national bank of belgium - | nbb.be · orders and national bank of belgium, ... 14.10.1 claims...

STATISTICAL BULLETIN

National Bankof Belgium

2003-IV

Orders and National Bank of Belgium,subscription terms Documentation Service,

boulevard de Berlaimont 14, 1000 Brussels

Telephone: (02) 221 20 33Fax: (02) 221 31 63

For further information Anyone wishing to have further information about the content, calculation methods,sources, etc. may contact the National Bank of Belgium�s Financial and EconomicStatistics Service (Data Shop).

Telephone: (02) 221 21 37Fax:E-mail: [email protected]

Responsible editor

Note The source must be mentioned.Reproduction for own or internal use is permitted.

J.-J. Vanhaelen, Head of the General Statistics Department,

ISSN 1372-7868

National Bank of Belgium.

(02) 221 32 32

Closing date : 08 January 2004

3

TABLE OF CONTENTS

I. List of shortenings 7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

II. Quarterly financial statement of the National Bank of Belgium as at 31 December 2003 10. . . . . . . . . . . . .

III. Statistics

1 Chapter 1: national accounts 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1.1 Yearly national accounts 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1.1.1 Gross value added by industry (A31), estimates at current prices 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1.1.2 Gross value added by industry (A31), estimates at 2000 prices 2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1.1.3 Expenditure of the national product, estimates at current prices 3. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1.1.4 Expenditure of the national product, estimates at 2000 prices 4. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1.1.5 Distribution of the national product, estimates at current prices 5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1.2 Quarterly national accounts 6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1.2.1 Gross value added by branch of activity, estimates at current prices 6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1.2.2 6. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1.2.3 Main categories of expenditure, estimates at current prices 7. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1.2.4 8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1.2.5 Main categories of income, estimates at current prices 8. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2 9

2.1 Monthly business surveys 9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.1.1 Overall synthetic curve and comment 9. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.1.2 Manufacturing industry, trade, business--related services and building industry 10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.1.3 Numerical value of synthetic curves 11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.1.3.1 Manufacturing industry, building industry, trade and overall curve 11. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.1.3.2 Overall building industry and business--related services 12. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.1.4 Numerical value of national synthetic curves and their components: manufacturing industry 13. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.1.5 14. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.1.5.1 Flemish region 14. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.1.5.2 Walloon region 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.1.6 Numerical value of national synthetic curves and their components: trade 16. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.1.7 Numerical value of national synthetic curves and their components -- building industry: structural building work 17. . . . . . . . . . . . . .

2.1.8 Numerical value of synthetic curves: business--related services 18. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.1.9 Synthetic curves by branches 19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.1.9.1 Synthetic curves by industrial branches 19. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.1.9.2 Synthetic curves by branches in trade 20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.1.9.3 Synthetic curves by branches in building industry 20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.1.9.4 Synthetic curves for business--related services 21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.1.10 Consumer confidence indicators 21. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.2 Quarterly survey 22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.2.1 Seasonally adjusted degree of capacity utilisation in %: by sector 22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.2.2 Seasonally adjusted degree of capacity utilisation in %: by region 22. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.2.3 Production capacity and investment in manufacturing industry 23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.3 Bi--annual survey 23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.3.1 Fixed capital investment in manufacturing industry 23. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2.4 Main results of the Bank Lending Survey for the euro area and Belgium 24. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3 Chapter 3: population, employment, unemployment 25. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .3.1 Demand for and supply of labour 25. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3.2 Unemployment and vacancies 26. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4 Chapter 4: industry 27. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4.1 Industrial production 27. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4.2 Production of manufactured industry: breakdown by industrial sector 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4.3 Energy 29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4.4 Building 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4.5 Industrial production of the countries of the European Union 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5 Chapter 5: services 32. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Statistical bulletin of the National Bank of Belgium (2003--IV)

Chapter 2: business surveys . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Gross value added by branch of activity, estimates at 2000 prices

Main categories of expenditure, estimates at 2000 prices

Numerical value of regional synthetic curves and their components

4

5.1 SNCB/NMBS activity 32. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5.2 Inner trade 33. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5.3 Payment systems and instruments 34. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5.3.1 Payment systems between banks -- Number of transactions 34. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5.3.2 Payment systems between banks -- Value of transactions 35. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5.3.5 Payment cards -- Number of transactions by type of card 36. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5.3.6 Payment cards -- Amount of transactions by type of card 37. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

5.3.7 Payment cards -- Number of cards and terminals 38. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6 Chapter 6: incomes 39. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6.1 Compensation of employees 39. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7 Chapter 7: index prices 40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7.1 Raw materials 40. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7.2 Price indices for production and import and their components 41. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7.3 Output price indices -- summary table 42. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7.4 Consumer prices in Belgium 43. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

8 Chapter 8: foreign trade of Belgium 44. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

8.1 Foreign trade of Belgium: monthly movement 44. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

8.2 Foreign trade of Belgium: cumulative movement 45. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

8.3 Foreign trade of Belgium: monthly indices 46. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

8.4 Foreign trade of Belgium: percentage change, cumulative values 47. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

8.5 Foreign trade of Belgium by main partner countries 48. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

8.6 Foreign trade of Belgium by sections of the Harmonised System 51. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9 Chapter 9: balance of payments 52. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9.1 Balance of payments of Belgium 52. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9.1.1 Balance of payments of Belgium: synthetic presentation -- Net 52. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9.1.2 Current account of Belgium: detailed presentation 53. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9.1.2.1 Current account of Belgium: detailed presentation -- Credit (quarterly frequency) 53. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9.1.2.2 Current account of Belgium: detailed presentation -- Debit (quarterly frequency) 54. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9.1.2.3 Current account of Belgium: detailed presentation -- Net (quarterly frequency) 55. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9.1.2.4 Current account of Belgium: detailed presentation -- Credit (monthly frequency) 56. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9.1.2.5 Current account of Belgium: detailed presentation -- Debit (monthly frequency) 57. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9.1.2.6 Current account of Belgium: detailed presentation -- Net (monthly frequency) 58. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9.1.2.7 Current account of Belgium: detailed presentation -- Credit (cumulative monthly frequency) 59. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9.1.2.8 Current account of Belgium: detailed presentation -- Debit (cumulative monthly frequency) 60. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9.1.2.9 Current account of Belgium: detailed presentation -- Net (cumulative monthly frequency) 61. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9.1.3 Capital and financial account of Belgium: detailed presentation 62. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9.1.3.1 Capital and financial account of Belgium: detailed presentation -- Net 62. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9.1.3.2 Capital and financial account of Belgium: detailed presentation -- Net cumul 63. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

10 Chapter 10: exchange rate 64. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

10.1 Reference exchange rates of the euro 64. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

10.2 Exchange rate mechanism -- II 66. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

10.2.1 Euro central rates and compulsory intervention rates 66. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

10.2.2 Premium or discount of the Danish krone vis-à-vis the euro 66. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

10.3 Nominal effective exchange rate 67. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

10.4 Irrevocably fixed conversion rates to the euro 68. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

11 Chapter 11: public finances 69. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

11.1 Net borrowing (-) or lending (+) of general government and of its sub--sectors 69. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

11.2 Receipts, expenditure and net borrowing 70. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

11.2.1 Receipts, expenditure and net borrowing of general government 70. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

11.2.2 Receipts, expenditure and net borrowing of federal government 71. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

11.2.3 Receipts, expenditure and net borrowing of communities and regions 72. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

11.2.4 Receipts, expenditure and net borrowing of local government 73. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

11.2.5 Receipts, expenditure and net borrowing of social security funds 74. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

11.3 Details of revenue collected by the Treasury 75. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

11.4 Debt of general government 76. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

11.5 Financial balance of general government 77. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

11.6 Official debt and net balance to be financed of the Treasury 78. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


5

11.7 Debt and net balance to be financed of the communities and regions 79. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

13 Chapter 13: national financial accounts of Belgium 80. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

13.1 Flow of funds by sector 80. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

13.2 Claims and liabilities by sector 82. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

13.3 Financial account 84. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

13.4 Financial balance sheets 88. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

14 Chapter 14: financial intermediaries 93. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

14.2 Financial statements of the eurosystem and of the National Bank of Belgium 93. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

14.2.1 Consolidated weekly financial statement of the Eurosystem (from 1999 onwards) 93. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

14.2.2 Monthly financial state of the National Bank of Belgium 95. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

14.2.4 Balance sheet of the National Bank of Belgium before distribution of profit (from 1999 onwards) 97. . . . . . . . . . . . . . . . . . . . . . . . . .

14.5.1 Balance sheets of the credit institutions as a whole 99. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

14.6.1 Off-balance-sheet items of credit institutions as a whole 101. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

14.7.1 Profit and loss account of credit institutions: quarterly data 103. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

14.9 Monetary financial institutions’ main balance sheet items established in Belgium 105. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

14.10 Claims originally granted by credit institutions (from 1999 onwards) 107. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

14.10.1 Claims originally granted by credit institutions to Belgian non--financial corporations-- outstanding amounts (from 1999 onwards) 107. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

14.10.2 Claims originally granted by credit institutions to Belgian non--monetary financial institutions-- outstanding amounts (from 1999 onwards) 107. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

14.10.3 Claims originally granted by credit institutions to Belgian general government-- outstanding amounts (from 1999 onwards) 108. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

14.10.4 Claims originally granted by credit institutions to Belgian households (including non--profit institutions serving households)-- outstanding amounts (from 1999 onwards) 108. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

14.10.5 Claims originally granted by credit institutions to the rest of the world-- outstanding amounts (from 1999 onwards) 109. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

14.11 Deposits and other creditors held with credit institutions established in Belgium (from 1999) 110. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

14.11.1 Deposits and other creditors held with credit institutions established in Belgium by Belgian non--financial corporations-- outstanding amounts (from 1999) 110. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

14.11.2 Deposits and other creditors held with credit institutions established in Belgium by Belgian non--monetary financialinstitutions -- outstanding amounts (from 1999) 110. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

14.11.3 Deposits and other creditors held with credit institutions established in Belgium by the Belgian general government-- outstanding amounts (from 1999) 111. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

14.11.4 Deposits and other creditors held with credit institutions established in Belgium by Belgian households and non--profitinstitutions serving households -- outstanding amounts (from 1999) 111. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

14.11.5 Deposits and other creditors held with credit institutions established in Belgium by the rest of the world -- outstandingamounts (from 1999) 112. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

15 Chapter 15: financial assets held by non--financial companies and households 113. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

15.1 Monetary aggregates of the euro area 113. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

15.2 Belgian contribution to the monetary aggregates of the eurozone 114. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

15.2.1 Belgian contribution to the monetary aggregates of the eurozone (until December 2001) 114. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

15.2.2 Belgian contribution to the monetary aggregates of the eurozone (from January 2002 onwards) 115. . . . . . . . . . . . . . . . . . . . . . . . . . .

15.3 Formation of financial assets by individuals 116. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

15.4 Financial assets held by individuals 117. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

15.5 Formation of financial assets by non--financial corporations 118. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

15.6 Financial assets held by non--financial corporations 119. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

16 Chapter 16: liabilities of households and non-financial companies 120. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

16.1 Summary tables 120. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

16.1.1 New financial liabilities of individuals 120. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

16.1.2 Financial liabilities of individuals 121. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

16.1.3 New financial liabilities of non--financial corporations 122. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

16.1.4 Financial liabilities of non--financial corporations 123. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

16.2 Consumer credit: hire-purchase, instalment-payment loans, leasing and opening of credits 124. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

16.2.1 Consumer credit: general results 124. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

16.2.2 Consumer credit: contracts not honoured 125. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

16.3 Mortgage credit 126. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

16.3.1 Mortgage credit: applications submitted 126. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

16.3.2 Mortgage credit: mortgage contracts drawn up 127. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

16.3.3 Mortgage credit: mortgage registrations 128. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

16.3.4 Mortgage credit: contracts not honoured 129. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

16.4 Credits registered at the central office for credits to companies 130. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


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16.4.1 Credits of 25,000 EUR and over of wich the beneficiary is a Belgian resident:breakdown by branch of activity of the beneficiary 130. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

16.4.2 Credits of 25,000 EUR and over of wich the beneficiary is a non--resident:breakdown by geographical area of residence of the beneficiary -- outstanding amounts opened 132. . . . . . . . . . . . . . . . . . . . . . . . . .

17 Chapter 17: capital market 133. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

17.1 Fixed--interest securities of more than one year per creditor sector 133. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

17.2 Fixed--interest securities of more than one year held by individuals 134. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

17.3 Fixed--interest securities of more than one year: breakdown by issuing sector and by holding sector 135. . . . . . . . . . . . . . . . . . . . . .

17.4 Public issues, by the public sector, of bonds in national currency 136. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

17.5 Holdership of dematerialised linear bonds 138. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

17.6 Outstanding amount of linear bonds 139. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

17.8 Issues shares 141. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

17.9 Stock exchange activity 142. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

17.11 Number and inventory value of collective investment institutions governed by Belgian law 143. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

18 Chapter 18: money market 144. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

18.6 Issuing of three-month treasury certificates 144. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

18.7 Issuing of six-month treasury certificates 145. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

18.8 Issuing of twelve-month treasury certificates 146. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

18.10 Transactions on the secondary market in dematerialised securities recorded by the National Bank of Belgium’s securitiesclearing system 147. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

18.11 Holdership of dematerialised treasury certificates 148. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

18.12 Holdership of dematerialised treasury bills and certificates of deposit issued in euro 149. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

18.12.1 Holdership of dematerialised treasury bills issued in euro 149. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

18.12.2 Holdership of dematerialised certificates of deposit issued in euro 149. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

18.13 Holdership of dematerialised treasury bills and certificates of deposit issued in currencies other than the euro 150. . . . . . . . . . . . . . .

18.13.1 Holdership of dematerialised treasury bills issued in currencies other than the euro 150. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

18.13.2 Holdership of dematerialised certificates of deposit issued in currencies other than the euro 150. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

19 Chapter 19: interest rates 151. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

19.1 Official interest rates 151. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

19.1.2 Main interest rates of the monetary policy of the Eurosystem 151. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

19.2 Reference interest rates on the secondary market for treasury certificates issued by the Belgian government 152. . . . . . . . . . . . . .

19.3 EONIA and EURIBOR 153. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

19.4 Debtor interest rates in national currency of Belgian credit institutions 154. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

19.5 Creditor interest rates in national currency of Belgian credit institutions 156. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

19.6 Long-term yield rates on the Belgian secondary market for bonds issued by the Belgian public sector 158. . . . . . . . . . . . . . . . . . . . .

19.7 Interest rates on three-month euro-currency deposits 159. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

19.8 Gross yield rates of 10 year Benchmark bond on the secondary market: international comparison 160. . . . . . . . . . . . . . . . . . . . . . . .

