator		…	3.0	2.6	1.9	1.6	1.6	0.8
Consumer price index
	(National definition)	100.0	2.8	2.4	1.4	2.1	1.6	1.0
	Energy	9.3	3.2	0.1	-0.5	3.8	2.3	-2.8
	Food	19.0	-0.6	1.6	1.1	0.8	2.2	2.0
	Services	34.2	3.8	2.6	2.0	2.3	1.5	2.2
	Rents	7.2	5.3	4.5	2.9	2.5	1.7	1.0
	Other products	30.3	3.0	2.0	0.8	2.4	1.5	-0.5
Consumer price index
	(EU harmonized)	…	…	…	…	1.8	1.5	0.9
Wholesale price index		…	-0.9	1.3	2.3	0.6	1.7	-0.8

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

^{^1/}Estimates; for EU harmonized CPI, average of first eleven months.

Table 11.

Belgium: Revenue and Expenditure of General Government

(In percent of GDP)

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

Table 11.

Belgium: Revenue and Expenditure of General Government

(In percent of GDP)

				1990	1991	1992	1993	1994	1995	1996	1997	1998 Est.
Revenue				45.0	45.2	45.3	46.0	47.1	46.6	46.9	47.2	46.9
	Taxes			43.5	43.6	43.9	44.5	45.6	45.3	45.4	45.9	45.7
		Direct taxes		16.8	16.3	16.3	16.3	17.6	18.0	18.0	18.4	18.3
			Households	14.3	13.9	14.1	13.9	14.9	14.9	14.8	14.9	14.6
			Corporations	2.4	2.4	2.2	2.4	2.7	3.1	3.2	3.5	3.7
		Indirect taxes		12.1	12.0	12.1	12.4	12.7	12.3	12.7	12.8	12.8
		Social security contributions		14.4	14.9	15.1	15.4	14.9	14.7	14.4	14.3	14.2
		Capital taxes		0.3	0.3	0.3	0.4	0.4	0.4	0.4	0.4	0.4
	Nontax revenue			1.5	1.6	1.5	1.5	1.5	1.3	1.4	1.3	1.2
Expenditure				50.4	51.4	52.3	53.2	51.9	50.5	49.9	49.0	48.2
	Primary expenditure			40.0	41.3	41.6	42.5	41.9	41.6	41.4	41.2	40.8
		Consumption		11.0	11.3	11.2	11.5	11.5	11.4	11.2	11.2	11.0
			Wages and salaries	2.2	2.3	2.2	2.3	2.2	2.1	2.1	2.1	2.1
			Goods and services	8.7	8.9	9.0	9.3	9.3	9.3	9.2	9.1	8.9
		Transfers to households		23.2	24.1	24.5	24.8	24.3	24.5	24.5	24.3	23.9
			Pensions	8.2	8.5	8.5	8.8	8.7	8.7	8.7	8.7	8.5
			Health care	5.0	5.4	5.7	5.8	5.6	5.9	6.1	5.8	5.9
			Unemployment insurance	1.9	2.1	2.1	2.3	2.2	2.1	2.2	2.1	2.1
			Early retirement	0.8	0.8	0.8	0.8	0.7	0.7	0.7	0.7	0.6
			Family allowances	2.1	2.1	2.1	2.1	2.0	2.0	2.0	1.9	1.9
			Other	5.2	5.3	5.3	5.1	5.0	5.0	4.9	5.1	5.0
		Subsidies to enterprises		2.2	2.2	2.1	2.1	1.9	1.9	2.0	1.6	1.6
		Transfers abroad		1.5	1.7	1.6	1.6	1.7	1.5	1.6	1.7	1.7
		Gross fixed investment		1.3	1.3	1.4	1.5	1.6	1.4	1.2	1.4	1.4
		Other capital expenditure		0.8	0.7	0.9	1.0	1.0	0.9	0.8	0.9	0.9
	Interest payments			10.5	10.1	10.7	10.7	10.0	8.9	8.5	7.8	7.3
Balance				-5.4	-6.2	-7.0	-7.2	-4.8	-3.9	-3.1	-1.9	-1.3
	Of which:
		Primary balance		5.0	3.8	3.7	3.5	5.2	5.0	5.4	6.0	6.1

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

Table 11.

Belgium: Revenue and Expenditure of General Government

(In percent of GDP)

				1990	1991	1992	1993	1994	1995	1996	1997	1998 Est.
Revenue				45.0	45.2	45.3	46.0	47.1	46.6	46.9	47.2	46.9
	Taxes			43.5	43.6	43.9	44.5	45.6	45.3	45.4	45.9	45.7
		Direct taxes		16.8	16.3	16.3	16.3	17.6	18.0	18.0	18.4	18.3
			Households	14.3	13.9	14.1	13.9	14.9	14.9	14.8	14.9	14.6
			Corporations	2.4	2.4	2.2	2.4	2.7	3.1	3.2	3.5	3.7
		Indirect taxes		12.1	12.0	12.1	12.4	12.7	12.3	12.7	12.8	12.8
		Social security contributions		14.4	14.9	15.1	15.4	14.9	14.7	14.4	14.3	14.2
		Capital taxes		0.3	0.3	0.3	0.4	0.4	0.4	0.4	0.4	0.4
	Nontax revenue			1.5	1.6	1.5	1.5	1.5	1.3	1.4	1.3	1.2
Expenditure				50.4	51.4	52.3	53.2	51.9	50.5	49.9	49.0	48.2
	Primary expenditure			40.0	41.3	41.6	42.5	41.9	41.6	41.4	41.2	40.8
		Consumption		11.0	11.3	11.2	11.5	11.5	11.4	11.2	11.2	11.0
			Wages and salaries	2.2	2.3	2.2	2.3	2.2	2.1	2.1	2.1	2.1
			Goods and services	8.7	8.9	9.0	9.3	9.3	9.3	9.2	9.1	8.9
		Transfers to households		23.2	24.1	24.5	24.8	24.3	24.5	24.5	24.3	23.9
			Pensions	8.2	8.5	8.5	8.8	8.7	8.7	8.7	8.7	8.5
			Health care	5.0	5.4	5.7	5.8	5.6	5.9	6.1	5.8	5.9
			Unemployment insurance	1.9	2.1	2.1	2.3	2.2	2.1	2.2	2.1	2.1
			Early retirement	0.8	0.8	0.8	0.8	0.7	0.7	0.7	0.7	0.6
			Family allowances	2.1	2.1	2.1	2.1	2.0	2.0	2.0	1.9	1.9
			Other	5.2	5.3	5.3	5.1	5.0	5.0	4.9	5.1	5.0
		Subsidies to enterprises		2.2	2.2	2.1	2.1	1.9	1.9	2.0	1.6	1.6
		Transfers abroad		1.5	1.7	1.6	1.6	1.7	1.5	1.6	1.7	1.7
		Gross fixed investment		1.3	1.3	1.4	1.5	1.6	1.4	1.2	1.4	1.4
		Other capital expenditure		0.8	0.7	0.9	1.0	1.0	0.9	0.8	0.9	0.9
	Interest payments			10.5	10.1	10.7	10.7	10.0	8.9	8.5	7.8	7.3
Balance				-5.4	-6.2	-7.0	-7.2	-4.8	-3.9	-3.1	-1.9	-1.3
	Of which:
		Primary balance		5.0	3.8	3.7	3.5	5.2	5.0	5.4	6.0	6.1

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

Table 12.

Belgium: Revenue and Expenditure of Federal Government

(In percent of GDP)

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

Table 12.

