Belgium Economy

Belgium boasts a private enterprise economy that has generally put a central location to the rest of Europe to best use. A highly developed transport network aids a diversified industrial and commercial base in order to sustain the country's economy as a member of the European Union, which generally seeks ample opportunity to trade non E.U. countries in order to diversify its trade options. An estimated two-thirds of Belgium's current trade remains within the E.U. alone. Belgian authorities are generally anti-protectionist and work to maintain an open trade and environment that is hospitable to investment.

As it stands after joining the E.U., the country of Belgium still depends heavily on world trade in order to keep its economy afloat. This niche capitalizes on its highly skilled multilingual workforce. Public debt accounts for roughly 98% of Belgium's GDP, and income distribution remains, on a whole, relatively equal. This number has actually declined slightly from a 2009 figure that measured public debt at 99%.

The present day economy of Belgium is largely based on service industry work despite large amounts of fertile soil and a notable industrial presence that remains along country's former industrial backbone, the sillon industriel, where large numbers of its population still reside. Total GDP for the country of Belgium is 74.9% service-based and 1% agriculture based.

As of October 2012, Belgium narrowly escaped a second recession in a span of 3 years given that the current austerity measures in the E.U. that has spread to core nations.