19.9 Official interest rates or intervention rates of foreign central banks 161. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


ATM Automated Teller Machine

ATS Austrian Shilling

BEF Belgian Franc

BFC Banking and Finance Commission

BIS Bank of International Settlements

BLEU Belgian-Luxembourg Economic Union

CCCO Central Consumer Credit Office

CEC Centre for Exchange and Clearing

CIS Commonwealth of Independent States

CIU Collective Investment Undertakings

DEM German Mark

EC European Commission

EC European Community

ECB European Central Bank

ELLIPS Electronic Large-value Interbank Payment System

EMCF European Monetary Co-operation Fund

EMI European Monetary Institute

EMS European Monetary System

EMU Economic and Monetary Union

EONIA Euro Overnight Index Average

ERM Exchange Rate Mechanism

ESA European System of Accounts

ESAF Enhanced Structural Adjustment Facility

ESCB European System of the Central Banks

ESP Spanish Peseta

EU European Union

EUR Euro

EURIBOR Euro Inter Bank Offered Rate

EUROSTAT European Communities Office of Statistics

FIM Finnish Markka

FRF French Franc

GDP Gross domestic product

HWWA Hamburgisches Welt-Wirtschafts-Archiv

IEA Institut Economique Agricole

IEP Irish Pound

IMF International Monetary Fund

ITL Italian Lire

kWh KiloWatt-hour

LUF Luxembourger Franc

LIST OF ABBREVIATIONS

Statistical bulletin of the National Bank of Belgium (2003--IV) 7

MB Moniteur Belge

MEA Ministry of Economic Affairs

MEL Ministry of Employment and Labour

MERCOSUR Mercado Commun del Sur

MF Ministry of Finance

MFI Monetary Financial Institution

MUMS Monetary Union Member States

NACE Nomenclature des Activités économiques dans les Communautés européennes

NAFTA North American Free Trade Agreement

NAI National Accounts Institute

NBB National Bank of Belgium

NEMO National Employment Office

NLG Dutch Gulden

NPI Nonprofit Institution

NSI National Statistical Institute

OECD Organisation for Economic Co-operation and Development

OLO Linear Bond

OSSOM Office de la Sécurité Sociale d'Outre-Mer

PCO Postal Cheque Office

PFE Federation of the Electricity Generators and Distributors in Belgium (BFE -FPE)

POS Point of Sale

PRIME Projets Régionaux d'Insertion dans le Marché de l'Emploi (Région wallonne)

PTE Portuguese Escudo

RD Royal Decree

RGI Rediscount and Guarantee Institute

SDR Special Drawing Rights

SICAV Société d'Investissement à Capital Variable

SNCB/NMBS Société Nationale des Chemins de Fer Belges

VAT Value added tax

8 Statistical bulletin of the National Bank of Belgium (2003--IV)

CONVENTIONAL SIGNS

e estimation

p provisional

-- The data does not exist or is meaningless

n.a. not available

p.m. pro memoria

p.c. per cent

0 or 0.0 zero or less than the half of the last chosen unit

GENERAL REMARK

The totals shown can differ from the sum of the items because of roundings.

The publication schedule for the most important economic statistics compiled by the Bank and the NAI is given on the Bank’s website(http://www.nbb.be/DQ/E/dq3/calweb.htm).In order to meet the obligations imposed by the SDDS (the IMF’s Special Data Dissemination Standard), this schedule also covers allthe statistics included in the SDDS. Publication dates are those given by the institution responsible for compiling the statistics; someof these institutions publish via their own media more detailed schedules for statistics than those given on the Bank’s website.


10

QUARTERLY FINANCIAL STATEMENT OF THE NATIONAL BANK OF BELGIUM AS AT 31 DECEMBER 2003

1 Items not related to monetary policy operations

In the quarter ending 31 December 2003, the net position in foreign currency (asset items 2 and 3 minus liability items 6, 7 and 8) decreased by € 664 million to € 7,369 million. The position in gold (asset item 1) increased by € 3 million to € 2,739 million, due to the quarterly revaluation. The holdings by the Bank of securities of euro area residents denominated in euro (asset item 7) decreased by € 178 million to € 4,109 million. Banknotes in circulation (liability item 1) increased by € 1 420 million to € 14,200 million1. Liabilities to general government (liability item 4.1) increased by € 2 million to € 152 million. The debt to the European Central Bank (liability item 9.3) increased by € 5,883 million to € 17,846 million.

2 Items related to monetary policy operations The Eurosystem's net lending to its counterparties in the Belgian financial sector through open market operations (asset items 5.1 to 5.4 minus liability items 2.3 and 2.4) increased by € 6,652 million to € 16,749 million. Neither the marginal lending facility (asset item 5.5) nor the deposit facility (liability item 2.2) were used as at 31 December 2003.

3 Current accounts of the euro area financial sector The current account position of counterparties with the Bank (liability item 2.1) increased by € 1,074 million to € 8,325 million.

4 Quarterly revaluation of balance sheet items According to the harmonised accounting rules for the Eurosystem, gold, foreign exchange, security holdings and financial instruments are revalued at market rates and prices at the end of each quarter. The net impact of the revaluation as at 31 December 2003 on the balance sheet items is entered in the items "Other assets" (asset item 9), "Other liabilities" (liability item 10) and "Revaluation accounts" (liability item 11).

1 From 2002 onwards, 8 % of the total value of the banknotes in circulation has been allocated to the ECB, while the remaining 92 % has been allocated to

the NCBs according to their weightings in the capital key of the ECB. The share of banknotes allocated to each NCB is disclosed under the balance sheet liability item "Banknotes in circulation".

The difference between the value of the euro banknotes allocated to each NCB in accordance with the banknote allocation key and the value of the euro banknotes that it actually puts into circulation by each NCB gives rise to intra-Eurosystem balances. These claims or liabilities, which incur interest, are disclosed under the sub-item "Intra-Eurosystem: claims/liabilities related to the allocation of euro banknotes within the Eurosystem".


Boulevard de Berlaimont 14 • B-1000 BRUSSELS Boulevard de Berlaimont 14 • B-1000 BRUSSELS HR Brussels nr 22.300 - VAT BE 203.201.340 HR Brussels nr 22.300 - VAT BE 203.201.340

Situation at Situation at30/09/2003 31/12/2003 Differencesafter reval. after reval.

(in million euro) (in million euro)

A S S E T S A S S E T S 1 Gold and gold receivables 2.736 2.739 +3 1 Gold and gold receivables 2 Claims on non-euro area residents 2 Claims on non-euro area residents

denominated in foreign currency denominated in foreign currency 2.1 Receivables from the IMF 3.239 3.026 -213 2.1 Receivables from the IMF 2.2 Balances with banks and security investments, external 6.189 5.678 -511 2.2 Balances with banks and security investments, external

loans and other external assets loans and other external assets 3 Claims on euro area residents denominated 298 321 +23 3 Claims on euro area residents denominated

in foreign currency in foreign currency 4 Claims on non-euro area residents 89 245 +156 4 Claims on non-euro area residents

denominated in euro denominated in euro 5 Lending to euro area credit institutions related 5 Lending to euro area credit institutions related

to monetary policy operations to monetary policy operations denominated in euro denominated in euro

5.1 Main refinancing operations 10.097 16.749 +6.652 5.1 Main refinancing operations 5.2 Longer-term refinancing operations - - - 5.2 Longer-term refinancing operations 5.3 Fine-tuning reverse operations - - - 5.3 Fine-tuning reverse operations 5.4 Structural reverse operations - - - 5.4 Structural reverse operations 5.5 Marginal lending facility - - - 5.5 Marginal lending facility 5.6 Credits related to margin calls - - - 5.6 Credits related to margin calls

6 Other claims on euro area credit institutions - - - 6 Other claims on euro area credit institutions denominated in euro denominated in euro

7 Securities of euro area residents 4.287 4.109 -178 7 Securities of euro area residents denominated in euro denominated in euro

8 Intra-Eurosystem claims 8 Intra-Eurosystem claims 8.1 Participating interest in ECB 143 143 - 8.1 Participating interest in ECB 8.2 Claims equivalent to the transfer 1.433 1.433 - 8.2 Claims equivalent to the transfer

of foreign reserves of foreign reserves 8.3 Claims related to banknote issue (1) 8.886 11.078 +2.192 8.3 Claims related to banknote issue (1) 8.4 Other claims within the Eurosystem (net) - - - 8.4 Other claims within the Eurosystem (net)

9 Other assets 2.350 2.197 -153 9 Other assets 39.747 47.718 +7.971

L I A B I L I T I E S L I A B I L I T I E S 1 Banknotes in circulation (1) 12.780 14.200 +1.420 1 Banknotes in circulation (1)2 Liabilities to euro area credit institutions related 2 Liabilities to euro area credit institutions related

to monetary policy operations to monetary policy operations denominated in euro denominated in euro

2.1 Current accounts (covering the minimum reserve system) 7.251 8.325 +1.074 2.1 Current accounts (covering the minimum reserve system) 2.2 Deposit facility - - - 2.2 Deposit facility 2.3 Fixed-term deposits - - - 2.3 Fixed-term deposits 2.4 Fine-tuning reverse operations - - - 2.4 Fine-tuning reverse operations 2.5 Deposits related to margin calls - - - 2.5 Deposits related to margin calls

3 Other liabilities to euro area credit institutions - - - 3 Other liabilities to euro area credit institutions denominated in euro denominated in euro

4 Liabilities to other euro area residents 4 Liabilities to other euro area residents denominated in euro denominated in euro

4.1 General government 150 152 +2 4.1 General government 4.2 Other liabilities 17 29 +12 4.2 Other liabilities

5 Liabilities to non-euro area residents 93 271 +178 5 Liabilities to non-euro area residents denominated in euro denominated in euro

6 Liabilities to euro area residents denominated - 52 +52 6 Liabilities to euro area residents denominated in foreign currency in foreign currency

7 Liabilities to non-euro area residents denominated 1.099 1.032 -67 7 Liabilities to non-euro area residents denominated in foreign currency in foreign currency

8 Counterpart of special drawing rights 594 572 -22 8 Counterpart of special drawing rights allocated by the IMF allocated by the IMF

9 Intra-Eurosystem liabilities 9 Intra-Eurosystem liabilities 9.1 Liabilities related to promissory notes - - - 9.1 Liabilities related to promissory notes

backing the issuance of backing the issuance of ECB debt certificates ECB debt certificates

9.2 Liabilities related to banknote issue (1) - - - 9.2 Liabilities related to banknote issue (1) 9.3 Other liabilities within the Eurosystem (net) 11.963 17.846 +5.883 9.3 Other liabilities within the Eurosystem (net) 10 Other liabilities 1.912 1.545 -367 10 Other liabilities 11 Revaluation accounts 2.623 2.429 -194 11 Revaluation accounts 12 Capital and reserves 1.265 1.265 - 12 Capital and reserves

39.747 47.718 +7.971


Statistics

1Statistical bulletin of the National Bank of Belgium (2003--IV)

1 CHAPTER 1: NATIONAL ACCOUNTS1.1 YEARLY NATIONAL ACCOUNTS1.1.1 GROSS VALUE ADDED BY INDUSTRY (A31), ESTIMATES AT CURRENT PRICES

(millions of euro)

1997 1998 1999 2000 2001 2002

Agriculture, forestry and fisheries 3,293.7 3,174.7 2,886.5 3,233.0 3,212.7 2,975.2

Metal ores and other mining and quarrying products 344.9 337.3 338.1 351.2 308.5 325.7

Manufacturing industry 40,381.2 41,242.3 41,550.8 44,127.1 43,907.9 44,708.0

Food products, beverages and tobacco 5,328.6 5,365.2 5,549.9 5,557.9 5,937.7 6,345.6

Textiles and textile products 2,254.7 2,299.8 2,279.5 2,287.8 2,232.4 2,267.2

Leather and leather products 103.7 108.6 119.5 96.0 95.1 98.9

Wood and wood products 584.6 604.8 651.9 673.1 743.2 748.0

Pulp, paper and paper products; recorded media; printingservices 3,087.6 3,231.4 3,491.5 3,526.4 3,417.3 3,478.9

Coke, refined petroleum products and nuclear fuel 1,207.0 1,164.3 847.1 1,337.8 1,329.4 1,226.1

Chemicals, chemical products and man-made fibres 7,774.5 7,738.4 7,818.4 8,369.5 8,408.9 8,675.6

Rubber and plastic products 1,509.2 1,540.3 1,673.0 1,620.9 1,739.5 1,827.8

Other non metallic mineral products 2,114.6 2,073.2 2,307.5 2,283.1 2,332.3 2,350.0

Basic metals and fabricated metal products 5,758.7 5,953.1 5,768.6 6,360.7 5,929.3 6,089.9

Machinery and equipment n.e.c. 2,465.7 2,799.1 2,586.0 2,892.9 2,827.0 2,859.5

Electrical and optical equipment 3,499.3 3,314.7 3,415.7 3,838.2 3,494.8 3,454.8

Transport equipment 3,501.0 3,900.4 3,764.9 3,922.7 3,962.7 3,825.8

Other manufactured goods n.e.c. 1,192.0 1,149.0 1,277.3 1,360.1 1,458.3 1,459.9

Electrical energy, gas, steam and hot water 6,113.5 5,936.1 5,859.0 6,019.6 6,035.8 5,900.2

Construction work 9,926.4 10,096.7 10,926.5 11,395.1 11,592.0 11,700.2

Wholesale and retail trade services; repair services of motorvehicles, motorcycles and personal and houdehold goods 23,268.6 23,977.6 25,150.0 26,246.0 27,534.5 27,684.7

Hotel and restaurant services 3,129.1 3,354.1 3,520.7 3,854.5 3,943.7 3,979.4

Transport, storage and communication services 13,353.2 14,429.4 14,932.0 15,417.6 16,188.9 16,698.6

Financial intermediation services 13,158.7 14,180.7 14,388.8 13,452.4 12,526.5 11,984.1

Real estate, renting and business services 41,974.4 44,473.0 47,296.1 50,516.2 53,258.6 54,932.2

Public administration and defence services, compulsory socialsecurity services 16,083.4 16,376.2 17,324.3 18,171.4 18,858.9 19,560.9

Education services 13,258.3 13,725.5 14,024.3 14,435.3 15,089.3 15,846.9

Health and social services 12,442.4 12,925.0 14,199.7 14,922.9 15,997.7 16,856.3

Other community, social and personal services 4,718.7 4,979.2 5,158.8 5,401.7 5,382.5 5,280.9

Private households with employed persons 1,089.5 1,135.6 1,162.0 1,199.7 1,272.0 1,336.9

Financial intermediation services indirectly measured (FISIM) --8,517.5 --9,179.3 --8,821.9 --8,402.3 --8,219.2 --7,886.5

Gross value added (at basic prices) 194,017.9 201,164.6 209,895.7 220,341.4 226,890.3 231,883.7

Taxes on products (D.21) 25,697.0 26,684.9 28,569.4 30,115.6 29,729.4 30,968.3

Subsidies on products (D.31) --2,542.2 --2,605.0 --2,752.0 --2,664.8 --2,819.9 --2,841.3

Gross domestic product (at market prices) 217,173.3 225,244.0 235,713.1 247,792.2 253,799.8 260,010.7

