VLAAMS GEWEST - Economy
Economy of Flanders
In 2002 the GDP of the region of Flanders amounted to 148 852.1 million euros, or 57.2% of the figure for the country as a whole. In the same year per capita gross value added at base prices in the region amounted to 22 183, just below the national figure of 22 442 euros. The real estate, leasing and business services sector generated value-added of 31 443.6 million euros in 2002, i.e. 23.7% of the regional figure, and was the biggest contributor to the regional total. The sector with the smallest contribution in terms of value-added at base prices was mining of non-energy products (116.3 million euros, or 0.1% of regional GDP), while the chemicals sector accounted for 6 101.6 million (4.6% of regional GDP), and distributive trades 17 265.7 million (13.0%).
Gross fixed capital formation at current prices totalled 30 005 million euros in the Flanders region in 2001 and represented 61.1% of the national total. Investment was greatest in that year in the sector of real estate, leasing and business services (13 392.7 million euros), while investment in the chemicals sector totalled 1 240.9 million euros.
In 2002 the region of Flanders provided jobs for 1 962 570 employees, or 56.8% of the total for the whole country. The sectors providing most jobs were distributive trades (264 842 employees), real estate, leasing and business services (206 894) and health and social welfare (204 045). The smallest sectors were coking, refining and nuclear power (4 317 employees) and manufacture of wood and wood products (9 057).
Disposable income in Flanders in 2001 amounted to 15 404.4 euros per inhabitant, above the national average of 14 645.7 euros. The figure for total remuneration was highest in distributive trades (9 128.8 million euros in 2001, compared with 6 989.1 in 1995), followed by real estate, leasing and business services (8 473.6 million in 2001 and 4 304.3 million in 1995) and education (7 280.8 million in 2001 and 5 879.9 million in 1995). At the bottom of the ranking came agriculture, hunting, forestry, fishing and fish-farming (320.3 million euros in 2001, compared with 247 million in 1995) and manufacture of wood and wood products (320.7 million in 2001 and 288.3 million in 1995).
In 2001 the primary income allocation account amounted to 123 639.5 million euros, showing an increase of 22.97% since 1995 (100 544.7 million). On the resources side it included the remuneration of employees (85 275.5 million euros) and property income (18 997.3 million), while on the uses side it included property income (essentially interest payments). The secondary income distribution account amounted to 149 720.9 million euros in 2001, compared with a figure of 121 306.2 million in 1995. This indicated an increase of 23.42%. On the resources side it included the primary income balance (120 025.5 million euros), social benefits other than social transfers in kind (26 752.9 million) and other current transfers (2 942.4 million), while on the uses side it included current taxes on income and wealth, etc (22 686.4 million euros), social contributions (31 764.1 million) and disposable income (91 851.3 million).
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