Belgium: Revenue and Expenditure of Federal Government

(In percent of GDP)

				1989	1990	1991	1992	1993	1994	1995	1996	1997	1998 Est.
Revenue				19.3	19.0	18.3	18.0	17.8	18.2	17.5	17.6	17.5	17.6
	Tax revenue			18.4	18.3	17.6	17.4	17.2	17.5	17.0	17.1	17.0	17.2
		Direct taxes		11.3	11.3	10.4	10.1	10.0	10.2	10.4	10.3	10.6	10.6
			Households	8.8	9.2	8.4	8.4	7.9	7.9	7.7	7.5	7.5	7.2
			Enterprises	2.5	2.1	2.1	1.8	2.1	2.3	2.7	2.8	3.1	3.4
		Indirect taxes		6.6	6.5	6.7	6.8	6.7	6.7	6.1	6.3	5.9	6.1
		Social security contributions		0.5	0.4	0.4	0.5	0.4	0.4	0.5	0.5	0.5	0.5
		Capital taxes		0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.0	0.0	0.0
	Non tax revenue			0.7	0.6	0.7	0.6	0.5	0.7	0.4	0.5	0.4	0.3
	Transfers from rest of government			0.2	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Expenditure				26.5	24.7	23.7	24.2	24.0	23.0	21.5	20.7	19.8	19.2
	Primary expenditure			17.1	14.8	14.2	14.1	14.0	13.7	13.2	12.9	12.6	12.4
		Consumption		3.6	3.3	3.3	3.1	3.1	3.1	3.0	2.8	2.8	2.8
			Wages and salaries	2.4	2.3	2.2	2.2	2.2	2.3	2.2	2.1	2.1	2.0
			Goods and services	1.2	1.0	1.0	0.9	0.9	0.8	0.8	0.7	0.7	0.7
		Transfers to households		3.4	3.2	3.1	3.0	3.0	3.0	3.0	2.9	3.0	2.9
		Subsidies to enterprises		1.4	1.3	1.3	1.2	1.2	1.1	1.1	1.1	0.8	0.8
		Transfers abroad		1.6	1.5	1.7	1.6	1.6	1.6	1.5	1.6	1.7	1.7
		Transfers to rest of government		6.3	4.8	4.3	4.6	4.5	4.5	4.2	4.2	4.0	3.9
			Current transfers to rest of government	5.9	4.6	4.2	4.5	4.4	4.3	4.2	4.2	4.0	3.9
			Capital transfers to rest of government	0.4	0.2	0.1	0.1	0.1	0.2	0.1	0.1	0.1	0.0
		Gross fixed investment		0.5	0.3	0.2	0.2	0.2	0.2	0.2	0.0	0.1	0.1
		Other capital expenditure		0.4	0.3	0.3	0.4	0.3	0.3	0.2	0.1	0.2	0.1
	Interest payments			9.4	9.9	9.5	10.1	10.1	9.3	8.3	7.8	7.2	6.8
Balance				-7.2	-5.6	-5.4	-6.1	-6.3	-4.8	-4.0	-3.1	-2.3	-1.6
	Of which:
		Primary balance		2.2	4.2	4.1	4.0	3.8	4.5	4.2	4.7	4.9	5.2

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

Table 12.

Belgium: Revenue and Expenditure of Federal Government

(In percent of GDP)

				1989	1990	1991	1992	1993	1994	1995	1996	1997	1998 Est.
Revenue				19.3	19.0	18.3	18.0	17.8	18.2	17.5	17.6	17.5	17.6
	Tax revenue			18.4	18.3	17.6	17.4	17.2	17.5	17.0	17.1	17.0	17.2
		Direct taxes		11.3	11.3	10.4	10.1	10.0	10.2	10.4	10.3	10.6	10.6
			Households	8.8	9.2	8.4	8.4	7.9	7.9	7.7	7.5	7.5	7.2
			Enterprises	2.5	2.1	2.1	1.8	2.1	2.3	2.7	2.8	3.1	3.4
		Indirect taxes		6.6	6.5	6.7	6.8	6.7	6.7	6.1	6.3	5.9	6.1
		Social security contributions		0.5	0.4	0.4	0.5	0.4	0.4	0.5	0.5	0.5	0.5
		Capital taxes		0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.0	0.0	0.0
	Non tax revenue			0.7	0.6	0.7	0.6	0.5	0.7	0.4	0.5	0.4	0.3
	Transfers from rest of government			0.2	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Expenditure				26.5	24.7	23.7	24.2	24.0	23.0	21.5	20.7	19.8	19.2
	Primary expenditure			17.1	14.8	14.2	14.1	14.0	13.7	13.2	12.9	12.6	12.4
		Consumption		3.6	3.3	3.3	3.1	3.1	3.1	3.0	2.8	2.8	2.8
			Wages and salaries	2.4	2.3	2.2	2.2	2.2	2.3	2.2	2.1	2.1	2.0
			Goods and services	1.2	1.0	1.0	0.9	0.9	0.8	0.8	0.7	0.7	0.7
		Transfers to households		3.4	3.2	3.1	3.0	3.0	3.0	3.0	2.9	3.0	2.9
		Subsidies to enterprises		1.4	1.3	1.3	1.2	1.2	1.1	1.1	1.1	0.8	0.8
		Transfers abroad		1.6	1.5	1.7	1.6	1.6	1.6	1.5	1.6	1.7	1.7
		Transfers to rest of government		6.3	4.8	4.3	4.6	4.5	4.5	4.2	4.2	4.0	3.9
			Current transfers to rest of government	5.9	4.6	4.2	4.5	4.4	4.3	4.2	4.2	4.0	3.9
			Capital transfers to rest of government	0.4	0.2	0.1	0.1	0.1	0.2	0.1	0.1	0.1	0.0
		Gross fixed investment		0.5	0.3	0.2	0.2	0.2	0.2	0.2	0.0	0.1	0.1
		Other capital expenditure		0.4	0.3	0.3	0.4	0.3	0.3	0.2	0.1	0.2	0.1
	Interest payments			9.4	9.9	9.5	10.1	10.1	9.3	8.3	7.8	7.2	6.8
Balance				-7.2	-5.6	-5.4	-6.1	-6.3	-4.8	-4.0	-3.1	-2.3	-1.6
	Of which:
		Primary balance		2.2	4.2	4.1	4.0	3.8	4.5	4.2	4.7	4.9	5.2

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

Table 13.

Belgium: Revenue and Expenditure of Social Security

(In percent of GDP)

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

Table 13.