Balance of primary incomes receivable from / payable to therest of the world 4,296.7 4,804.0 4,857.6 4,641.3 4,207.5 5,955.3

Gross national income (at market prices) 221,470.0 230,047.9 240,570.8 252,433.5 258,007.3 265,966.0

Source: NAI


1.1.2 GROSS VALUE ADDED BY INDUSTRY (A31), ESTIMATES AT 2000 PRICES

(millions of euro)

1997 1998 1999 2000 2001 2002

Agriculture, forestry and fisheries 2,946.1 3,045.7 3,201.4 3,233.0 2,870.1 3,217.0

Metal ores and other mining and quarrying products 368.6 327.5 312.9 351.2 284.9 280.3

Manufacturing industry 41,484.3 42,101.7 42,103.7 44,127.1 44,310.8 44,739.5

Food products, beverages and tobacco 5,484.6 5,732.9 5,646.7 5,557.9 6,379.3 6,434.7

Textiles and textile products 2,626.4 2,759.4 2,549.2 2,287.8 2,295.6 2,284.3

Leather and leather products 115.3 121.1 119.0 96.0 94.3 95.3

Wood and wood products 567.4 578.0 623.9 673.1 717.8 707.7

Pulp, paper and paper products; recorded media; printingservices 3,332.2 3,312.2 3,543.1 3,526.4 3,412.5 3,458.4

Coke, refined petroleum products and nuclear fuel 1,976.9 2,051.4 1,260.2 1,337.8 1,055.6 1,095.5

Chemicals, chemical products and man-made fibres 7,700.0 7,604.9 7,867.6 8,369.5 8,430.6 8,584.4

Rubber and plastic products 1,483.8 1,456.5 1,530.1 1,620.9 1,703.0 1,776.1

Other non metallic mineral products 2,354.3 2,164.6 2,312.7 2,283.1 2,238.6 2,193.9

Basic metals and fabricated metal products 5,620.8 5,682.1 5,938.0 6,360.7 6,368.8 6,396.8

Machinery and equipment n.e.c. 2,433.9 2,734.4 2,471.2 2,892.9 2,641.5 2,561.6

Electrical and optical equipment 3,008.9 2,813.0 3,095.1 3,838.2 3,347.7 3,508.3

Transport equipment 3,511.0 3,866.3 3,806.5 3,922.7 4,210.4 4,241.6

Other manufactured goods n.e.c. 1,268.8 1,224.9 1,340.4 1,360.1 1,415.1 1,400.9

Electrical energy, gas, steam and hot water 5,358.3 5,112.1 5,671.8 6,019.6 5,964.5 5,735.9

Construction work 10,407.8 10,218.4 10,580.1 11,395.1 11,468.2 11,359.7

Wholesale and retail trade services; repair services of motorvehicles, motorcycles and personal and houdehold goods 25,500.7 25,789.4 26,117.0 26,246.0 26,806.8 27,087.1

Hotel and restaurant services 3,603.2 3,706.5 3,628.5 3,854.5 3,721.4 3,606.1

Transport, storage and communication services 13,005.5 13,829.3 14,501.9 15,417.6 16,171.7 16,360.1

Financial intermediation services 14,514.9 14,709.8 14,804.2 13,452.4 12,230.4 11,704.6

Real estate, renting and business services 44,454.7 46,292.9 47,971.0 50,516.2 52,045.1 52,324.2

Public administration and defence services, compulsory socialsecurity services 16,863.1 16,947.5 17,488.0 18,171.4 18,398.4 18,330.3

Education services 14,025.7 14,280.9 14,439.2 14,435.3 14,667.6 14,767.2

Health and social services 13,399.8 13,201.4 14,255.8 14,922.9 15,606.0 15,811.9

Other community, social and personal services 4,958.1 5,154.8 5,220.0 5,401.7 5,194.9 4,973.7

Private households with employed persons 1,150.8 1,181.0 1,189.4 1,199.7 1,211.1 1,215.9


Gross value added (at basic prices) 202,478.4 206,495.8 212,442.7 220,341.4 222,932.3 223,943.0

Taxes on products (D.21) 26,816.2 27,396.6 28,969.4 30,115.6 29,203.7 29,912.2

Subsidies on products (D.31) --2,652.9 --2,674.5 --2,790.6 --2,664.8 --2,770.0 --2,744.4


Source: NAI


1.1.3 EXPENDITURE OF THE NATIONAL PRODUCT, ESTIMATES AT CURRENT PRICES

(millions of euro)

1997 1998 1999 2000 2001 2002

Final consumption expenditure of households in Belgium(inland) 112,564.1 117,128.0 121,254.8 128,527.1 132,808.1 134,978.3

Food and non-alcoholic beverages 15,705.5 16,039.4 15,748.3 16,181.6 17,142.4 18,286.9

Alcoholic beverages and tobacco 4,340.9 4,559.9 4,642.9 4,790.5 4,841.8 5,264.9

Clothing and footwear 6,777.4 6,899.1 6,923.6 7,208.6 7,305.1 7,474.4

Housing, water, electricity, gas and other fuels 26,930.6 27,295.6 27,797.1 29,571.6 30,933.6 31,680.7

Furnishing, household equipment and routine maintenanceof the dwelling 7,070.1 7,099.4 7,232.0 7,252.5 7,640.1 7,819.4

Health 4,674.9 4,865.2 5,081.9 5,418.8 5,668.8 5,880.9

Transport 15,775.8 16,903.6 17,956.4 19,638.4 19,724.5 19,772.8

Communication 1,910.2 2,156.2 2,494.0 2,791.1 2,847.0 2,938.1

Recreation and culture 10,479.2 10,982.6 11,831.8 12,593.7 12,659.1 12,024.8

Education 447.1 463.1 513.9 634.7 774.3 788.0

Restaurants, pubs and hotels 6,005.5 6,147.6 6,501.1 7,012.8 7,335.9 7,569.0

Miscellaneous goods and services 12,446.9 13,716.3 14,531.8 15,432.8 15,935.5 15,478.4

Final consumption expenditure of Belgian householdsabroad 5,570.4 5,912.0 7,426.4 8,179.8 8,723.9 8,721.9

Final consumption expenditure of the non residenthouseholds in Belgium --3,196.8 --3,317.6 --4,844.8 --5,762.0 --6,177.6 --5,705.6

Final consumption expenditure of households (national) 114,937.7 119,722.4 123,836.4 130,944.9 135,354.4 137,994.6

Final consumption expenditure of NPIs 2,646.1 2,689.7 2,914.9 3,214.4 3,210.3 3,519.4

Final consumption expenditure of the general govern-ment 46,003.2 47,478.5 49,956.6 52,418.9 55,091.2 58,055.9

Individual consumption expenditure 29,148.7 30,283.5 31,533.7 32,926.8 34,875.8 36,610.1

Collective consumption expenditure 16,854.5 17,195.0 18,422.9 19,492.1 20,215.4 21,445.8

Gross capital formation 44,338.0 46,444.4 49,308.0 52,626.1 53,090.8 51,558.0

Changes in inventories --312.5 --694.7 --520.8 988.3 --1,098.2 --592.7

Net exports of goods and services 9,560.8 9,603.7 10,217.9 7,599.7 8,151.3 9,475.5Exports of goods and services 162,241.0 169,815.7 178,452.5 211,998.5 217,799.0 218,020.1

Imports of goods and services 152,680.2 160,212.0 168,234.6 204,398.8 209,647.7 208,544.6


Balance of primary incomes receivable from / payable to therest of the world 4,296.7 4,804.0 4,857.6 4,641.3 4,207.5 5,955.3


Source: NAI


1.1.4 EXPENDITURE OF THE NATIONAL PRODUCT, ESTIMATES AT 2000 PRICES

(millions of euro)

1997 1998 1999 2000 2001 2002

Final consumption expenditure of households in Belgium(inland) 117,566.4 121,212.4 123,955.0 128,527.1 129,595.9 129,600.0

Food and non-alcoholic beverages 16,111.5 16,105.6 15,824.3 16,181.6 16,371.9 17,170.4

Alcoholic beverages and tobacco 4,547.2 4,719.5 4,700.0 4,790.5 4,744.1 5,081.2

Clothing and footwear 6,724.7 6,786.0 6,762.1 7,208.6 7,245.1 7,362.9

Housing, water, electricity, gas and other fuels 28,275.9 28,590.1 28,733.9 29,571.6 30,171.6 30,641.4

Furnishing, household equipment and routine maintenanceof the dwelling 7,280.5 7,252.9 7,264.8 7,252.5 7,448.2 7,523.6

Health 5,056.8 4,961.3 5,105.7 5,418.8 5,555.6 5,683.3

Transport 17,207.0 18,458.3 19,059.1 19,638.4 19,288.3 19,054.6

Communication 1,746.8 1,994.0 2,435.3 2,791.1 3,047.9 3,137.5

Recreation and culture 10,744.4 11,156.6 11,947.5 12,593.7 12,301.6 11,614.3

Education 474.5 480.7 520.4 634.7 754.2 745.5

Restaurants, pubs and hotels 6,290.6 6,351.5 6,604.1 7,012.8 7,181.6 7,128.9

Miscellaneous goods and services 13,106.5 14,355.9 14,997.8 15,432.8 15,485.8 14,456.4

Final consumption expenditure of Belgian householdsabroad 6,063.5 6,330.7 7,799.3 8,179.8 8,530.0 8,312.5

Final consumption expenditure of the non residenthouseholds in Belgium --3,479.8 --3,552.6 --4,426.8 --5,762.0 --6,040.1 --5,437.7

Final consumption expenditure of the households (na-tional) 120,150.1 123,990.5 126,666.3 130,944.9 132,085.8 132,474.8

Final consumption expenditure of NPIs 2,816.8 2,827.0 3,027.4 3,214.4 3,122.9 3,298.4

Final consumption expenditure of the general govern-ment 48,770.7 49,260.8 51,056.3 52,418.9 53,826.1 54,873.5

Individual consumption expenditure 31,126.1 31,489.4 32,438.6 32,926.8 34,060.5 34,608.1

Collective consumption expenditure 17,644.6 17,771.4 18,617.7 19,492.1 19,765.6 20,265.4

Gross capital formation 46,754.9 48,279.2 50,398.7 52,626.0 52,778.3 51,470.3

Changes in inventories 997.3 1,499.1 346.7 988.4 --541.6 1,101.1

Net exports of goods and services 7,151.9 5,361.4 7,126.1 7,599.7 8,094.4 7,892.6Exports of goods and services 175,617.2 186,157.2 195,579.4 211,998.5 214,664.7 216,855.1

Imports of goods and services 168,465.3 180,795.8 188,453.3 204,398.8 206,570.3 208,962.5


Source: NAI


1.1.5 DISTRIBUTION OF THE NATIONAL PRODUCT, ESTIMATES AT CURRENT PRICES

(millions of euro)

1997 1998 1999 2000 2001 2002

Compensation of employees (D.1) 111,440.2 115,254.3 121,310.3 126,838.8 134,047.7 139,342.5Wages and salaries (D.11) 82,549.1 85,029.6 89,997.1 94,763.2 100,011.1 103,780.2

Employers’ social contributions (D.12) 28,891.1 30,224.8 31,313.2 32,075.6 34,036.6 35,562.3

Gross operating surplus (B.2g) + mixed income (B.3g) 87,973.6 92,035.9 94,274.4 98,952.8 98,047.2 97,332.9Corporations (S.11+S.12) 48,422.7 51,876.8 53,038.9 56,267.1 54,619.8 53,392.3

General government (S.13) 3,704.9 3,735.3 3,803.7 3,963.6 4,046.4 4,228.1

Households (S.14) and non profit institutions serving households(S.15) 35,846.0 36,423.8 37,431.8 38,722.1 39,381.0 39,712.5


Taxes on production and imports (D.2) 30,137.3 31,208.9 33,260.9 34,789.2 34,661.5 35,999.8Taxes on production (D.21) 25,697.0 26,684.9 28,569.4 30,115.6 29,729.4 30,968.3

Other taxes on production (D.29) 4,440.3 4,524.0 4,691.5 4,673.6 4,932.1 5,031.5

Subsidies (D.3) --3,860.3 --4,075.8 --4,310.6 --4,386.3 --4,737.4 --4,778.0Subsidies on products (D.31) --2,542.2 --2,605.0 --2,752.0 --2,664.8 --2,819.9 --2,841.3

Other subsidies on products (D.39) --1,318.1 --1,470.8 --1,558.6 --1,721.5 --1,917.5 --1,936.7


Balance of primary incomes receivable from / payable to the rest ofthe world 4,296.7 4,804.0 4,857.6 4,641.3 4,207.5 5,955.3


Source: NAI


1.2 QUARTERLY NATIONAL ACCOUNTS1.2.1 GROSS VALUE ADDED BY BRANCH OF ACTIVITY, ESTIMATES AT CURRENT PRICES

(estimates at basic prices, in milllions of euro, estimates at current prices, data adjusted for seasonal and calendar effects)

2001 2002 2001 2002 20032001 2002

III IV I II III IV I II

Agriculture, hunting, forestry and fisheries 3,214 2,973 793 789 788 726 725 734 798 763

Industry 50,255 50,867 12,539 12,319 12,652 12,819 12,767 12,629 12,799 12,661

Building industry 11,639 11,686 2,885 2,927 2,833 2,893 2,940 3,020 3,008 2,856

ServicesTrade, transport and communications 47,672 48,379 11,915 11,867 11,947 12,079 12,237 12,116 12,245 12,283

Financial, real estate, renting and busi-ness activities 65,770 66,940 16,541 16,686 16,724 16,629 16,718 16,869 17,142 17,341

Public administration and education 33,949 35,408 8,556 8,621 8,758 8,837 8,897 8,916 9,002 9,008

Other service activities 22,647 23,472 5,729 5,571 5,703 5,839 5,893 6,037 5,973 6,003

Total Services 170,038 174,199 42,740 42,746 43,133 43,383 43,745 43,938 44,363 44,635

Other components 1 18,742 20,225 4,733 4,676 4,881 5,029 5,113 5,202 5,204 5,314

Gross domestic product at market pri-ces 253,889 259,949 63,690 63,456 64,287 64,850 65,289 65,523 66,171 66,230

Source: NAI

1 Taxes minus subsidies on products and financial intermediation services indirectly measured (FISIM).

1.2.2 GROSS VALUE ADDED BY BRANCH OF ACTIVITY, ESTIMATES AT 2000 PRICES

(estimates at basic prices, in milllions of euro, estimates at current prices, data adjusted for seasonal and calendar effects)

2001 2002 2001 2002 20032001 2002


Agriculture, hunting, forestry and fisheries 2,871 3,218 705 728 775 802 817 825 825 828

Industry 50,560 50,695 12,658 12,402 12,572 12,777 12,773 12,574 12,647 12,553

Building industry 11,475 11,348 2,853 2,840 2,793 2,797 2,846 2,911 2,915 2,741

ServicesTrade, transport and communications 46,708 47,064 11,631 11,585 11,632 11,745 11,915 11,771 11,804 11,839

