Brussels

Economy

Brussels has a well-developed infrastructure that is supported by about 2,000 foreign companies, including 1,400 U.S. companies and more than 1,000 international associations. The Belgian capital sports the world's second-largest congressional center, where numerous conferences for business are held each year. About 60 foreign banks operate in Brussels, making the city the seventh-largest financial market in the world. Despite the international links, the Brussels economy is actually based on small, private enterprises that service the European Community. About three-quarters of trade occurs with other European Union countries, and there is a large public debt due to social welfare programs. Gross domestic product (GDP) per capita stands at $23,400 annually for Brussels citizens, which is mostly service-based, but about one-quarter of wages are for industrial labor. Unemployment has held steady at around 14 percent, along with most of the rest of Europe, but the administration has launched extensive work-incentive programs. As the capital of Europe, Brussels also experiences special treatment at the hands of European bureaucrats in the allocation of funding, since most fonctionnaires (officials) live in and around the city. In January 1999, the Euro came into common usage in non-cash transactions, and in 2002 the coins and bills will start circulating, replacing the Belgian franc and furthering the transition to a truly European economy.