Belgium: Revenue and Expenditure of Social Security

(In percent of GDP)

				1990	1991	1992	1993	1994	1995	1996	1997	1998 Est.
Revenue				19.0	18.8	19.3	19.6	19.9	19.5	19.5	19.4	19.2
	Tax revenue			14.8	15.2	15.4	15.9	16.4	16.3	16.3	16.5	16.2
		Direct taxes		0.0	0.0	0.0	0.0	0.7	0.5	0.5	0.3	0.3
		Indirect taxes		0.3	0.2	0.2	0.4	0.7	1.0	1.2	1.7	1.7
		Social security contributions		14.5	15.0	15.2	15.6	15.1	14.8	14.6	14.5	14.4
		Capital taxes		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	Non tax revenue			0.3	0.3	0.3	0.3	0.2	0.2	0.2	0.2	0.2
	Transfers from rest of government			3.8	3.4	3.6	3.4	3.3	3.1	3.0	2.8	2.7
Expenditure				18.5	19.1	19.4	19.7	19.2	19.3	19.5	19.0	18.7
	Primary expenditure			18.6	19.3	19.6	19.9	19.4	19.4	19.6	19.1	18.8
		Consumption		0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.7
			Wages and salaries	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5
			Goods and services	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
		Transfers to households		17.8	18.5	18.8	19.0	18.5	18.6	18.7	18.3	18.0
			Pensions	6.1	6.3	6.3	6.5	6.4	6.4	6.4	6.3	6.2
			Health care	4.7	5.1	5.3	5.3	5.2	5.5	5.6	5.4	5.4
			Unemployment insurance	1.9	2.1	2.1	2.3	2.2	2.1	2.2	2.1	2.1
			Early retirement	0.8	0.8	0.8	0.8	0.7	0.7	0.7	0.7	0.6
			Family allowances	1.8	1.8	1.8	1.8	1.8	1.8	1.7	1.7	1.6
			Other	2.4	2.4	2.4	2.3	2.2	2.1	2.1	2.1	2.1
		Subsidies to enterprises		0.1	0.1	0.1	0.1	0.1	0.0	0.1	0.1	0.1
		Transfers abroad		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
		Gross fixed investment		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
		Other capital expenditure		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
		Transfers to rest of government		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	Interest payments			-0.1	-0.2	-0.2	-0.2	-0.1	-0.2	-0.1	-0.1	-0.1
Balance				0.5	-0.3	-0.1	-0.1	0.7	0.2	0.0	0.4	0.5
	Of which:
		Primary balance		0.4	-0.5	-0.3	-0.3	0.5	0.1	-0.1	0.3	0.4

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

Table 13.

Belgium: Revenue and Expenditure of Social Security

(In percent of GDP)

				1990	1991	1992	1993	1994	1995	1996	1997	1998 Est.
Revenue				19.0	18.8	19.3	19.6	19.9	19.5	19.5	19.4	19.2
	Tax revenue			14.8	15.2	15.4	15.9	16.4	16.3	16.3	16.5	16.2
		Direct taxes		0.0	0.0	0.0	0.0	0.7	0.5	0.5	0.3	0.3
		Indirect taxes		0.3	0.2	0.2	0.4	0.7	1.0	1.2	1.7	1.7
		Social security contributions		14.5	15.0	15.2	15.6	15.1	14.8	14.6	14.5	14.4
		Capital taxes		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	Non tax revenue			0.3	0.3	0.3	0.3	0.2	0.2	0.2	0.2	0.2
	Transfers from rest of government			3.8	3.4	3.6	3.4	3.3	3.1	3.0	2.8	2.7
Expenditure				18.5	19.1	19.4	19.7	19.2	19.3	19.5	19.0	18.7
	Primary expenditure			18.6	19.3	19.6	19.9	19.4	19.4	19.6	19.1	18.8
		Consumption		0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.7
			Wages and salaries	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5
			Goods and services	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
		Transfers to households		17.8	18.5	18.8	19.0	18.5	18.6	18.7	18.3	18.0
			Pensions	6.1	6.3	6.3	6.5	6.4	6.4	6.4	6.3	6.2
			Health care	4.7	5.1	5.3	5.3	5.2	5.5	5.6	5.4	5.4
			Unemployment insurance	1.9	2.1	2.1	2.3	2.2	2.1	2.2	2.1	2.1
			Early retirement	0.8	0.8	0.8	0.8	0.7	0.7	0.7	0.7	0.6
			Family allowances	1.8	1.8	1.8	1.8	1.8	1.8	1.7	1.7	1.6
			Other	2.4	2.4	2.4	2.3	2.2	2.1	2.1	2.1	2.1
		Subsidies to enterprises		0.1	0.1	0.1	0.1	0.1	0.0	0.1	0.1	0.1
		Transfers abroad		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
		Gross fixed investment		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
		Other capital expenditure		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
		Transfers to rest of government		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	Interest payments			-0.1	-0.2	-0.2	-0.2	-0.1	-0.2	-0.1	-0.1	-0.1
Balance				0.5	-0.3	-0.1	-0.1	0.7	0.2	0.0	0.4	0.5
	Of which:
		Primary balance		0.4	-0.5	-0.3	-0.3	0.5	0.1	-0.1	0.3	0.4

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

Table 14.

Belgium: Revenue and Expenditure of Regions and Communities

(In percent of GDP)

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

Table 14.

Belgium: Revenue and Expenditure of Regions and Communities

(In percent of GDP)

				1990	1991	1992	1993	1994	1995	1996	1997	1998 Est.
Revenue				9.9	10.0	10.1	10.8	10.9	11.1	11.3	11.6	11.5
	Tax revenue			9.3	9.5	9.6	10.1	10.2	10.4	10.5	10.7	10.6
		Direct taxes		3.9	4.2	4.4	4.7	4.9	5.2	5.3	5.5	5.6
		Indirect taxes		5.1	5.0	4.9	5.1	5.0	4.9	4.8	4.9	4.6
		Social security contributinos		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
		Capital taxes		0.3	0.3	0.3	0.3	0.3	0.3	0.4	0.3	0.3
	Nontax revenue			0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
	Transfers from rest of government			0.6	0.4	0.5	0.6	0.6	0.7	0.7	0.8	0.8
Expenditure				10.3	10.9	11.1	11.5	11.6	11.8	11.6	11.7	11.7
	Primary expenditure			10.2	10.8	10.9	11.2	11.2	11.4	11.3	11.4	11.4
		Consumption		4.4	4.6	4.5	4.7	4.7	4.8	4.7	4.7	4.6
			Wages and salaries	3.5	3.7	3.8	3.9	3.9	4.0	3.9	3.8	3.8
			Goods and services	0.9	0.9	0.8	0.8	0.7	0.8	0.8	0.9	0.9
		Transfers to households		1.3	1.6	1.7	1.7	1.8	1.8	1.8	2.0	2.0
		Subsidies to enterprises		0.8	0.8	0.8	0.8	0.7	0.7	0.7	0.7	0.7
		Transfers abroad		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
		Transfers to rest of government		3.0	2.9	2.9	3.0	3.0	3.0	2.8	2.8	2.7
		Gross fixed investment		0.3	0.5	0.5	0.4	0.4	0.5	0.5	0.5	0.6
		Other capital expenditure		0.4	0.4	0.4	0.6	0.6	0.6	0.7	0.7	0.7
	Interest payments			0.1	0.1	0.2	0.3	0.3	0.3	0.3	0.3	0.3
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	-0.3	0.0	0.2	0.1

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

Table 14.