Financial, real estate, renting and busi-ness activities 64,208 64,054 16,086 16,061 16,082 15,939 15,947 16,085 16,200 16,274

Public administration and education 33,066 33,097 8,278 8,281 8,272 8,270 8,273 8,282 8,298 8,313

Other service activities 22,038 22,000 5,538 5,317 5,373 5,488 5,502 5,637 5,567 5,555

Total Services 166,020 166,215 41,534 41,244 41,360 41,442 41,637 41,776 41,869 41,981

Other components 1 18,461 19,592 4,621 4,555 4,767 4,846 4,937 5,043 5,018 5,082


Source: NAI

1 Taxes minus subsidies on products and financial intermediation services indirectly measured (FISIM).


1.2.3 MAIN CATEGORIES OF EXPENDITURE, ESTIMATES AT CURRENT PRICES

(millions of euro, estimates at current prices, data adjusted for seasonal and calendar effects)

2001 2002 2001 2002 20032001 2002


Private final consumption expenditure 1 138,665 141,549 34,837 34,830 34,841 35,288 35,657 35,763 36,205 36,497

Final consumption expenditure of gen-eral government 55,112 58,082 13,685 14,100 14,099 14,436 14,749 14,798 14,774 14,980

Gross domestic capital formationGross fixed capital formation

Gross fixed capital formation by enter-prises, self-employed workers and non-profit institutions 36,566 35,059 9,235 8,999 8,959 8,685 8,608 8,807 8,738 8,590

Gross fixed capital formation in dwel-lings 2 12,461 12,451 3,151 3,114 3,134 3,105 3,116 3,096 3,159 3,203

Gross fixed capital formation by publicadministrations 3,962 4,091 1,060 744 1,066 1,066 1,069 889 1,045 1,045

Total Gross fixed capital formation 52,989 51,600 13,446 12,856 13,160 12,856 12,793 12,792 12,942 12,838

Changes in inventories --1,315 --1,020 --651 --987 --273 --976 --207 437 390 --818

Total Gross domestic capital formation 51,673 50,581 12,795 11,868 12,886 11,880 12,586 13,229 13,332 12,020

Net exports of goods and services (exports- imports)

Total exports 218,331 218,052 53,720 53,137 53,402 55,131 54,471 55,048 54,651 53,110

Total imports 209,893 208,315 51,348 50,479 50,941 51,886 52,174 53,314 52,791 50,379

Total Net exports of goods and services(exports - imports) 8,437 9,737 2,372 2,658 2,460 3,245 2,298 1,733 1,860 2,732


Sources: ICN

1 Final consumption expenditure of households and non-profit institutions (NPIs).2 Including renovation works, registration fees and costs of notarial deeds.


1.2.4 MAIN CATEGORIES OF EXPENDITURE, ESTIMATES AT 2000 PRICES


2001 2002 2001 2002 20032001 2002


Private final consumption expenditure 1 135,315 135,811 33,802 33,775 33,677 33,889 34,119 34,126 34,343 34,498

Final consumption expenditure of gen-eral government 53,785 54,828 13,455 13,493 13,570 13,673 13,769 13,816 13,833 13,899

Gross domestic capital formationGross fixed capital formation

Gross fixed capital formation by enter-prises, self-employed workers and non-profit institutions 36,411 35,597 9,201 8,998 9,073 8,832 8,749 8,944 8,956 8,787

Gross fixed capital formation in dwel-lings 2 12,324 11,920 3,093 3,060 3,026 2,980 2,959 2,955 2,976 3,008

Gross fixed capital formation by publicadministrations 3,931 3,994 1,052 733 1,051 1,044 1,038 860 995 994

Total Gross fixed capital formation 52,666 51,512 13,345 12,791 13,151 12,855 12,746 12,759 12,927 12,790

Changes in inventories --833 1,171 --425 --483 --366 --470 938 1,069 844 176

Total Gross domestic capital formation 51,832 52,683 12,920 12,308 12,785 12,385 13,684 13,828 13,771 12,967

Net exports of goods and services (exports- imports)

Total exports 215,104 216,738 53,263 52,704 52,994 54,854 54,255 54,635 53,643 53,350

Total imports 206,649 208,990 51,070 50,510 50,760 52,137 52,816 53,277 52,316 51,528

Total Net exports of goods and services(exports - imports) 8,455 7,747 2,194 2,194 2,234 2,716 1,438 1,358 1,327 1,822


Sources: ICN

1 Final consumption expenditure of households and non-profit institutions (NPIs).2 Including renovation works, registration fees and costs of notarial deeds.

1.2.5 MAIN CATEGORIES OF INCOME, ESTIMATES AT CURRENT PRICES


2001 2002 2001 2002 20032001 2002


Compensation of employeesWages and salaries 100,017 103,882 25,043 25,438 25,644 25,902 26,097 26,239 26,124 26,296

Employers’ social contributions 34,047 35,570 8,549 8,688 8,791 8,883 8,930 8,966 8,965 8,994

Total Compensation of employees 134,064 139,452 33,592 34,126 34,435 34,785 35,028 35,205 35,089 35,290

Gross operating surplus and grossmixed income 1 89,853 89,287 22,551 21,872 22,265 22,244 22,416 22,363 23,122 22,827

Taxes less subsidies on products and im-ports 29,972 31,209 7,547 7,458 7,588 7,821 7,846 7,955 7,959 8,113

Gross domestic income at market pri-ces 253,889 259,949 63,690 63,456 64,287 64,850 65,289 65,523 66,171 66,230

Sources: ICN

1 Including consumption of fixed capital.


2 CHAPTER 2: BUSINESS SURVEYS2.1 MONTHLY BUSINESS SURVEYS2.1.1 OVERALL SYNTHETIC CURVE AND COMMENT

-30

-20

-10

0

10

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003-30

-20

-10

0

10

Seasonally adjusted and smoothed series Seasonally adjusted series

OVERALL SYNTHETIC CURVE(industry, trade, building)

BUSINESS CONFIDENCE CONTINUES TO RISE IN DECEMBER

In December the gross overall synthetic curve of the

National Bank of Belgium rose to its highest level in 14

months.

The continuing improvement in the economic climate was

the result of strengthening business confidence in

manufacturing industry and trade. In contrast, there was a

slight decline in optimism in the building sector.

The smoothed overall synthetic curve which, by

eliminating extremes, reflects the fundamental trend in

economic activity after a time-lag of a few months,

continued to rise.

In business-related services, the results of which are not

included in the overall synthetic indicator, the gross

indicator fell slightly in December. However, in this sector,

the smoothed synthetic curve maintained its clear upward

trend.


-30

-25

-20

-15

-10

-5

0

5

10

15

1997 1998 1999 2000 2001 2002 2003

-15

-10

-5

0

5

10

15

20

25

30

1997 1998 1999 2000 2001 2002 2003

-30

-25

-20

-15

-10

-5

0

5

10

15

1997 1998 1999 2000 2001 2002 2003

-30

-25

-20

-15

-10

-5

0

5

10

15

1997 1998 1999 2000 2001 2002 2003

MANUFACTURING INDUSTRY TRADE

BUSINESS-RELATED SERVICES¹ BUILDING INDUSTRY

Seasonally adjusted and smoothed series Seasonally adjusted series

2.1.2 MANUFACTURING INDUSTRY, TRADE, BUSINESS-RELATED SERVICES AND BUILDING INDUSTY

¹ The curve of business-related services is not incorporated in the overall curve.


2.1.3 NUMERICAL VALUE OF SYNTHETIC CURVES2.1.3.1 MANUFACTURING INDUSTRY, BUILDING INDUSTRY, TRADE AND OVERALL CURVE

(balances, seasonally adjusted and smoothed)

Manufacturing industry Building industry excluding civil en-geneering and roadworks

Trade Overall curve

Seasonally ad-justed andsmoothed se-ries 1

Seasonally ad-justed series







2001 December --16.6 --19.0 --4.3 --3.7 --8.3 --8.3 --13.9 --15.1

2002 January --15.4 --16.9 --4.8 --4.4 --7.1 --2.3 --12.8 --12.8

February --13.4 --14.1 --5.7 --4.4 --5.3 --11.0 --11.2 --12.2

March --11.1 --9.9 --6.9 --7.7 --3.4 --5.0 --9.5 --8.8

April --9.1 --8.3 --8.1 --9.4 --1.9 --1.3 --8.0 --7.4

May --7.9 --1.6 --9.0 --8.4 --0.9 --1.3 --7.0 --2.6

June --7.5 --5.5 --9.5 --10.6 --0.3 --0.3 --6.6 --5.5

July --7.7 --7.4 --9.7 --9.4 0.3 0.8 --6.5 --6.5

August --8.2 --7.6 --9.2 --10.9 0.8 2.5 --6.8 --6.6

September --8.8 --9.8 --8.2 --9.9 0.9 1.2 --7.2 --8.2

October --9.6 --10.5 --7.0 --5.1 0.7 0.2 --7.7 --8.1

November --10.4 --9.0 --5.9 --5.6 --0.2 5.3 --8.4 --6.3

December --11.6 --12.9 --5.1 --3.4 --1.9 --5.2 --9.4 --10.3

2003 January --13.2 --15.5 --4.7 --8.3 --4.1 --0.2 --10.7 --12.1

February --15.1 --10.5 --4.4 --4.0 --6.8 --6.0 --12.4 --8.9

March --16.8 --17.4 --4.3 --5.0 --9.0 --20.5 --14.0 --16.0

April --18.1 --20.5 --4.3 --4.0 --10.3 --14.0 --15.2 --17.1

May --18.7 --18.3 --4.4 --4.0 --10.9 --10.0 --15.7 --14.9

June --18.3 --26.5 --4.5 --8.3 --11.0 --11.5 --15.3 --21.5

July --17.2 --19.3 --4.1 --7.3 --10.9 --9.5 --14.3 --16.0

August --15.5 --14.3 --3.2 --4.4 --10.9 --10.5 --13.0 --12.2

September --14.5 --0.7 --13.5 --12.3

October --10.6 --1.3 --11.7 --9.4

November --8.8 --0.6 --11.0 --7.9

December --6.9 --1.6 --9.2 --6.5

1 The smoothed series are based on the seasonally adjusted series.


2.1.3.2 OVERALL BUILDING INDUSTRY AND BUSINESS-RELATED SERVICES


Building industry including civil engeneeringand roadworks 1

Business-related services 2

Seasonally adjustedand smoothed series 3

Seasonally adjustedseries

Seasonally adjustedand smoothed series 3

Seasonally adjustedseries

2001 December --6.0 --6.0 --3.0 --5.8

2002 January --6.2 --6.2 --1.7 --2.7

February --6.5 --5.8 --0.2 2.4

March --7.2 --7.2 1.0 0.3

April --8.0 --9.6 1.3 2.7

May --8.8 --7.4 0.6 2.6

June --9.3 --10.1 --0.6 --0.4

July --9.5 --9.6 --1.4 --3.2

August --9.3 --11.1 --1.9 --2.2

September --8.9 --9.1 --2.1 --3.3

October --8.4 --8.1 --2.0 --1.9

November --7.7 --6.9 --2.1 0.4

December --7.1 --5.5 --2.4 --0.6

2003 January --6.7 --9.1 --2.9 --3.9

February --6.4 --5.2 --3.8 --2.9

March --6.3 --6.3 --4.9 --8.5

April --6.3 --6.3 --5.7 --8.4

May --6.3 --6.1 --5.9 --3.0

June --6.0 --8.5 --5.2 --6.9

July --5.4 --6.9 --3.7 --6.5

August --4.5 --4.6 --1.5 --2.2

September --0.8 0.8

October --1.8 4.0

November --2.7 4.1

December --3.8 3.5

1 Weighted average of the curve for the carcase work of buildings(70 p.c.) and the synthetic curve for civil engineering and road-works (30 p.c.). Although the civil engineering and roadworkssector is not taken into consideration for the calculation of theoverall synthetic curve, as its movement is not normally parallelwith that of the cyclical trend, it is nevertheless appropriate to

have an indicator which covers the whole of the building industry,as do most statistics.

2 The curve of business-related services is not incorporated in theoverall curve.

3 The smoothed series are based on the seasonally adjusted se-ries.

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2.1.4 NUMERICAL VALUE OF NATIONAL SYNTHETIC CURVES AND THEIR COMPONENTS: MANUFACTURING INDUSTRY


Trend Appraisal Forecasts Synthetic curve p.m. Selling prices 1

Production rate Domestic orders Export orders Total order book Export order book Stocks of finishedproducts

Employment Demand Season-ally ad-justed

Season-ally ad-justed

Trend Forecast

Season-ally ad-justedandsmooth-ed se-ries 2

Season-ally ad-justedseries















ally ad-justedandsmooth-ed se-ries 2

ally ad-justedseries Season-





2001 Dec. --8.6 --12 --13.6 --15 --9.3 --18 --28.8 --30 --30.9 --37 15.5 12 --14.4 --16 --10.4 --12 --16.6 --19 --6.3 --9 --6.9 --9

2002 Jan. --7.4 --10 --12.8 --14 --7.1 --11 --28.5 --30 --30.4 --38 13.4 13 --13 --12 --8 --7 --15.4 --17 --6.5 --6 --4.3 --8

Feb. --5.1 --3 --11.6 --11 --3.5 --6 --27.8 --28 --28.6 --31 11.3 15 --11.4 --11 --4.3 --8 --13.4 --14 --6 --10 --0.5 0

March --2.6 --5 --10.4 --10 0.6 0 --26.6 --25 --26.1 --22 9.5 9 --10.1 --10 --0.8 2 --11.1 --10 --4.6 1 3.6 6

April --0.4 1 --9.5 --9 4.4 7 --25.4 --27 --23.4 --26 7.9 7 --9.4 --9 2.1 4 --9.1 --8 --2.6 --8 6.9 8

May 1.6 8 --9.1 3 7.4 18 --24.3 --18 --21.3 --16 6.4 7 --8.8 --8 3.3 7 --7.9 --2 --0.6 --2 8.4 10

June 2.6 4 --9 --9 8 9 --23.6 --23 --20.6 --20 5.4 5 --8.4 --8 2.4 8 --7.5 --5 0.6 4 7.9 13

July 2.9 --2 --8.8 --9 6.1 9 --23.5 --24 --21.1 --20 4.6 2 --8.5 --11 0.6 0 --7.7 --7 0.8 1 5.9 9

Aug. 2.8 4 --8.3 --7 3.4 3 --23.6 --22 --21.9 --23 4.4 3 --9.1 --7 --1.6 --6 --8.2 --8 0.3 1 3.6 1

Sep. 1.8 --3 --8.1 --13 0.1 --2 --24 --24 --22.8 --23 4.8 4 --10.1 --8 --3.3 --1 --8.8 --10 --0.5 --1 1.4 --1

Oct. 0.5 2 --8 --3 --2.9 --6 --24.5 --25 --23.4 --26 5.6 6 --11.5 --13 --4.3 --7 --9.6 --10 --1.6 --3 0.3 --3

Nov. --0.5 2 --8.1 --5 --5 --2 --25.4 --22 --23.6 --23 6.9 6 --12.6 --11 --4.8 --5 --10.4 --9 --2.6 --4 0.4 0

Dec. --2 --2 --8.9 --12 --7.5 --10 --26.8 --29 --24.6 --24 8 9 --13.5 --14 --4.8 --3 --11.6 --13 --3 --1 0.6 3

2003 Jan. --3.5 --6 --9.3 --10 --10 --20 --28.5 --30 --26.3 --30 9 10 --14.6 --14 --5.9 --4 --13.2 --15 --2.6 --4 0.9 1

Feb. --4.9 --2 --9.9 --7 --12 0 --30.4 --26 --28.3 --20 9.6 9 --15.9 --15 --8.1 --5 --15.1 --10 --1.8 --4 --0.1 5

March --6.9 --9 --10.8 --10 --13.5 --14 --31.9 --34 --31 --30 9.9 10 --17.1 --19 --10.4 --13 --16.8 --17 --0.8 2 --2.6 1

April --8.6 --16 --11.3 --15 --14 --18 --32.9 --33 --33.3 --34 10 10 --18.3 --24 --12.6 --14 --18.1 --20 --1.1 0 --5.4 --8

May --9.3 --6 --11.6 --12 --13.6 --14 --33.8 --33 --35 --36 9.9 9 --18.9 --18 --13.9 --18 --18.7 --18 --3.3 0 --8.1 --10

June --8.9 --16 --11.3 --26 --12.1 --36 --34.8 --43 --36.5 --44 9.5 11 --19 --19 --13.5 --17 --18.3 --26 --5.8 --8 --9.8 --10

July --7.6 --11 --10.3 --8 --9.5 --11 --35 --37 --36.3 --44 8.5 11 --18.9 --18 --11.6 --14 --17.2 --19 --8.3 --15 --9.3 --14

Aug. --5.6 0 --9.3 --8 --6 --5 --34.3 --32 --34.6 --30 6.8 8 --18.6 --21 --8.6 --10 --15.5 --14 --9 --10 --7.8 --11

Sep. --6 --11 --2 --37 --38 --1 --20 --3 --14 --11 --4

Oct. --4 --5 5 --29 --29 4 --18 --1 --11 --4 --4

Nov. --2 --9 2 --28 --22 2 --12 3 --9 --1 1

Dec. 2 --4 2 --25 --24 2 --10 6 --7 0 0

1 The price indicators are not taken into consideration for the calculation of the synthetic curve, because they do not display any cycli-cal pattern. Since they nevertheless provide rapid and reliable information, they are shown for the record.


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2.1.5 NUMERICAL VALUE OF REGIONAL SYNTHETIC CURVES AND THEIR COMPONENTS2.1.5.1 FLEMISH REGION






Trend Forecast























2001 Dec. --11.9 --17 --23.5 --23 --14.6 --28 --37 --37 --35.5 --39 19.4 18 --19 --21 --14.8 --21 --22.6 --25 --10.6 --14 --6.6 --14

2002 Jan. --9.3 --13 --23.1 --35 --9.1 --13 --36.8 --39 --34.8 --38 17.6 19 --17.9 --18 --12.8 --13 --20.5 --23 --9.8 --9 --4 --4

Feb. --6.3 --6 --21.8 --24 --3.4 5 --35.3 --39 --32.5 --35 15.4 18 --16.1 --16 --10.4 --11 --17.6 --18 --7.8 --13 --0.9 0

March --3.1 --3 --18.6 2 2.1 5 --33.4 --30 --29.6 --24 12.3 11 --14.1 --15 --7.8 --9 --14.4 --11 --5 --3 1.9 3

April --0.9 4 --15.6 --20 5.6 1 --31.6 --33 --26.9 --30 8.3 10 --12.5 --11 --5.5 --3 --11.7 --13 --2.4 --2 3.6 4

May 0.5 1 --13.1 --7 6.9 19 --30.4 --30 --24.8 --19 5.1 1 --11.1 --10 --4 0 --10.2 --6 --0.9 0 4.5 5

June 1 4 --11.5 --16 6.8 15 --30 --30 --24.6 --24 3.4 2 --10.4 --11 --4.8 0 --9.8 --8 --0.3 6 4.3 11

July 1 --2 --11.3 --5 4.8 8 --30 --31 --25.9 --24 3.8 --2 --10.1 --10 --7.4 --14 --10.1 --9 --0.1 5 3 10

Aug. 1 --1 --10.6 --16 1.6 1 --29.8 --28 --27.3 --29 5.9 5 --10 --9 --10 --17 --10.8 --13 --0.4 0 1.5 --1

Sep. 1 1 --11 1 --1.6 --5 --29.4 --30 --28.8 --30 8.1 12 --10.1 --8 --12 --5 --12 --11 --0.8 --1 0.1 --2

Oct. 0.3 1 --12.5 --23 --4.8 --5 --29 --30 --29.6 --29 10 10 --11.1 --10 --12.5 --13 --13.3 --15 --1.3 --2 --0.3 0

Nov. --1.6 4 --14.3 --1 --7.5 --4 --28.5 --26 --29.9 --30 11 11 --12.9 --11 --11.9 --14 --14.5 --12 --1.5 --6 0.4 --2

Dec. --5.3 --8 --16.4 --13 --9.9 --14 --28.4 --28 --30 --30 11.5 12 --14.9 --21 --11.3 --11 --15.6 --17 --1.4 1 1.1 3

2003 Jan. --10.3 --23 --18.6 --27 --12.1 --29 --28.6 --29 --30 --30 12 11 --16.8 --17 --11.1 --3 --16.4 --21 --1.1 --3 1.5 2

Feb. --14 --5 --19.4 --22 --13.6 --11 --29.1 --27 --30.1 --25 12.6 13 --17.4 --19 --11.4 --7 --16.6 --16 --0.9 --1 1 13

March --16.1 --19 --19.8 --1 --14 --14 --30 --30 --30.5 --27 13.4 13 --17.1 --16 --11.9 --12 --17.2 --16 --1 0 --0.4 --2

April --15.4 --20 --20.1 --22 --14 --14 --30.9 --32 --31.1 --32 14 14 --16.6 --20 --12.6 --12 --18.2 --21 --1.8 3 --2.1 0

May --11.4 2 --19.4 --5 --13.5 --4 --31.6 --31 --32.4 --31 14.5 19 --16.1 --16 --13.3 --14 --18.5 --15 --3.4 --3 --4.3 --5

June --7.1 --15 --19 --19 --12.5 --26 --32.3 --39 --34 --38 14.8 20 --15.9 --13 --12.9 --14 --18.2 --23 --5.6 --4 --6.5 --5

July --3.1 --6 --19 --23 --11.4 --27 --32.3 --33 --34.9 --45 14.4 15 --15.6 --16 --11.4 --16 --17.4 --23 --7.6 --12 --8.1 --10

Aug. 0.1 3 --18 --19 --9 --10 --30.9 --30 --33.6 --33 13.6 14 --15.4 --17 --9.5 --2 --15.5 --15 --9.3 --10 --9.4 --10

Sep. 0 --11 --9 --35 --37 9 --15 --7 --15 --12 --10

Oct. 2 --7 17 --15 --19 12 --15 --6 --7 --6 --6

Nov. 4 --19 0 --22 --22 12 --8 --8 --11 --8 --8

Dec. 11 5 3 --23 --22 13 --11 5 --6 --12 --10



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2.1.5.2 WALLOON REGION






Trend Forecast























2001 Dec. --9 --18 --19.3 --7 --7.6 --40 --28.5 --36 --29.9 --38 22.1 9 --13 --17 --2.1 --2 --17.7 --21 --2 --13 --5.6 --9

2002 Jan. --8.3 --17 --14.8 --33 --7.6 --13 --28.3 --30 --30.1 --32 19 13 --13 --13 --1.9 --1 --16.3 --19 --5 1 --4.1 --12

Feb. --7 --7 --9.3 1 --7.1 --4 --27.9 --28 --29.5 --26 18 18 --13.3 --15 --1.3 --3 --14.6 --12 --8 --13 --0.9 --2

March --7 --4 --3.1 --23 --6.9 --8 --26.8 --28 --28.3 --29 17.6 21 --14.8 --13 --0.4 5 --13.2 --15 --9.4 7 3.4 0

April --7.4 --7 1.9 12 --6.1 --8 --24.8 --27 --26.3 --32 16.6 18 --17.3 --5 0.3 1 --11.9 --10 --8.5 --13 7.3 18

May --8.1 15 2.3 6 --4.9 19 --22.8 --17 --24.1 --23 15 13 --19.8 --27 0.4 --2 --10.7 --5 --6.4 --14 10.4 12

June --9.6 --18 --0.3 --10 --4 --5 --21.3 --18 --22.8 --22 11.8 10 --22 --23 --0.3 8 --10.3 --12 --3.6 2 10.5 21

July --11.1 --16 --3.4 16 --3.5 16 --21.1 --20 --22.1 --12 7.6 15 --23.1 --24 --2.3 --12 --10.4 --8 --2.8 2 7.8 11

Aug. --11.5 --10 --7.3 --9 --3.5 --9 --21.9 --23 --22 --22 4.1 0 --24.1 --3 --4.4 3 --10.9 --9 --2.6 --7 4.8 2

Sep. --10.3 --10 --10.9 --25 --5.1 --1 --22.9 --25 --22.3 --24 1.5 --1 --25.9 --13 --5.3 --3 --12.1 --12 --2 --2 1.8 0

Oct. --6.9 --17 --14.1 --6 --6.9 --10 --24 --23 --22.5 --30 0.8 --1 --27.8 --30 --5.6 --13 --13.4 --16 --2 --2 --0.1 --6

Nov. --3.4 1 --17.4 --10 --8.6 4 --25.6 --20 --22.5 --18 2.1 2 --30 --35 --4.9 --11 --14.3 --11 --2 --6 --0.4 --8

Dec. --0.8 1 --20.5 --35 --10.1 --10 --28.4 --36 --23.1 --22 4.4 2 --31.8 --31 --4 --4 --15.4 --17 --1.5 2 --0.1 1

2003 Jan. 0 0 --22 --22 --11.3 --16 --31.4 --32 --24.1 --27 6.6 12 --33 --16 --6.4 0 --16.7 --16 --0.3 --2 0 --1

Feb. --2.3 1 --22.3 --24 --13.5 3 --35 --27 --27 --5 8.6 9 --34.8 --36 --11.8 --3 --19.4 --12 1.3 --2 --1 3

March --6.4 --4 --22.4 --18 --16.5 --12 --39.5 --36 --33.4 --27 9.3 12 --36.4 --34 --17.8 --23 --23.5 --21 2.8 14 --3.5 11

April --11.6 --35 --23 --21 --19.8 --22 --43.5 --45 --40.5 --42 8.8 7 --37.6 --43 --23.8 --40 --27.3 --32 2.6 4 --6.8 --11

May --16.3 --13 --24.9 --28 --22.8 --26 --47.3 --61 --47 --54 7.9 11 --38.3 --40 --25.6 --31 --29.9 --33 0.4 9 --10 --13

June --18.6 --23 --26.9 --42 --22.6 --45 --49.9 --63 --49.9 --53 6.6 7 --37.4 --39 --22.4 --28 --29.6 --37 --2.4 --20 --11.5 --9

July --18.9 --18 --28 --16 --19.5 0 --50.5 --50 --47.8 --57 5.3 1 --35.6 --31 --17.9 --14 --27.4 --23 --5 --5 --10.9 --24

Aug. --16.9 --23 --27.6 --31 --15.5 --27 --50.4 --49 --44.1 --39 3.8 6 --33.9 --32 --11.5 --9 --24.7 --27 --6.4 --11 --8.9 --20

Sep. --15 --31 3 --52 --38 4 --36 --11 --23 --7 0

Oct. --10 --17 --11 --50 --39 1 --29 4 --19 --6 --6

Nov. --6 --23 --8 --49 --28 1 --32 8 --17 1 --2

Dec. 3 --17 12 --35 --20 --2 --25 6 --9 19 1



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2.1.6 NUMERICAL VALUE OF NATIONAL SYNTHETIC CURVES AND THEIR COMPONENTS: TRADE



Sales Sales Stocks Orders to Belgian sup-pliers

Orders to foreign sup-pliers

Demand Seasonal-ly adjustedand

Seasonal-ly adjustedseries

Trend Forecast

Seasonal-ly adjustedandsmoothedseries 2












ly adjustedandsmoothedseries 2

ly adjustedseries





2001 Dec. --4 --4 --5.3 --4 +12.8 +8 --11.9 --12 --11.1 --14 --3.8 --8 --8.3 --8 --8.5 --11 +2 +6

2002 Jan. --3.9 --3 --5.8 --7 +11.8 +10 --10.9 --3 --9 --2 --1.8 +11 --7.1 --2 --10.1 --10 +1.5 --2

Feb. --2.9 --12 --5.8 --20 +10.9 +14 --10.1 --13 --6.8 --8 +0.6 +1 --5.3 --11 --10.8 --12 +1.6 +2

March --1.1 +3 --4.8 --3 +10.4 +11 --9.1 --9 --4.8 --7 +2.8 --3 --3.4 --5 --11.1 --15 +2.1 --6

April +1 --6 --2.9 --9 +10 +10 --8.3 +2 --2.9 +9 +4.3 +6 --1.9 --1 --10.8 --4 +2.6 +10

May +4 +6 --0.5 +2 +8.8 +8 --8 --9 --1.5 --4 +4.6 +5 --0.9 --1 --9.9 --7 +2.9 +3

June +6.8 +11 +1.9 +1 +6.6 +11 --8.1 --7 --0.5 +0 +4.5 +4 --0.3 +0 --7.9 --12 +3.3 +5

July +9.4 --1 +3.8 +3 +4.4 +2 --8.6 --7 +0 +3 +4.4 +9 +0.3 +1 --4.5 --13 +4 +3

Aug. +12.3 +16 +5.1 +6 +2.4 +1 --9.5 --10 --0.3 +0 +4 +4 +0.8 +3 --1.6 +1 +5 --1

Sep. +13.5 +20 +6.3 +12 +1.6 +1 --10.3 --12 --0.9 --2 +3.6 --10 +0.9 +1 +0.6 +2 +6 +8

Oct. +13.5 +11 +6.9 +7 +1.9 +7 --10.6 --11 --1.9 +2 +3.4 --1 +0.7 +0 +2.1 +6 +6.8 +7

Nov. +12.1 +21 +6.1 +18 +2.3 +0 --11.1 --10 --3.1 --3 +3.1 +6 --0.2 +5 +2.5 +4 +6.9 +7

Dec. +8 --6 +3.9 --4 +3 +6 --12.1 --13 --5.6 --5 +0.6 +3 --1.9 --5 +2.5 +2 +5.6 +6