Belgium: Revenue and Expenditure of Regions and Communities

(In percent of GDP)

				1990	1991	1992	1993	1994	1995	1996	1997	1998 Est.
Revenue				9.9	10.0	10.1	10.8	10.9	11.1	11.3	11.6	11.5
	Tax revenue			9.3	9.5	9.6	10.1	10.2	10.4	10.5	10.7	10.6
		Direct taxes		3.9	4.2	4.4	4.7	4.9	5.2	5.3	5.5	5.6
		Indirect taxes		5.1	5.0	4.9	5.1	5.0	4.9	4.8	4.9	4.6
		Social security contributinos		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
		Capital taxes		0.3	0.3	0.3	0.3	0.3	0.3	0.4	0.3	0.3
	Nontax revenue			0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
	Transfers from rest of government			0.6	0.4	0.5	0.6	0.6	0.7	0.7	0.8	0.8
Expenditure				10.3	10.9	11.1	11.5	11.6	11.8	11.6	11.7	11.7
	Primary expenditure			10.2	10.8	10.9	11.2	11.2	11.4	11.3	11.4	11.4
		Consumption		4.4	4.6	4.5	4.7	4.7	4.8	4.7	4.7	4.6
			Wages and salaries	3.5	3.7	3.8	3.9	3.9	4.0	3.9	3.8	3.8
			Goods and services	0.9	0.9	0.8	0.8	0.7	0.8	0.8	0.9	0.9
		Transfers to households		1.3	1.6	1.7	1.7	1.8	1.8	1.8	2.0	2.0
		Subsidies to enterprises		0.8	0.8	0.8	0.8	0.7	0.7	0.7	0.7	0.7
		Transfers abroad		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
		Transfers to rest of government		3.0	2.9	2.9	3.0	3.0	3.0	2.8	2.8	2.7
		Gross fixed investment		0.3	0.5	0.5	0.4	0.4	0.5	0.5	0.5	0.6
		Other capital expenditure		0.4	0.4	0.4	0.6	0.6	0.6	0.7	0.7	0.7
	Interest payments			0.1	0.1	0.2	0.3	0.3	0.3	0.3	0.3	0.3
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	-0.3	0.0	0.2	0.1

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

Table 15.

Belgium: Revenue and Expenditure of Local Governments

(In percent of GDP)

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

Table 15.

Belgium: Revenue and Expenditure of Local Governments

(In percent of GDP)

				1990	1991	1992	1993	1994	1995	1996	1997	1998 Est.
Revenue				5.8	6.0	6.0	6.0	6.3	6.5	6.4	6.2	6.0
	Tax revenue			1.9	2.0	2.1	1.9	2.2	2.4	2.3	2.4	2.2
		Direct taxes		1.5	1.7	1.7	1.6	1.8	2.0	1.9	2.0	1.8
			Households	1.2	1.3	1.4	1.3	1.4	1.6	1.6	1.6	1.5
			Enterprises	0.3	0.3	0.3	0.3	0.4	0.4	0.4	0.4	0.3
		Indirect taxes		0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
		Social security contributions		0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.0	0.0
		Capital taxes		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	Nontax revenue			0.5	0.5	0.5	0.5	0.5	0.6	0.6	0.6	0.6
	Transfers from rest of government			3.4	3.4	3.3	3.5	3.6	3.5	3.4	3.3	3.2
Expenditure				5.6	5.7	5.8	6.2	6.3	6.1	6.1	6.1	6.1
	Primary expenditure			5.0	5.1	5.2	5.7	5.8	5.6	5.6	5.6	5.7
		Consumption		3.3	3.4	3.4	3.6	3.6	3.6	3.7	3.6	3.6
			Wages and salaries	3.1	3.1	3.1	3.2	3.3	3.3	3.3	3.3	3.3
			Goods and services	0.3	0.3	0.3	0.3	0.4	0.3	0.3	0.3	0.3
		Transfers to households		0.9	0.9	1.0	1.0	1.0	1.0	1.0	1.1	1.0
		Subsidies to enterprises		0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.1
		Transfers abroad		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
		Transfers to rest of government		0.0	0.0	0.1	0.0	0.0	0.1	0.0	0.0	0.0
		Gross fixed investment		0.6	0.6	0.7	0.9	1.0	0.8	0.7	0.8	0.9
		Other capital expenditure		0.1	0.0	0.1	0.0	0.0	0.0	0.1	0.1	0.1
	Interest payments			0.6	0.6	0.6	0.6	0.5	0.5	0.5	0.4	0.4
Balance				0.2	0.3	0.2	-0.2	0.0	0.4	0.3	0.1	-0.1
	Of which:
		Primary balance		0.8	0.9	0.7	0.4	0.5	0.9	0.8	0.6	0.3

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

Table 15.

Belgium: Revenue and Expenditure of Local Governments

(In percent of GDP)

				1990	1991	1992	1993	1994	1995	1996	1997	1998 Est.
Revenue				5.8	6.0	6.0	6.0	6.3	6.5	6.4	6.2	6.0
	Tax revenue			1.9	2.0	2.1	1.9	2.2	2.4	2.3	2.4	2.2
		Direct taxes		1.5	1.7	1.7	1.6	1.8	2.0	1.9	2.0	1.8
			Households	1.2	1.3	1.4	1.3	1.4	1.6	1.6	1.6	1.5
			Enterprises	0.3	0.3	0.3	0.3	0.4	0.4	0.4	0.4	0.3
		Indirect taxes		0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
		Social security contributions		0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.0	0.0
		Capital taxes		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
	Nontax revenue			0.5	0.5	0.5	0.5	0.5	0.6	0.6	0.6	0.6
	Transfers from rest of government			3.4	3.4	3.3	3.5	3.6	3.5	3.4	3.3	3.2
Expenditure				5.6	5.7	5.8	6.2	6.3	6.1	6.1	6.1	6.1
	Primary expenditure			5.0	5.1	5.2	5.7	5.8	5.6	5.6	5.6	5.7
		Consumption		3.3	3.4	3.4	3.6	3.6	3.6	3.7	3.6	3.6
			Wages and salaries	3.1	3.1	3.1	3.2	3.3	3.3	3.3	3.3	3.3
			Goods and services	0.3	0.3	0.3	0.3	0.4	0.3	0.3	0.3	0.3
		Transfers to households		0.9	0.9	1.0	1.0	1.0	1.0	1.0	1.1	1.0
		Subsidies to enterprises		0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.1
		Transfers abroad		0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
		Transfers to rest of government		0.0	0.0	0.1	0.0	0.0	0.1	0.0	0.0	0.0
		Gross fixed investment		0.6	0.6	0.7	0.9	1.0	0.8	0.7	0.8	0.9
		Other capital expenditure		0.1	0.0	0.1	0.0	0.0	0.0	0.1	0.1	0.1
	Interest payments			0.6	0.6	0.6	0.6	0.5	0.5	0.5	0.4	0.4
Balance				0.2	0.3	0.2	-0.2	0.0	0.4	0.3	0.1	-0.1
	Of which:
		Primary balance		0.8	0.9	0.7	0.4	0.5	0.9	0.8	0.6	0.3

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

Table 16.

Belgium: General Government Debt

(In percent of GDP)

Source: Data provided by the authorities.

Table 16.

Belgium: General Government Debt

(In percent of GDP)

				1990	1991	1992	1993	1994	1995	1996	1997	1998
				(By maturity and currency)
Gross consolidated debt				125.4	127.2	128.6	135.0	133.1	130.8	126.8	121.9	116.4
	=Gross debt			127.9	130.0	131.8	138.9	136.2	134.2	131.5	127.3	…
		In Belgian francs		110.6	113.9	117.7	118.4	118.8	120.8	122.6	118.4	…
			Short-term	30.3	28.8	27.2	23.4	28.6	22.4	24.0	23.2	…
			Long-term	80.3	85.1	90.5	95.0	90.2	98.4	98.7	95.2	…
		In foreign currencies		17.3	16.1	14.0	20.5	17.4	13.5	8.8	8.9	…
	-Financial assets held with
		general government		2.5	2.8	3.1	3.8	3.1	3.4	4.7	5.4	…
-Financial assets other than held
	with general government			9.5	10.1	9.5	9.9	9.0	7.0	6.2	5.4	…
=Net debt				115.9	117.1	119.1	125.1	124.1	123.8	120.6	116.5	…
				(By holdership)
Gross consolidated debt				125.4	127.2	128.6	135.0	133.1	130.8	126.8	121.9	116.4
	Domestic			100.7	97.4	99.6	101.0	102.5	100.9	98.1	92.7	…
		Central Bank		2.1	0.7	0.7	1.0	0.8	0.8	0.9	0.9	…
		Other financial institutions		77.5	73.4	74.0	76.5	80.0	77.4	76.0	71.3	…
		Other		21.1	23.3	24.9	23.5	21.7	22.7	21.2	20.5	…
	Non-residents			24.8	29.8	29.0	34.0	30.6	29.9	28.7	29.2	…
		Domestic currency denominated		13.6	18.3	19.0	20.0	19.2	19.2	20.5	21.0	…
		Foreign currency denominated		11.2	11.6	10.0	14.0	11.5	10.7	8.2	8.2	…

Source: Data provided by the authorities.

Table 16.

Belgium: General Government Debt

(In percent of GDP)

				1990	1991	1992	1993	1994	1995	1996	1997	1998
				(By maturity and currency)
Gross consolidated debt				125.4	127.2	128.6	135.0	133.1	130.8	126.8	121.9	116.4
	=Gross debt			127.9	130.0	131.8	138.9	136.2	134.2	131.5	127.3	…
		In Belgian francs		110.6	113.9	117.7	118.4	118.8	120.8	122.6	118.4	…
			Short-term	30.3	28.8	27.2	23.4	28.6	22.4	24.0	23.2	…
			Long-term	80.3	85.1	90.5	95.0	90.2	98.4	98.7	95.2	…
		In foreign currencies		17.3	16.1	14.0	20.5	17.4	13.5	8.8	8.9	…
	-Financial assets held with
		general government		2.5	2.8	3.1	3.8	3.1	3.4	4.7	5.4	…
-Financial assets other than held
	with general government			9.5	10.1	9.5	9.9	9.0	7.0	6.2	5.4	…
=Net debt				115.9	117.1	119.1	125.1	124.1	123.8	120.6	116.5	…
				(By holdership)
Gross consolidated debt				125.4	127.2	128.6	135.0	133.1	130.8	126.8	121.9	116.4
	Domestic			100.7	97.4	99.6	101.0	102.5	100.9	98.1	92.7	…
		Central Bank		2.1	0.7	0.7	1.0	0.8	0.8	0.9	0.9	…
		Other financial institutions		77.5	73.4	74.0	76.5	80.0	77.4	76.0	71.3	…
		Other		21.1	23.3	24.9	23.5	21.7	22.7	21.2	20.5	…
	Non-residents			24.8	29.8	29.0	34.0	30.6	29.9	28.7	29.2	…
		Domestic currency denominated		13.6	18.3	19.0	20.0	19.2	19.2	20.5	21.0	…
		Foreign currency denominated		11.2	11.6	10.0	14.0	11.5	10.7	8.2	8.2	…

Source: Data provided by the authorities.

Table 17.

Belgium: Key Interest Rates

(In percent per annum)

Sources: National Bank of Belgium, Bulletin; IMF, International Financial Statistics; and WEFA.

Table 17.

Belgium: Key Interest Rates

(In percent per annum)

			1993	1994	1995	1996	1997	1998
Official (end of period)
	Discount rate		5.25	4.50	3.00	2.50	2.75	2.75
Money market
	Three-month treasury bill rate		8.52	5.56	4.67	3.19	3.38	3.51
	Three-month interbank rate		8.21	5.72	4.80	3.24	3.46	3.58
Capital market
	Government bond yield		7.25	7.60	7.36	6.41	5.68	4.70
Bank interest rates
	Prime lending rate		11.81	9.42	8.42	7.17	7.06	7.25
	Deposit rate		7.10	4.86	4.04	2.66	2.88	3.01
Memorandum item:
	Term structure (bond yield minus
		3-month Treasury bill rate, in percent)	-1.27	2.04	2.68	3.21	2.30	1.20

Sources: National Bank of Belgium, Bulletin; IMF, International Financial Statistics; and WEFA.

Table 17.

Belgium: Key Interest Rates

(In percent per annum)

			1993	1994	1995	1996	1997	1998
Official (end of period)
	Discount rate		5.25	4.50	3.00	2.50	2.75	2.75
Money market
	Three-month treasury bill rate		8.52	5.56	4.67	3.19	3.38	3.51
	Three-month interbank rate		8.21	5.72	4.80	3.24	3.46	3.58
Capital market
	Government bond yield		7.25	7.60	7.36	6.41	5.68	4.70
Bank interest rates
	Prime lending rate		11.81	9.42	8.42	7.17	7.06	7.25
	Deposit rate		7.10	4.86	4.04	2.66	2.88	3.01
Memorandum item:
	Term structure (bond yield minus
		3-month Treasury bill rate, in percent)	-1.27	2.04	2.68	3.21	2.30	1.20

Sources: National Bank of Belgium, Bulletin; IMF, International Financial Statistics; and WEFA.

Table 18:

Belgium: Monetary Survey

Source: IMF, International Financial Statistics.

Table 18:

Belgium: Monetary Survey

		1992	1993	1994	1995	1996	1997	1998 Q3
		(In billions of Belgian francs; end of period)
Net foreign assets		-401.3	118.6	-73.6	-202.4	-92.1	142.3	106.7
Domestic credit		10738.9	11069.8	11869.0	12233.4	12645.6	12756.6	13437.6
	Claims on government (net)	4596.0	4770.7	5357.5	5630.9	5738.8	5546.5	5994.1
	Claims on local government	504.6	576.2	605.2	591.8	586.9	538.1	559.5
	Claims on nonfinancial public enterprises	79.9	76.3	65.5	75.4	0.0	0.0	0.0
	Claims on private sector	4980.0	5010.5	5166.9	5195.5	5492.2	5851.0	6123.5
	Claims on other financial institutions	578.4	636.1	673.9	739.8	827.7	821.0	760.5
Money		1379.0	1485.6	1507.6	1580.7	1440.4	1509.5	1728.9
Quasi-money		4148.9	4560.7	4706.0	4936.3	5490.4	5915.4	6115.0
Money market instruments		3422.9	3583.8	3703.8	3691.3	3593.6	3291.5	3044.0
Capital accounts		587.1	614.2	636.4	652.8	1353.4	1754.9	2323.5
Other items (net)		799.5	944.5	1241.0	1169.6	675.4	427.4	40.1
		(Percentage change from a year earlier)
Domestic credit			3.1	7.2	3.1	3.4	0.9	3.8
	Claims on government (net)		3.8	12.3	5.1	1.9	-3.4	3.5
	Claims on local government		14.2	5.0	-2.2	-0.8	-8.3	3.9
	Claims on nonfinancial public enterprises		-4.5	-14.2	15.1	…	…	…
	Claims on private sector		0.6	3.1	0.6	5.7	6.5	3.7
	Claims on other financial institutions		10.0	5.9	9.8	11.9	-0.8	6.4
Money			7.7	1.5	4.8	-8.9	4.8	10.2
Quasi-money			9.9	3.2	4.9	11.2	7.7	5.8
Money market instruments			4.7	3.3	-0.3	-2.6	-8.4	-9.6
Capital accounts			4.6	3.6	2.6	107.3	29.7	38.2
Other items (net)			18.1	31.4	-5.8	-42.3	-36.7	-93.2

Source: IMF, International Financial Statistics.