2003 Jan. +4.3 +5 +0.9 +7 +3.8 +3 --13.4 --8 --9.3 --5 --4.1 +3 --4.1 +0 +2.1 --1 +3.4 +7

Feb. +2.3 +20 --2.5 +0 +4.9 +1 --14.6 --16 --12.5 --18 --8.9 --21 --6.8 --6 +0.5 +4 +1 --2

March +1 --33 --5.1 --29 +6.9 +5 --15.6 --19 --15.4 --21 --13.6 --16 --9 --20 --1.9 +2 --1.4 --3

April +2.3 --10 --6.3 --7 +9.4 +10 --15.9 --17 --16.6 --17 --16 --23 --10.3 --14 --4.3 --8 --2.6 --7

May +4.1 +3 --6.5 --6 +12.3 +12 --15.6 --16 --16.3 --16 --15.8 --13 --10.9 --10 --6.3 --7 --2.9 +0

June +4.9 +6 --6.8 --12 +15.1 +16 --15.4 --15 --15.6 --16 --15.3 --16 --11 --11 --7 --6 --3 --8

July +4 +7 --6.8 --4 +17.6 +17 --15.1 --15 --14.9 --14 --14.1 --14 --10.9 --9 --6.8 --8 --2.5 --3

Aug. +1.1 +7 --6.9 --1 +19.4 +24 --15 --13 --13.8 --15 --12.3 --17 --10.9 --10 --6.1 --12 --1.4 --3

Sep. --12 --9 +23 --18 --10 --9 --13 --5 +3

Oct. --8 --10 +21 --15 --8 --8 --12 --2 +2

Nov. --7 --5 +20 --16 --13 --5 --11 --3 +1

Dec. --2 --12 +16 --13 --6 --6 --9 --5 +5



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2.1.7 NUMERICAL VALUE OF NATIONAL SYNTHETIC CURVES AND THEIR COMPONENTS - BUILDING INDUSTRY: STRUCTURAL BUILDINGWORK


Trend Assessment of orderbook

Forecasts Synthetic curve p.m. Selling prices 1

Activity Order book Employment Equipment Season-ally ad-

Season-ally ad-

Employment Demand Season-ally ad-

Season-ally ad-

Trend Forecast

Season-ally ad-justedandsmoothedseries 2

Season-ally ad-justed se-ries



















2001 Dec. --4.1 --4 --3.9 +2 --4 --6 +3.4 +2 --21.1 --22 --1.4 --2 --0.5 +4 --4.3 --4 --6.1 --5 --3.3 +0

2002 Jan. --5.1 --7 --5.9 +2 --4 --4 +2.5 +1 --21.9 --23 --2.4 +1 --0.1 --1 --4.8 --4 --6.9 --6 --2.9 --4

Feb. --6.1 --3 --8.1 --11 --4.5 +1 +1.3 +6 --22.6 --21 --3.3 --4 +0.3 +1 --5.7 --4 --7.5 --8 --2.1 +0

March --8 --17 --9.8 --9 --6 --1 +0 +0 --23.4 --23 --3.8 --4 +0.6 +0 --6.9 --8 --7.9 --9 --1.9 --5

April --9.5 --9 --10.6 --17 --8 --18 --0.9 --3 --24.4 --24 --4.6 +0 +0.9 +5 --8.1 --9 --8.3 --7 --2.5 --1

May --9.5 --2 --10.9 --12 --10 --12 --1.5 --2 --25.6 --25 --6 --6 +1.1 +0 --9 --8 --8.8 --8 --3.5 +1

June --8.8 --14 --10.3 --10 --11.4 --8 --1.9 --1 --26.8 --28 --7.5 --14 +1.3 +1 --9.5 --11 --9.4 --9 --4.6 --5

July --7 --15 --9.4 --2 --11.6 --12 --2 --2 --27.6 --28 --8.4 --10 +1.4 +3 --9.7 --9 --10 --10 --5.4 --5

Aug. --4.8 --5 --8.4 --15 --10.9 --11 --2.1 --9 --27.6 --31 --8.4 --7 +1.5 +2 --9.2 --11 --10.5 --11 --5.6 --6

Sep. --3.3 +0 --6.6 --7 --9.6 --16 --2.4 --2 --26.9 --32 --7.3 --11 +1.4 --1 --8.2 --10 --10.9 --12 --5.9 --11

Oct. --2.3 --1 --4.6 +3 --8.3 --7 --2.6 +0 --26.1 --25 --5.3 --6 +1.3 +0 --7 --5 --11 --14 --6 --12

Nov. --1.4 --4 --3 --7 --6.6 +0 --3 --5 --25.4 --25 --3.6 --2 +1.1 +4 --5.9 --6 --10.9 --7 --5.8 --2

Dec. --0.9 +0 --1.4 +0 --5.4 --5 --3.3 --3 --25 --21 --2.5 --2 +0.6 +7 --5.1 --3 --10.8 --10 --5.5 --6

2003 Jan. --0.6 --9 --0.5 --1 --4.1 --10 --3.1 --9 --25.1 --24 --2 --2 +0.1 --3 --4.7 --8 --11 --11 --5.5 --4

Feb. --0.4 +1 --0.8 +3 --2.6 --4 --2.5 --2 --25.5 --25 --1.9 --2 --0.3 +1 --4.4 --4 --11.5 --13 --5.8 --6

March --0.3 --1 --1.3 --3 --1.5 +0 --1.4 --4 --26 --26 --1.6 +0 --1 --1 --4.3 --5 --12.3 --8 --6.5 --3

April --0.8 +9 --2.1 +0 --1 +1 --0.3 +1 --26.5 --27 --1.4 --9 --1.8 --3 --4.3 --4 --13.1 --16 --7.3 --15

May --1.8 +0 --3.3 --2 --1.5 +3 +0.4 +1 --26.5 --29 --1.1 --1 --1.9 +0 --4.4 --4 --13.5 --15 --7.6 --8

June --2.8 --6 --4.1 --8 --2.5 --11 +0.3 +1 --25.6 --27 --1 --1 --0.6 --6 --4.5 --8 --12.9 --13 --7.3 --10

July --3.3 --4 --3.5 --5 --3.4 --4 --0.3 --2 --24.1 --24 --0.9 --7 +1.9 --5 --4.1 --7 --11.3 --14 --6.3 --7

Aug. --2.9 --7 --1.3 --5 --3.4 --7 --0.8 --3 --22.3 --22 --0.5 +5 +4.6 +8 --3.2 --4 --9.3 --6 --5.1 --4

Sep. --1 +5 --3 --1 --19 +1 +13 --1 --6 +2

Oct. +0 +5 --1 +0 --20 --1 +8 --1 --8 --4

Nov. +1 +5 +0 +0 --17 +0 +7 --1 --5 --3

Dec. --4 --1 +2 --2 --15 +4 +5 --2 --8 --2



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2.1.8 NUMERICAL VALUE OF SYNTHETIC CURVES: BUSINESS-RELATED SERVICES


Business-related services


Activity / sales Employment Activity Activity Employment General demand Seasonal-ly adjusted

Seasonal-ly adjusted

Trend Forecasts














Seasonal-ly adjustedseries Seasonal-

ly adjustedandsmootnedseries 2




2001 Dec. --3.4 --6.4 --2.9 --4 --18.4 --21.8 8.8 6.5 2.4 --0.3 --5.7 --9 --3 --5.8 --2 --3.2 --0.6 --0.7

2002 Jan. --2.5 --3.8 --4.1 --4.7 --18.5 --17.6 11.5 11 2.7 2 --2 --3 --1.7 --2.7 --2.3 --3.7 0 --0.9

Feb. --0.6 3.7 --4.3 --1.2 --18.6 --13.9 14.3 16.1 3.2 4.5 1.8 5.5 --0.2 2.4 --1.9 --0.5 0.6 1.2

March 0.5 --3.1 --4.5 --6.6 --18.9 --19.2 16.7 19.1 3.6 4 4.9 7.6 1 0.3 --1.5 --2.7 1.2 3.5

April 1.2 5 --4.6 --4.6 --19.2 --20.7 17.7 22.3 3.5 3.9 5.8 10.5 1.3 2.7 --1.1 --0.6 1.6 2.2

May 1.2 8.4 --4.6 --3.6 --19.6 --16.1 17.5 18 3.2 3 4.9 6.2 0.6 2.6 --1 0.4 1.6 1.5

June --0.2 --1.7 --5 --4.4 --20.1 --20.2 16.6 17.7 2.7 2.7 3.4 3.6 --0.6 --0.4 --1.3 --1.3 1.3 0.1

July --0.5 --6.6 --5.5 --6.8 --20.3 --20.5 15.6 12.5 2.1 0.9 1.6 0.9 --1.4 --3.2 --1.6 --1.8 0.8 2.2

Aug. --0.1 1.6 --5.9 --6.6 --20.4 --17.7 14.7 10.5 1.6 --0.4 0.2 --0.9 --1.9 --2.2 --1.9 --3.7 0.2 0.6

Sep. --0.1 --6.7 --5.9 --5.3 --20.7 --24.8 14.3 14.5 1.2 3.5 --0.5 --0.9 --2.1 --3.3 --2.2 0.5 --0.2 --1

Oct. 0.3 4.6 --5.5 --7.7 --21 --20.7 14.3 14.1 1 --1.2 --0.7 --0.7 --2 --1.9 --2.6 --2.6 --0.5 --3.6

Nov. 0.2 6.4 --4.9 --1.7 --21.3 --17.4 14.3 14.3 1.1 1.1 --0.8 --0.3 --2.1 0.4 --2.9 --2.6 --0.6 --0.4

Dec. --0.8 --1.9 --4.4 --4.6 --21.8 --21.8 14.1 16.9 0.8 2.5 --1.5 5.1 --2.4 --0.6 --3.2 --3.8 --0.7 0.5

2003 Jan. --1.5 --8.6 --4.1 --3.6 --22.4 --24.5 12.8 15.6 0.3 --1.1 --2.8 --1.1 --2.9 --3.9 --3.4 --3.5 --0.9 --1.3

Feb. --2.2 1.2 --4 --5.4 --22.8 --21.6 11 12 --0.5 2.3 --4.6 --6 --3.8 --2.9 --3.5 --3.5 --1.2 1.4

March --2.9 --8.1 --3.9 --3.7 --23.2 --23.4 8.8 2.2 --1.4 --4.5 --6.9 --13.9 --4.9 --8.5 --3.5 --3.5 --1.8 --1.9

April --3.2 --3 --3.9 --4.1 --23.3 --25.4 7 --0.4 --2.1 --3 --8.6 --14.1 --5.7 --8.4 --3.4 --3.7 --2.5 --2.2

May --3.2 --1.6 --3.7 --3.7 --23 --20.2 6.7 7 --2.2 1.1 --8.6 --0.5 --5.9 --3 --3.3 --3 --3 --3.8

June --3.4 --6 --3.5 --4.6 --22.4 --28.2 7.8 10 --1.9 --2.6 --7 --10 --5.2 --6.9 --3.2 --3.4 --3.3 --3.5

July --3.4 --3.6 --3.2 --2.9 --21.8 --22.9 10.3 4.4 --0.5 --3.2 --4 --10.4 --3.7 --6.5 --3 --3 --3.1 --4.9

Aug. --3.3 --2.9 --2.8 0.6 --21.1 --21 14.2 12.4 1.8 --0.4 0.3 --1.7 --1.5 --2.2 --2.7 --2 --2.4 --3.2

Sep. --4.2 --0.7 --21 19.5 5.8 5.6 0.8 --4 --1.1

Oct. 4.3 --3 --17.5 25.1 7.2 7.8 4 --2.4 0

Nov. 2.4 --3.3 --18.5 24.7 8.7 10.5 4.1 --1.3 4.7

Dec. --2.9 --1.2 --19.5 22.8 7.1 14.8 3.5 --0.2 0.1




2.1.9 SYNTHETIC CURVES BY BRANCHES2.1.9.1 SYNTHETIC CURVES BY INDUSTRIAL BRANCHES


2002 2003

Dec. Jan. Feb. March April May June July Aug. Sep. Oct. Nov. Dec.

Textile industrySeasonally adjusted and smoothed series 1 --23.8 --24.8 --26.1 --27.4 --28.5 --29.0 --28.9 --28.1 --27.0

Seasonally adjusted series --25.1 --27.5 --19.5 --26.1 --30.6 --28.4 --30.0 --29.9 --26.4 --25.3 --25.5 --17.3 --10.8

Food industrySeasonally adjusted and smoothed series 1 0.6 0.7 0.7 0.1 --0.5 --1.4 --2.6 --3.1 --3.4

Seasonally adjusted series --1.4 4.5 --0.5 1.9 --2.0 4.5 --14.9 --4.0 0.0 --7.4 --1.5 --3.0 --3.1

Iron and steel industrySeasonally adjusted and smoothed series 1 --29.7 --30.7 --33.2 --38.6 --44.4 --49.8 --51.7 --50.0 --45.6


Non ferrous industrySeasonally adjusted and smoothed series 1 --13.5 --21.0 --29.2 --36.4 --40.0 --42.1 --43.2 --41.2 --36.7


Metal and electrotechnical industrySeasonally adjusted and smoothed series 1 --13.4 --15.0 --16.5 --17.5 --18.1 --18.4 --18.5 --18.4 --17.8


Paper and paperboard industrySeasonally adjusted and smoothed series 1 --14.5 --15.1 --16.2 --17.7 --19.6 --21.1 --22.1 --21.0 --17.6


Graphics industrySeasonally adjusted and smoothed series 1 --23.8 --22.9 --22.1 --21.6 --21.5 --21.2 --21.8 --22.8 --22.5


Wood-processing industrySeasonally adjusted and smoothed series 1 --22.7 --23.6 --25.3 --27.2 --29.1 --29.6 --28.9 --27.8 --25.9


Production of building materialsSeasonally adjusted and smoothed series 1 --15.5 --16.1 --17.1 --18.4 --18.5 --16.7 --13.5 --9.7 --6.9

Seasonally adjusted series --16.0 --18.3 --14.4 --22.5 --12.3 --20.8 --21.8 --1.5 --7.5 --5.6 10.1 --8.0 3.9

Plastic and rubber industrySeasonally adjusted and smoothed series 1 --8.2 --9.7 --10.1 --10.7 --11.7 --12.8 --13.8 --13.4 --11.5


Chemical industrySeasonally adjusted and smoothed series 1 --5.7 --6.4 --8.8 --12.4 --15.2 --16.3 --14.2 --9.6 --5.3

Seasonally adjusted series --5.4 --6.1 --1.3 --21.5 --19.5 --11.4 --22.4 --14.9 0.4 0.1 --2.5 2.1 --5.9

Total of all industriesSeasonally adjusted and smoothed se-ries 1 --11.6 --13.2 --15.1 --16.8 --18.1 --18.7 --18.3 --17.2 --15.5Seasonally adjusted series --12.9 --15.5 --10.5 --17.4 --20.5 --18.3 --26.5 --19.3 --14.3 --14.5 --10.6 --8.8 --6.9

of which:Production of consumer goods

Seasonally adjusted and smoothed se-ries 1 --12.7 --13.2 --13.3 --13.5 --13.7 --13.6 --13.1 --12.4 --11.3


Production of capital goodsSeasonally adjusted and smoothed se-ries 1 --7.4 --9.5 --11.7 --14.2 --16.0 --16.7 --17.1 --16.8 --15.3


Production of intermediate goodsSeasonally adjusted and smoothed se-ries 1 --13.4 --15.6 --18.4 --21.0 --22.7 --23.6 --23.2 --21.7 --19.5




2.1.9.2 SYNTHETIC CURVES BY BRANCHES IN TRADE


2002 2003


Distribution of vehiclesSeasonally adjusted and smoothed series 1 --8.8 --14.0 --18.4 --19.3 --17.5 --15.8 --15.0 --15.0 --15.1

Seasonally adjusted series +0.5 --21.8 --24.2 --24.5 +2.2 --15.2 --10.0 --14.7 --17.8 --18.3 --15.2 --5.3 --5.7

Trade in food and maintenance productsSeasonally adjusted and smoothed series +10.2 +7.7 +5.2 +3.4 +3.2 +3.8 +4.5 +5.3 +5.9

Seasonally adjusted series +6.5 +19.7 +3.2 --0.3 +2.7 +13.2 --5.3 +10.3 +5.0 +6.0 +9.0 --0.8 +12.2

Trade in footwear and slippersSeasonally adjusted and smoothed series 1 --13.5 --14.6 --14.6 --14.3 --12.7 --10.1 --7.6 --5.2 --4.0

Seasonally adjusted series --14.8 --14.0 --18.3 --23.5 --14.2 --13.0 --2.2 --4.2 --4.0 +4.3 --6.3 +1.5 --12.0

Trade in furnitureSeasonally adjusted and smoothed series 1 +0.4 +0.6 +0.9 +1.2 +1.2 --0.1 --2.5 --4.9 --7.4

Seasonally adjusted series +2.2 --5.2 +3.3 --28.2 +1.5 +1.0 +6.0 --8.5 --8.8 --14.5 --6.7 --2.8 --10.2

Trade in textile articlesSeasonally adjusted and smoothed series 1 --9.2 --13.5 --18.2 --23.4 --28.0 --30.4 --31.1 --31.1 --30.7


Trade in electrical and electronic appliancesSeasonally adjusted and smoothed series 1 --9.3 --11.4 --15.5 --19.7 --23.2 --24.6 --23.2 --19.8 --16.4

Seasonally adjusted series --11.3 +5.0 --10.0 --26.7 --29.0 --22.5 --27.2 --22.2 --3.8 --15.8 --11.0 +0.2 --11.3

Total of tradeSeasonally adjusted and smoothed se-ries 1 --1.9 --4.1 --6.8 --9.0 --10.3 --10.9 --11.0 --10.9 --10.9Seasonally adjusted series --5.2 --0.2 --6.0 --20.5 --14.0 --10.0 --11.5 --9.5 --10.5 --13.5 --11.7 --11.0 --9.2


2.1.9.3 SYNTHETIC CURVES BY BRANCHES IN BUILDING INDUSTRY


2002 2003


Structural building workSeasonally adjusted and smoothed series 1 --5.1 --4.7 --4.4 --4.3 --4.3 --4.4 --4.5 --4.1 --3.2


of which:Residential buildings

Seasonally adjusted and smoothed se-ries 1 --4.7 --4.4 --4.4 --5.0 --6.2 --7.4 --8.1 --6.9 --4.3

Seasonally adjusted series --4.1 --4.4 --5.0 --4.1 --1.9 --8.9 --9.4 --9.0 --6.0 +2.3 +1.4 +3.6 +0.1

Non-residential buildingsSeasonally adjusted and smoothed series --5.7 --5.6 --5.6 --5.6 --5.7 --5.3 --4.7 --4.3 --3.8


Civil engineering and roadworksSeasonally adjusted and smoothed series 1 --10.2 --10.3 --10.2 --10.0 --9.8 --9.0 --7.8 --6.7 --5.7




2.1.9.4 SYNTHETIC CURVES FOR BUSINESS-RELATED SERVICES


2002 2003


Synthetic curves by branches in business-re-lated services

Transport and auxiliary activitiesSeasonally adjusted and smoothed se-ries 1 1.9 0.7 --0.8 --2.4 --3.2 --3.4 --2.9 --1.4 0.3

Seasonally adjusted series 2.7 --1.5 1.0 --7.8 --8.3 --2.0 --4.3 --3.0 4.3 0.0 4.0 3.2 3.3

Renting without operatorSeasonally adjusted and smoothed se-ries 1 2.3 1.1 --1.3 --3.4 --5.3 --6.1 --5.2 --3.1 --0.3

Seasonally adjusted series 1.0 3.5 1.3 --6.0 --7.5 --6.2 --12.8 0.5 --5.7 9.5 4.0 6.3 8.5

Computer and related activitiesSeasonally adjusted and smoothed se-ries 1 --6.9 --7.6 --8.3 --9.0 --9.3 --9.3 --9.0 --8.1 --6.4

Seasonally adjusted series --5.5 --4.7 --8.8 --13.5 --9.7 --6.2 --10.3 --8.2 --9.2 --4.2 6.2 4.3 --0.7

Other business activitiesSeasonally adjusted and smoothed se-ries 1 --3.3 --3.7 --4.4 --5.3 --5.9 --5.3 --4.2 --2.5 --0.3

Seasonally adjusted series 0.2 --5.7 --2.2 --6.3 --7.7 --1.3 --5.7 --8.2 --1.3 3.3 2.7 4.2 5.5

Total of business-related servicesSeasonally adjusted and smoothed se-ries 1 --2.4 --2.9 --3.8 --4.9

Seasonally adjusted series --0.6 --3.9 --2.9 --8.5 --8.4 --3.0 --6.9 --6.5


2.1.10 CONSUMER CONFIDENCE INDICATORS

(balances, seasonally adjusted)

Components Consumer confidenceindicator

Forecasts of generaleconomic situation inBelgium over nexttwelve months

Forecasts unemploy-ment in Belgium overnext twelve months 1

Forecasts financial sit-uation of householdsover next twelvemonths

Forecasts of savingcapacity of householdsover next twelvemonths

Consumer confidenceindicator

2001 December --9 36 3 9 --8

2002 January 1 28 7 14 --1

February 3 23 8 18 1

March 6 23 7 18 2

April 2 22 7 12 0

May 5 22 6 16 1

June 5 24 6 12 0

July 0 32 7 19 --1

August --5 27 5 13 --3

September --4 27 5 12 --3

October --2 27 5 13 --3

November --1 29 4 11 --4

December --8 38 4 10 --8

2003 January --16 40 4 16 --9

February --19 45 1 12 --13

March --28 50 --1 6 --18

April --11 43 3 8 --11

May --4 44 4 6 --9

June --9 44 3 8 --10

July --12 49 2 8 --13

August --10 42 1 9 --11

September --2 36 4 13 --5

October --13 57 3 8 --15

November 0 42 5 11 --6

December 0 39 6 8 --6

N.B.: New composition as from November 2001

1 Remark: an increase of the balances of the indicator with respect to the evolution of unemployment is pointing to an unfavourable development, whereas a decreaseof the balances is pointing to a favourable development.


2.2 QUARTERLY SURVEY2.2.1 SEASONALLY ADJUSTED DEGREE OF CAPACITY UTILISATION IN %: BY SECTOR

2001 2002 2003

Oct. Jan. April July Oct. Jan. April July Oct.

Textile industry 76.8 75.8 73.7 74.7 74.9 75.1 73.4 71.6 72.3

Food industry 74.4 72.5 75.6 75.4 74.3 72.3 73 73.5 73.5

Iron and steel industry 82.7 83.8 84.6 87.5 87.5 91.4 87 79.7 84.9

Non ferrous industry 79.8 82 84.1 89.8 77.5 83.9 84.8 85.6 85.8

Metal and electrotechnical industry 82.4 80.5 79.7 80.2 79.9 78.7 79.1 78.4 78.9

Paper and paperboard industry 78.4 77.8 81.2 84.5 85 84 84.3 82 84.4

Graphics industry 84.5 84.2 79.6 79.4 80.2 82.9 82.3 81.6 79.5

Wood-processing industry 83.1 81.6 81.2 80.4 79.7 78.6 76.8 78.2 79

Production of building materials 80.4 83.6 79.9 81.9 81.3 82.4 79.5 77.6 79.1

Plastic and rubber industry 77.3 73.2 79.9 80.9 80.5 77.7 78.4 78.1 77.9

Chemical industry 79.1 78.6 83.6 81.8 82.5 81.1 80.3 78.9 82.1

Total of all industries 80.1 79.1 79.8 80.4 79.9 79.5 78.6 77.7 79

of which:Production of consumer goods 79.8 78.9 78.6 77.7 77.4 75.7 75.7 75.6 76.3

Production of capital goods 82.8 81.7 78.6 80.9 79.8 78.2 78.4 79.8 79.4

Production of intermediate goods 79.9 78.2 81 81.9 81.5 82 80.9 78.8 80.7

N.B.: As percentages of total production capacities.

2.2.2 SEASONALLY ADJUSTED DEGREE OF CAPACITY UTILISATION IN %: BY REGION

2001 2002 2003

Oct. Jan. April July Oct. Jan. April July Oct.

Flemish regionTotal of all industries (excludingfood industry) 80.5 78.7 79.6 79.8 80.1 77.6 78.7 77.4 80.3of which:

Production of consumer goods 82 80 80.5 77.1 77.7 72.7 74 73.8 79.2

Production of capital goods 80.8 80.2 78.3 80 80.9 79.9 80.6 78.8 80.4

Production of intermediate goods 79.3 75.6 80.7 82.6 82.5 81 83.2 81.1 81.6

Walloon regionTotal of all industries (excludingfood industry) 77.5 76.5 76.9 78.8 75.7 80.7 78.9 76.7 77.4of which:

Production of consumer goods 80.2 73.7 72.3 73.4 71.3 73.8 79.1 77.1 84.1

Production of capital goods 75.3 74.4 74 76.6 70.6 74.7 74.9 74.3 72.6

Production of intermediate goods 80.6 81.7 82.5 84.3 83.9 87 80.6 77.8 80.8

N.B.: As percentages of total production capacities.


2.3 BI-ANNUAL SURVEY2.3.1 FIXED CAPITAL INVESTMENT IN MANUFACTURING INDUSTRY

Successive forecasts in the NBB’s ”investment” survey 1 Realizations

In the autumn of the pre-vious year

In the spring of the cur-rent year

In the autumn of the cur-rent year

NBB’s ”investments” sur-vey 1 2

Investments accordingto VAT statistics. 3

1989 19.9 22.3 13.6 13.0 15.3

1990 17.9 23.0 12.8 14.5 17.5

1991 4.1 6.1 --1.6 0.0 --1.6

1992 5.8 3.6 1.5 --4.0 --7.6

1993 --17.0 --19.3 --28.3 --27.5 --19.7

1994 7.3 4.6 --3.5 --4.7 --8.1

1995 21.1 12.9 6.4 3.6 6.7

1996 17.2 22.7 5.2 5.1 11.2

1997 10.3 6.7 7.0 5.6 2.7

1998 9.2 12.4 3.9 9.4 5.3

1999 8.7 2.6 --4.4 2.3 3.0

2000 17.6 8.4 --0.9 2.8 3.8

2001 22.2 7.5 1.2 --1.0

2002 0.5 --3.8 --14.0 --13.0

2003 6.5 5.1 --10.5

2004 0.3

N.B.: Percentage changes in the data at current prices compared with the pre-vious year.

1 Source: NBB.2 Results of the following year’s spring survey.3 Source: NSI.

Bibliographical reference: Bulletin de la Banque Nationale de Belgique, LXIstyear, tome I, number 6, June 1986: ”Formation brute de capital fixe dans l’indus-trie manufacturière en Belgique: tour d’horizon des sources statistiques dispo-nibles et apport spécifique de l’enquête semestrielle de la Banque Nationale deBelgique”.

e: estimation

2.2.3 PRODUCTION CAPACITY AND INVESTMENT IN MANUFACTURING INDUSTRY

Annual percentage change of investment at current prices (left scale); source: NBB

Degree of utilisation of installed production capacity in percentage (right scale); source: NBB

1997 1998 1999 2000 2001 2002 2003-20

-15

-10

-5

0

5

10

15

20

77

79

81

83

85

87

e


*1,0*0,5*0,5*1,0

*1,0*0,5*0,5*1,0

Credits standards as applied to the approvalof loans or credit lines to non-financial corporations(a)

Demand for loans or credit lines to non-financialcorporations (b)

Belgium:

observed results

expectations expressed to the previousquarter by the respondents

Euro area:

observed results

expectations expressed to the previousquarter by the respondents

Bibliographical reference: Statistical bulletin of the National Bank of Belgium, 2003-8, p.15.

(a) indicator = % of institutions reporting considerable relaxation + % of institutions reporting slight relaxation - % of institutions reporting slight tightening - % of institutions reporting considerable tightening

(b) indicator = % of institutions reporting considerable increase + % of institutions reporting slight increase - % of institutions reporting slight decrease - % of institutions reporting considerable decrease

Credits standards as applied to the approvalof loans to households - loans for house purchase (a)

Demand for loans to households - loans for house purchase (b)

Credits standards as applied to the approvalof loans to households -consumer credit and other lending (a)

Demand for loans to households - consumer credit and other lending (b)

2002-IV 2003-I 2003-II 2003-III 2003-IV-75%

0%

75%

2002-IV 2003-I 2003-II 2003-III 2003-IV-75%

0%

75%

2002-IV 2003-I 2003-II 2003-III 2003-IV-75%

0%

75%

2002-IV 2003-I 2003-II 2003-III 2003-IV-75%

0%

75%

2002-IV 2003-I 2003-II 2003-III 2003-IV-75%

0%

75%

2002-IV 2003-I 2003-II 2003-III 2003-IV-75%

0%

75%

2.4 MAIN RESULTS OF THE BANK LENDING SURVEY FOR THE EURO AREA AND BELGIUM


3 CHAPTER 3: POPULATION, EMPLOYMENT, UNEMPLOYMENT3.1 DEMAND FOR AND SUPPLY OF LABOUR

(thousands of units, annual averages)

1995 1996 1997 1998 1999 2000 2001 2002

Population of working age 1 6,704 6,703 6,706 6,709 6,715 6,721 6,743 6,772

Labour force 2 4,490 4,495 4,512 4,552 4,571 4,613 4,667 4,682

EmploymentNational employment 3 3,894 3,907 3,942 4,011 4,063 4,139 4,197 4,191

Frontier workers (balance) 46 47 48 49 49 50 50 50

Domestic employment 3,847 3,860 3,894 3,962 4,014 4,089 4,147 4,142

Self-employed persons 710 713 710 703 695 689 682 676

Employees 3,139 3,147 3,184 3,259 3,319 3,400 3,466 3,466

Breakdown by branches of activityAgriculture, hunting, forestry and fis-heries 27 28 28 29 29 29 28 28

Industry 677 667 658 658 649 651 652 637

Building industry 184 180 178 178 181 186 189 187

Services 2,251 2,273 2,320 2,394 2,459 2,534 2,596 2,614

Trade, transport and communica-tions 734 738 745 754 768 785 805 808

Financial, real estate and rental ser-vices and services to enterprises 370 378 401 436 454 488 502 494

Public administration and education 715 718 717 729 745 752 753 761

Other services 432 440 457 474 492 508 535 550

Breakdown by type of jobsActivation policy 4 0 3 8 15 27 31 34 37

Other job-creation measures 5 126 126 129 128 128 126 145 145

Other jobs 6 3,013 3,018 3,048 3,117 3,164 3,243 3,287 3,283

Unemployment 7 8 597 588 570 541 508 474 470 490

Vacancies 20 21 25 36 44 53 46 41

Sources: FOREM, MEL, NAI, NEMO, ORBEM, VDAB, NBB

1 Men and women aged 15 to 64.2 Sum of national employment and unemployment.3 Domestic employment plus balance of incoming and outgoing frontier-zone workers.4 LEA (local employment agency) workers exempted from having to sign on as job-seekers,

persons given work under an occupational transition programme or a service job.5 Third labour circuit, PRIME employment programme (regional projects for insertion in the

labour market) of the Walloon region, subsidised contractually employed persons, on-the-

job training of young people, interdepartmental budget fund, Royal Decrees 123 and 258,”First job” scheme.