Table 18:

Belgium: Monetary Survey

		1992	1993	1994	1995	1996	1997	1998 Q3
		(In billions of Belgian francs; end of period)
Net foreign assets		-401.3	118.6	-73.6	-202.4	-92.1	142.3	106.7
Domestic credit		10738.9	11069.8	11869.0	12233.4	12645.6	12756.6	13437.6
	Claims on government (net)	4596.0	4770.7	5357.5	5630.9	5738.8	5546.5	5994.1
	Claims on local government	504.6	576.2	605.2	591.8	586.9	538.1	559.5
	Claims on nonfinancial public enterprises	79.9	76.3	65.5	75.4	0.0	0.0	0.0
	Claims on private sector	4980.0	5010.5	5166.9	5195.5	5492.2	5851.0	6123.5
	Claims on other financial institutions	578.4	636.1	673.9	739.8	827.7	821.0	760.5
Money		1379.0	1485.6	1507.6	1580.7	1440.4	1509.5	1728.9
Quasi-money		4148.9	4560.7	4706.0	4936.3	5490.4	5915.4	6115.0
Money market instruments		3422.9	3583.8	3703.8	3691.3	3593.6	3291.5	3044.0
Capital accounts		587.1	614.2	636.4	652.8	1353.4	1754.9	2323.5
Other items (net)		799.5	944.5	1241.0	1169.6	675.4	427.4	40.1
		(Percentage change from a year earlier)
Domestic credit			3.1	7.2	3.1	3.4	0.9	3.8
	Claims on government (net)		3.8	12.3	5.1	1.9	-3.4	3.5
	Claims on local government		14.2	5.0	-2.2	-0.8	-8.3	3.9
	Claims on nonfinancial public enterprises		-4.5	-14.2	15.1	…	…	…
	Claims on private sector		0.6	3.1	0.6	5.7	6.5	3.7
	Claims on other financial institutions		10.0	5.9	9.8	11.9	-0.8	6.4
Money			7.7	1.5	4.8	-8.9	4.8	10.2
Quasi-money			9.9	3.2	4.9	11.2	7.7	5.8
Money market instruments			4.7	3.3	-0.3	-2.6	-8.4	-9.6
Capital accounts			4.6	3.6	2.6	107.3	29.7	38.2
Other items (net)			18.1	31.4	-5.8	-42.3	-36.7	-93.2

Source: IMF, International Financial Statistics.

Table 19.

BLEU: Balance of Payments

(In percent of GDP of Belgium)

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

^{^1/}Net disbursements at 1995 prices.

Table 19.

BLEU: Balance of Payments

(In percent of GDP of Belgium)

			1990	1991	1992	1993	1994	1995	1996	1997
Current Account			1.8	2.4	3.0	5.2	5.4	5.2	5.3	5.6
	Balance on goods		0.9	1.0	1.6	2.7	3.0	3.5	3.3	3.4
	Balance on services		0.9	0.9	1.2	1.6	1.7	0.8	1.0	1.2
		Balance on goods and services	1.8	1.9	2.8	4.3	4.6	4.3	4.3	4.6
	Balance on income		1.2	1.6	1.3	2.3	2.2	2.5	2.6	2.6
		Balance on goods, services, and income	3.0	3.5	4.1	6.6	6.9	6.8	6.9	7.2
	Balance on current transfers		-1.1	-1.1	-1.2	-1.3	-1.5	-1.6	-1.7	-1.6
Capital Account			…	…	…	…	…	0.1	0.1	0.2
Financial Account			-1.0	-1.9	-3.7	-5.4	-4.4	-4.8	-4.8	-5.5
	Foreign direct investment		0.9	1.5	0.0	2.7	3.1	-0.3	2.1	1.7
	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	-5.3	2.7	4.0	-2.9	-6.3
		Monetary authorities	0.0	0.0	0.0	0.0	0.0	0.1	-0.2	0.0
		General government	0.4	1.0	-1.5	4.7	-2.4	0.1	-0.2	-0.2
		Banks	-5.7	-8.8	-7.4	-12.6	4.3	9.2	5.8	1.1
		Other	4.4	5.8	7.2	2.6	0.8	-5.4	-8.4	-7.2
Net errors and omissions			-0.8	-0.5	0.8	0.1	-1.0	-0.5	-0.5	-0.3
Reserves and related items			-0.2	-0.3	-0.3	1.0	-0.1	-0.1	-0.2	-0.4
Memorandum items:
	Belgium
		Current account	…	…	…	…	…	4.2	4.1	4.6
		Balance on goods	…	…	…	…	…	4.1	3.9	4.4
	Official development assistance ^1/		0.46	0.41	0.39	0.39	0.32	0.38	0.35	0.32

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

^{^1/}Net disbursements at 1995 prices.

Table 19.

BLEU: Balance of Payments

(In percent of GDP of Belgium)

			1990	1991	1992	1993	1994	1995	1996	1997
Current Account			1.8	2.4	3.0	5.2	5.4	5.2	5.3	5.6
	Balance on goods		0.9	1.0	1.6	2.7	3.0	3.5	3.3	3.4
	Balance on services		0.9	0.9	1.2	1.6	1.7	0.8	1.0	1.2
		Balance on goods and services	1.8	1.9	2.8	4.3	4.6	4.3	4.3	4.6
	Balance on income		1.2	1.6	1.3	2.3	2.2	2.5	2.6	2.6
		Balance on goods, services, and income	3.0	3.5	4.1	6.6	6.9	6.8	6.9	7.2
	Balance on current transfers		-1.1	-1.1	-1.2	-1.3	-1.5	-1.6	-1.7	-1.6
Capital Account			…	…	…	…	…	0.1	0.1	0.2
Financial Account			-1.0	-1.9	-3.7	-5.4	-4.4	-4.8	-4.8	-5.5
	Foreign direct investment		0.9	1.5	0.0	2.7	3.1	-0.3	2.1	1.7
	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	-5.3	2.7	4.0	-2.9	-6.3
		Monetary authorities	0.0	0.0	0.0	0.0	0.0	0.1	-0.2	0.0
		General government	0.4	1.0	-1.5	4.7	-2.4	0.1	-0.2	-0.2
		Banks	-5.7	-8.8	-7.4	-12.6	4.3	9.2	5.8	1.1
		Other	4.4	5.8	7.2	2.6	0.8	-5.4	-8.4	-7.2
Net errors and omissions			-0.8	-0.5	0.8	0.1	-1.0	-0.5	-0.5	-0.3
Reserves and related items			-0.2	-0.3	-0.3	1.0	-0.1	-0.1	-0.2	-0.4
Memorandum items:
	Belgium
		Current account	…	…	…	…	…	4.2	4.1	4.6
		Balance on goods	…	…	…	…	…	4.1	3.9	4.4
	Official development assistance ^1/		0.46	0.41	0.39	0.39	0.32	0.38	0.35	0.32

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

^{^1/}Net disbursements at 1995 prices.

Table 20.

BLEU: Current Account on a Transactions Basis

(In percent of GDP of Belgium)

Source: IMF, Balance of Payments Statistics.

Table 20.

BLEU: Current Account on a Transactions Basis

(In percent of GDP of Belgium)

			1990	1991	1992	1993	1994	1995	1996	1997
Goods			0.9	1.0	1.6	2.7	3.0	3.5	3.3	3.4
	Exports		56.1	53.5	52.0	49.6	52.7	56.7	57.7	62.1
	Imports		-55.2	-52.5	-50.3	-46.9	-49.8	-53.2	-54.4	-58.7
Non-factor services			0.9	0.9	1.2	1.6	1.7	0.8	1.0	1.2
	Transportation		0.7	0.5	0.6	0.8	0.8	0.7	0.7	0.7
	Travel		-0.9	-1.0	-1.1	-1.1	-1.1	-1.1	-1.3	-1.2
		Inflows	1.9	1.8	1.8	1.9	2.2	2.1	2.2	2.2
		Outflows	-2.8	-2.8	-2.9	-3.0	-3.3	-3.3	-3.5	-3.4
	Other services		1.2	1.4	1.7	1.9	2.0	1.3	1.5	1.8
Factor income			1.2	1.6	1.3	2.3	2.2	2.5	2.6	2.6
	Compensation of employees		0.8	0.9	0.9	0.9	0.8	0.7	0.7	0.6
		Inflows	1.4	1.6	1.6	1.6	1.5	1.6	1.7	1.6
		Outflows	-0.6	-0.6	-0.7	-0.7	-0.7	-0.9	-1.0	-1.0
	Investment income		0.4	0.7	0.4	1.4	1.5	1.8	1.9	2.0
		Inflows	31.9	35.8	37.6	37.1	37.0	25.1	21.1	21.4
		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
Total			1.8	2.4	2.9	5.2	5.4	5.2	5.3	5.6
Memorandum item:
	Belgium current account		…	…	…	…	…	4.2	4.1	4.6

Source: IMF, Balance of Payments Statistics.

Table 20.

BLEU: Current Account on a Transactions Basis

(In percent of GDP of Belgium)

			1990	1991	1992	1993	1994	1995	1996	1997
Goods			0.9	1.0	1.6	2.7	3.0	3.5	3.3	3.4
	Exports		56.1	53.5	52.0	49.6	52.7	56.7	57.7	62.1
	Imports		-55.2	-52.5	-50.3	-46.9	-49.8	-53.2	-54.4	-58.7
Non-factor services			0.9	0.9	1.2	1.6	1.7	0.8	1.0	1.2
	Transportation		0.7	0.5	0.6	0.8	0.8	0.7	0.7	0.7
	Travel		-0.9	-1.0	-1.1	-1.1	-1.1	-1.1	-1.3	-1.2
		Inflows	1.9	1.8	1.8	1.9	2.2	2.1	2.2	2.2
		Outflows	-2.8	-2.8	-2.9	-3.0	-3.3	-3.3	-3.5	-3.4
	Other services		1.2	1.4	1.7	1.9	2.0	1.3	1.5	1.8
Factor income			1.2	1.6	1.3	2.3	2.2	2.5	2.6	2.6
	Compensation of employees		0.8	0.9	0.9	0.9	0.8	0.7	0.7	0.6
		Inflows	1.4	1.6	1.6	1.6	1.5	1.6	1.7	1.6
		Outflows	-0.6	-0.6	-0.7	-0.7	-0.7	-0.9	-1.0	-1.0
	Investment income		0.4	0.7	0.4	1.4	1.5	1.8	1.9	2.0
		Inflows	31.9	35.8	37.6	37.1	37.0	25.1	21.1	21.4
		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
Total			1.8	2.4	2.9	5.2	5.4	5.2	5.3	5.6
Memorandum item:
	Belgium current account		…	…	…	…	…	4.2	4.1	4.6

Source: IMF, Balance of Payments Statistics.

Table 21.

Belgium: Exchange Rate of the Belgian Franc Against Selected Currencies ^1/

(Indices, 1990=100)

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

^{^1/}Increase indicates appreciation.

^{^2/}Relative consumer prices.

^{^3/}Relative normalized unit labor costs in manufacturing.

Table 21.

Belgium: Exchange Rate of the Belgian Franc Against Selected Currencies ^1/

(Indices, 1990=100)

		Deutsche mark		U.S. Dollar	ECU	Effective exchange rates
		Nominal	Real ^2/ (CPI)	Nominal	Rate	Nominal	Real ^2/ (CPI)	Real ^3/ (NULC)
1990		100.0	100.0	100.0	100.0	100.0	100.0	100.0
1991		100.5	100.1	97.9	100.5	99.9	98.8	99.8
1992		100.5	97.5	103.9	102.0	102.2	99.8	101.6
1993		98.8	94.4	96.6	104.8	102.7	99.8	103.7
1994		100.3	95.5	99.9	107.0	104.5	101.4	106.1
1995		100.5	95.4	113.4	110.1	109.3	105.0	111.1
1996		100.5	95.9	107.9	108.0	107.2	103.0	108.5
1997		100.3	95.5	93.4	104.7	102.6	98.3	104.0
1997	I	100.3	95.8	97.5	105.4	104.1	100.1	104.2
1997	II	100.3	95.2	94.3	104.9	102.9	98.6	103.8
1997	III	100.2	95.4	89.3	104.1	101.1	96.8	103.2
1997	IV	100.2	95.5	92.0	104.3	102.1	97.6	104.5
1998	I	100.3	95.4	88.8	104.0	101.5	96.8	104.6
1998	II	100.2	95.6	90.1	104.2	102.3	98.0	106.2
1998	III	100.3	95.4	91.7	104.5	103.3	98.4	107.1
1998	IV	100.2	…	97.2	105.1	104.4	99.4	108.1

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

^{^1/}Increase indicates appreciation.

^{^2/}Relative consumer prices.

^{^3/}Relative normalized unit labor costs in manufacturing.

Table 21.

Belgium: Exchange Rate of the Belgian Franc Against Selected Currencies ^1/

(Indices, 1990=100)

		Deutsche mark		U.S. Dollar	ECU	Effective exchange rates
		Nominal	Real ^2/ (CPI)	Nominal	Rate	Nominal	Real ^2/ (CPI)	Real ^3/ (NULC)
1990		100.0	100.0	100.0	100.0	100.0	100.0	100.0
1991		100.5	100.1	97.9	100.5	99.9	98.8	99.8
1992		100.5	97.5	103.9	102.0	102.2	99.8	101.6
1993		98.8	94.4	96.6	104.8	102.7	99.8	103.7
1994		100.3	95.5	99.9	107.0	104.5	101.4	106.1
1995		100.5	95.4	113.4	110.1	109.3	105.0	111.1
1996		100.5	95.9	107.9	108.0	107.2	103.0	108.5
1997		100.3	95.5	93.4	104.7	102.6	98.3	104.0
1997	I	100.3	95.8	97.5	105.4	104.1	100.1	104.2
1997	II	100.3	95.2	94.3	104.9	102.9	98.6	103.8
1997	III	100.2	95.4	89.3	104.1	101.1	96.8	103.2
1997	IV	100.2	95.5	92.0	104.3	102.1	97.6	104.5
1998	I	100.3	95.4	88.8	104.0	101.5	96.8	104.6
1998	II	100.2	95.6	90.1	104.2	102.3	98.0	106.2
1998	III	100.3	95.4	91.7	104.5	103.3	98.4	107.1
1998	IV	100.2	…	97.2	105.1	104.4	99.4	108.1

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

^{^1/}Increase indicates appreciation.

^{^2/}Relative consumer prices.

^{^3/}Relative normalized unit labor costs in manufacturing.

Table 22.

BLEU: Export Performance and Export Pricing

(Annual percent change)

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

^{^1/}Staff estimates.

^{^2/}Export weighted.

Table 22.

BLEU: Export Performance and Export Pricing

(Annual percent change)

					1991	1992	1993	1994	1995	1996	1997	1998 ^1/
Volume performance
	Total trade
		(1)	Market growth		4.7	2.8	-1.0	9.1	8.6	5.0	8.9	5.8
		(2)	Export growth		1.8	3.7	0.1	10.6	9.5	1.9	6.9	5.8
		(3)	Export performance = (2)-(1)		-2.9	0.8	1.1	1.5	0.9	-3.1	-2.0	0.0
Pricing behavior
	Total trade
		(1)	Partner countries export prices
				in dollars ^2/	-1.0	3.2	-6.8	3.5	11.9	-2.3	-9.1	-2.2
		(2)	BF/dollar rate		2.2	-5.9	7.6	-3.3	-11.9	5.0	15.3	2.6
		(3)	Export prices of foreign
				producers in BF	1.2	-2.7	0.8	0.2	0.0	2.7	6.1	0.4
		(4)	Export prices of domestic
				producers in BF	-1.6	-1.8	-2.2	1.0	1.7	2.8	5.1	-0.8
		(5)	Relative price of exports = (4)-(3)		-2.9	0.9	-3.0	0.9	1.6	0.0	-1.0	-1.2

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

^{^1/}Staff estimates.

^{^2/}Export weighted.

Table 22.

BLEU: Export Performance and Export Pricing

(Annual percent change)

					1991	1992	1993	1994	1995	1996	1997	1998 ^1/
Volume performance
	Total trade
		(1)	Market growth		4.7	2.8	-1.0	9.1	8.6	5.0	8.9	5.8
		(2)	Export growth		1.8	3.7	0.1	10.6	9.5	1.9	6.9	5.8
		(3)	Export performance = (2)-(1)		-2.9	0.8	1.1	1.5	0.9	-3.1	-2.0	0.0
Pricing behavior
	Total trade
		(1)	Partner countries export prices
				in dollars ^2/	-1.0	3.2	-6.8	3.5	11.9	-2.3	-9.1	-2.2
		(2)	BF/dollar rate		2.2	-5.9	7.6	-3.3	-11.9	5.0	15.3	2.6
		(3)	Export prices of foreign
				producers in BF	1.2	-2.7	0.8	0.2	0.0	2.7	6.1	0.4
		(4)	Export prices of domestic
				producers in BF	-1.6	-1.8	-2.2	1.0	1.7	2.8	5.1	-0.8
		(5)	Relative price of exports = (4)-(3)		-2.9	0.9	-3.0	0.9	1.6	0.0	-1.0	-1.2

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

^{^1/}Staff estimates.

^{^2/}Export weighted.

Table 23.

BLEU: Direction of Foreign Trade

Source: International Monetary Fund, Direction of Trade Statistics.

Table 23.

BLEU: Direction of Foreign Trade

			1991	1992	1993	1994	1995	1996	1997
			(Exports, as a percent of total)
EU countries			78.3	78.3	75.3	71.4	73.2	73.0	75.2
Euro-area			67.9	67.6	64.1	60.7	62.3	61.3	60.2
Germany			23.7	22.9	20.9	19.9	20.9	19.9	19.0
Netherlands			13.7	13.7	13.1	12.5	12.8	13.0	12.6
France			19.1	19.3	19.0	18.0	17.7	17.4	17.4
United Kingdom			7.7	7.9	8.4	8.0	7.9	8.8	9.8
Italy			6.0	5.9	5.5	4.9	5.3	5.3	5.4
United States			3.8	3.9	4.4	4.4	3.6	4.0	4.8
Canada			0.3	0.3	0.3	0.4	0.3	0.3	0.3
Japan			1.2	1.0	1.0	1.1	1.2	1.2	1.2
Developing countries			12.6	12.7	13.2	12.5	13.5	13.6	15.6
	Asia		4.2	4.2	4.9	4.5	4.8	4.6	5.1
		China	0.4	0.4	0.5	0.5	0.5	0.4	0.5
		India	1.2	1.1	1.5	1.2	1.5	1.4	1.6
		Asean 4	1.6	1.7	1.7	1.8	1.7	1.6	1.9
	Western Hemisphere		0.8	0.9	0.9	0.9	1.2	1.0	1.3
		Brazil	0.1	0.1	0.1	0.2	0.5	0.3	0.5
	Russia		…	…	0.4	0.5	0.6	0.7	0.9

Source: International Monetary Fund, Direction of Trade Statistics.

Table 23.

BLEU: Direction of Foreign Trade

			1991	1992	1993	1994	1995	1996	1997
			(Exports, as a percent of total)
EU countries			78.3	78.3	75.3	71.4	73.2	73.0	75.2
Euro-area			67.9	67.6	64.1	60.7	62.3	61.3	60.2
Germany			23.7	22.9	20.9	19.9	20.9	19.9	19.0
Netherlands			13.7	13.7	13.1	12.5	12.8	13.0	12.6
France			19.1	19.3	19.0	18.0	17.7	17.4	17.4
United Kingdom			7.7	7.9	8.4	8.0	7.9	8.8	9.8
Italy			6.0	5.9	5.5	4.9	5.3	5.3	5.4
United States			3.8	3.9	4.4	4.4	3.6	4.0	4.8
Canada			0.3	0.3	0.3	0.4	0.3	0.3	0.3
Japan			1.2	1.0	1.0	1.1	1.2	1.2	1.2
Developing countries			12.6	12.7	13.2	12.5	13.5	13.6	15.6
	Asia		4.2	4.2	4.9	4.5	4.8	4.6	5.1
		China	0.4	0.4	0.5	0.5	0.5	0.4	0.5
		India	1.2	1.1	1.5	1.2	1.5	1.4	1.6
		Asean 4	1.6	1.7	1.7	1.8	1.7	1.6	1.9
	Western Hemisphere		0.8	0.9	0.9	0.9	1.2	1.0	1.3
		Brazil	0.1	0.1	0.1	0.2	0.5	0.3	0.5
	Russia		…	…	0.4	0.5	0.6	0.7	0.9

Source: International Monetary Fund, Direction of Trade Statistics.

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Belgium: Statistical Appendix

Author:

International Monetary Fund

Volume/Issue:: Volume 1999: Issue 016

Publisher:: International Monetary Fund

ISBN:: 9781451803082

ISSN:: 1934-7685

Pages:: 25

DOI:: https://doi.org/10.5089/9781451803082.002

Keywords

Table 23.

BLEU: Direction of Foreign Trade

			1991	1992	1993	1994	1995	1996	1997
			(Exports, as a percent of total)
EU countries			78.3	78.3	75.3	71.4	73.2	73.0	75.2
Euro-area			67.9	67.6	64.1	60.7	62.3	61.3	60.2
Germany			23.7	22.9	20.9	19.9	20.9	19.9	19.0
Netherlands			13.7	13.7	13.1	12.5	12.8	13.0	12.6
France			19.1	19.3	19.0	18.0	17.7	17.4	17.4
United Kingdom			7.7	7.9	8.4	8.0	7.9	8.8	9.8
Italy			6.0	5.9	5.5	4.9	5.3	5.3	5.4
United States			3.8	3.9	4.4	4.4	3.6	4.0	4.8
Canada			0.3	0.3	0.3	0.4	0.3	0.3	0.3
Japan			1.2	1.0	1.0	1.1	1.2	1.2	1.2
Developing countries			12.6	12.7	13.2	12.5	13.5	13.6	15.6
	Asia		4.2	4.2	4.9	4.5	4.8	4.6	5.1
		China	0.4	0.4	0.5	0.5	0.5	0.4	0.5
		India	1.2	1.1	1.5	1.2	1.5	1.4	1.6
		Asean 4	1.6	1.7	1.7	1.8	1.7	1.6	1.9
	Western Hemisphere		0.8	0.9	0.9	0.9	1.2	1.0	1.3
		Brazil	0.1	0.1	0.1	0.2	0.5	0.3	0.5
	Russia		…	…	0.4	0.5	0.6	0.7	0.9

Source: International Monetary Fund, Direction of Trade Statistics.

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