6 Balance.7 Unemployed job-seekers, consisting of wholly unemployed persons receiving benefit ex-

cluding older unemployed persons and other compulsorily or voluntarily registered job-seekers.

8 Official unemployment statistic taking account of the changes made by FOREM, from No-vember 2001 onwards, in the method of recording job-seekers, in order to bring it into linewith that followed by the VDAB.

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3.2 UNEMPLOYMENT AND VACANCIES

Unemployed job-seekers Seasonally ad-justed unemploy-

Non-job-seekingwholly unemployed

Vacancies notified to NEMO 3

Wholly unemployed persons entitled to benefit Young workers dur-ing the waiting pe-

Voluntarily regis-tered job-seekers

Other 4 Total

Seasonally ad-justed unemploy-ment rate

Non-job-seekingwholly unemployedpersons entitled tobenefit 1 2

Notifications re-ceived during the

Vacancies still unfil-led 1

aged under 25 aged 25 or over Totaling the waiting pe-riod

tered job-seekerswithout employ-ment

benefit 1 2 ceived during themonth 5

led 1

1994 102.5 404.7 507.2 37.1 16.9 27.5 588.7 9.8 73.1 13.1 19.0

1995 87.8 412.1 499.9 49.4 17.4 30.1 596.9 9.7 72.5 12.4 19.6

1996 87.5 390.2 477.7 51.6 21.8 37.1 588.3 9.5 91.7 13.6 21.3

1997 83.6 374.8 458.4 49.9 22.5 39.2 570.1 9.2 113.8 15.2 24.6

1998 77.1 354.7 431.8 49.9 21.3 38.0 541.0 9.3 130.4 18.0 36.3

1999 72.2 330.3 402.5 47.4 23.5 34.3 507.6 8.6 140.2 20.6 44.0

2000 64.7 309.1 373.8 43.3 27.2 30.1 474.4 6.9 149.7 24.1 53.1

2001 63.8 296.0 359.8 43.0 38.9 28.0 469.7 6.6 159.4 23.5 46.4

2002 68.6 306.8 375.4 46.8 38.2 31.1 491.5 7.3 166.5 24.5 41.2

2003 76.0 336.7 412.8 49.2 40.7 35.5 538.1 8.0

2001 IV 63.4 293.3 356.7 50.0 46.1 28.8 481.6 6.9 161.7 21.4 38.9

2002 I 62.6 300.7 363.3 41.5 39.7 29.2 473.7 7.1 163.6 26.4 40.9

II 65.3 297.2 362.5 27.9 37.0 29.8 457.2 7.3 167.2 26.2 44.6

III 76.2 315.0 391.2 61.8 36.8 31.9 521.7 7.4 168.1 23.1 43.3

IV 70.4 314.4 384.8 55.8 39.3 33.5 513.3 7.5 167.1 22.4 35.9

2003 I 70.4 326.9 397.4 45.7 38.1 34.2 515.4 7.8 165.9 27.5 40.2

II 73.7 328.6 402.3 29.6 38.7 35.0 505.7 8.0 165.6 27.2 42.1

III 84.2 349.6 433.8 64.4 41.5 36.0 575.7 8.1 164.0 25.9 41.8

IV 75.7 341.9 417.6 57.2 44.4 36.7 555.9 8.1

2002 Dec. 70.3 318.8 389.1 51.8 37.7 33.6 512.2 7.6 166.6 18.9 34.2

2003 Jan. 71.7 326.4 398.1 49.1 37.9 34.0 519.2 7.7 166.2 26.6 37.8

Feb. 70.6 327.7 398.3 45.9 38.4 34.4 517.0 7.8 165.9 27.2 40.2

March 69.0 326.7 395.7 42.1 37.9 34.2 509.9 7.8 165.7 28.8 42.5

April 71.3 329.1 400.4 35.2 38.3 35.2 509.1 7.9 166.4 26.8 41.2

May 73.1 326.4 399.5 27.6 39.0 34.8 500.9 8.0 165.4 28.4 42.6

June 76.8 330.2 407.0 26.1 38.9 35.0 507.0 8.1 165.0 26.5 42.5

July 85.4 350.0 435.4 58.0 40.0 35.9 569.3 8.1 164.7 23.4 41.3

Aug. 86.0 351.2 437.2 66.1 40.6 35.8 579.7 8.1 163.9 25.0 43.3

Sep. 81.2 347.5 428.7 69.2 44.0 36.2 578.0 8.0 163.5 29.3 40.7

Oct. 77.9 343.0 420.9 61.8 45.9 36.9 565.5 8.1 163.2 31.2 39.7

Nov. 74.3 337.7 412.0 55.6 43.4 36.4 547.3 8.1 161.5 24.8 38.2

Dec. 74.8 345.1 419.9 54.1 44.0 36.8 554.8 8.2

Source: NEMO

1 In thousands of units. Annual or quarterly data: average of end-of-month data; monthly data: end-of-month data.2 Unemployed persons receiving benefit who have opted for non-job-seeking status as permitted by Royal Decree dated 29 Decem-

ber 1984.

3 Including vacancies among on-the-job training places for young people and in respect of the special temporary staff scheme andthe third labour circuit.

4 Excluding unemployed persons given work in a sheltered workshop, unemployed persons who have accepted a part-time job inorder to escape unemployment and, from January 1985 onwards, job-seekers working part-time during their waiting period.

5 In thousands of units. Annual or quarterly data: annual average or quarterly average of the monthly data.


4 CHAPTER 4: INDUSTRY4.1 INDUSTRIAL PRODUCTION

(indices year 2000 = 100)

Monthly averages or months Total industry Construc-tion

Index-numbers by purpose of the goods Mining andquarrying

Manufac-turing;

Monthly averages or months

Includingconstruc-tion

Excludingconstruc-tion

tionIntermedi-ate goods

Consumergoods

Non-dura-ble con-sumergoods

Durableconsumergoods

Investmentgoods

quarrying turing;overall in-dex exclud-ing electric-ity, gas andwater

NACE-divisions 10 - 45 10 - 41 45 10 - 14 15 - 37

Weighting in relation with the total in-dustry 100.0 81.4 18.6 - - - - - 0.7 71.7

2001 99.4 99.6 98.6 96.9 102.1 102.2 97.6 112.0 100.9 99.9

2002 100.0 101.0 95.6 104.0 102.5 104.3 92.7 104.5 131.9 100.8

2001 III 92.2 93.0 88.7 93.6 98.9 99.3 83.8 94.0 100.0 93.6

IV 100.8 100.8 101.0 93.6 106.8 107.0 102.8 110.0 95.9 99.7

2002 I 99.4 100.0 96.7 101.6 100.6 100.9 95.2 105.5 109.7 99.8

II 103.3 102.9 104.8 105.6 101.9 102.1 97.8 114.4 130.6 104.2

III 95.0 97.0 86.3 101.5 100.3 103.6 79.4 94.6 137.4 96.7

IV 102.1 103.9 94.6 107.1 107.2 110.6 98.3 103.4 150.1 102.5

2003 I 98.7 100.0 93.2 109.7 99.1 101.0 88.6 100.4 116.4 98.8

II 100.2 100.0 100.5 101.4 97.6 99.6 86.2 108.0 137.4 100.2

III 93.4 95.0 86.5 110.7 98.5 102.2 73.6 85.2 124.6 93.0

2002 Oct. 112.6 112.3 113.8 107.4 117.0 118.4 100.6 126.6 126.1 111.8

Nov. 101.7 102.8 97.4 114.1 103.8 108.1 101.2 93.9 170.9 101.4

Dec. 92.0 96.5 72.5 99.9 100.8 105.4 93.1 89.8 153.4 94.2

2003 Jan. 96.0 99.1 83.4 119.2 99.8 102.1 85.2 91.6 97.2 96.6

Feb. 95.9 97.4 89.8 105.2 95.4 96.8 88.6 100.4 116.9 96.3

March 104.1 103.4 106.5 104.6 102.2 104.0 92.1 109.3 135.0 103.6

April 101.4 101.3 101.0 99.0 100.6 102.2 92.8 104.4 142.9 102.0

May 97.1 97.6 94.8 101.1 94.5 96.7 80.7 106.7 131.8 97.6

June 102.2 101.2 105.7 104.1 97.7 99.8 85.0 112.9 137.6 101.1

July 85.3 91.8 59.1 107.5 93.7 98.0 64.1 86.3 107.8 89.9

Aug. 87.8 87.7 87.9 110.3 92.7 97.5 58.5 68.4 120.7 84.8

Sep. 107.1 105.6 112.6 114.4 109.2 111.1 98.3 100.9 145.3 104.3

Oct. 109.9 108.5 114.7 118.6 108.4 112.2 82.8 107.6 154.6 107.0

Source: NSI: Industrial statistics

N.B.: Provisional data for the last six months.

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4.2 PRODUCTION OF MANUFACTURED INDUSTRY: BREAKDOWN BY INDUSTRIAL SECTOR


Monthly aver-ages or

Food, beveragesand tobacco

Textiles Clothingand furs

Leatherand foot-wear

Wood Paperand pa-perboard

Coke,refinedpetro-

Chemical, rubber and plasticsindustries

Othernon-me-tallic

Basicmetals

Metal products Electric-ity, gasand wa-

Electrici-ty

Water

ages ormonths Food

and be-verages

Tobacco

and furs and foot-wear

and pa-perboard

refinedpetro-leumand nu-clear fu-el

Overallindex

Chemi-cal indu-stry

Rubberandplasticsindustry

non-me-tallicmineralproducts

metals

Overallindex

Fabri-catedmetalproducts

Machin-ery andequip-ment

Electri-cal andelectron-ic equip-ment 1

Medicalequip-ment,preci-sion in-stru-mentsetc. 1

Trans-portequip-ment

ity, gasand wa-ter

ty

NACE-div. 15 16 17 18 19 20 21 23 24 - 25 24 25 26 27 28 - 35 28 29 30 - 32 33 34 - 35 40 - 41 40.1 41

Weighting inrel. with totalind. 9.6 0.5 3.2 1.5 0.1 0.2 1.6 0.9 14.7 11.3 3.4 3.6 5.9 21.0 3.8 4.1 7.5 9.0 5.7 1.9

2001 104.0 95.6 96.5 89.5 91.7 101.4 97.7 106.2 97.3 97.3 97.1 98.4 88.6 103.7 102.8 98.7 94.2 104.8 115.2 97.4 93.5 100.9

2002 111.3 51.2 94.7 76.1 77.9 109.6 103.2 114.3 104.2 106.3 93.5 100.0 89.3 99.8 104.3 102.9 83.6 112.8 106.7 99.8 95.7 96.9

2001 III 105.2 95.5 87.7 100.4 91.4 94.8 94.8 106.9 93.3 93.7 91.4 92.8 90.9 90.8 95.4 87.0 83.1 97.4 95.6 88.7 88.0 100.4

IV 111.3 90.2 97.6 69.6 75.8 103.7 96.3 111.9 93.4 93.8 91.7 97.1 81.3 102.5 105.0 101.5 88.8 111.9 111.3 108.4 100.4 99.4

2002 I 105.0 48.4 96.6 90.7 86.3 108.4 106.6 108.5 104.7 106.8 94.5 93.1 94.1 98.9 102.2 99.5 84.4 102.4 107.4 100.6 101.8 96.6

II 108.7 53.9 95.0 62.7 86.8 115.5 106.6 118.8 108.8 110.6 99.4 112.2 92.9 105.2 109.7 111.4 84.7 109.4 114.8 91.6 92.8 98.5

III 112.8 49.4 88.3 90.0 75.0 103.4 97.6 114.1 102.6 105.4 88.5 98.0 86.3 90.9 96.9 96.5 77.2 104.2 92.5 97.0 90.1 96.4

IV 118.8 53.1 98.8 61.1 63.6 111.1 101.9 115.9 100.5 102.3 91.5 96.7 84.0 104.3 108.3 104.2 88.1 135.1 112.0 110.2 98.2 96.2

2003 I 105.6 49.0 93.3 77.2 76.8 116.2 108.2 112.2 106.9 109.4 94.6 94.5 95.2 95.0 99.1 96.3 81.7 117.2 99.7 106.3 114.2 98.0

II 104.7 54.0 89.1 50.4 72.9 140.4 105.8 119.9 104.7 105.5 100.2 109.9 94.5 98.8 104.7 102.9 80.3 116.6 105.7 96.4 102.8 100.7

III 105.1 49.4 81.9 73.2 70.4 119.2 102.2 110.2 102.0 103.7 93.5 100.3 89.1 84.6 95.9 86.8 74.4 108.6 79.6 107.7 104.0 104.9

2002 Oct. 129.6 51.4 113.2 73.8 88.7 127.9 116.1 117.0 105.6 105.2 107.2 119.4 95.6 113.7 113.8 113.3 86.4 170.3 133.4 114.8 97.3 102.2

Nov. 113.5 52.9 105.5 55.2 55.4 112.4 101.6 114.8 99.8 101.1 93.4 99.9 84.9 102.5 107.8 99.1 89.9 118.0 109.4 107.8 98.6 92.4

Dec. 113.3 54.9 77.8 54.4 46.6 93.1 88.1 115.8 96.2 100.7 74.0 70.8 71.6 96.6 103.2 100.3 88.1 116.9 93.2 107.9 98.6 94.1

2003 Jan. 106.8 43.9 96.5 76.6 77.6 107.0 112.6 117.9 107.2 110.5 91.0 83.1 92.6 89.9 96.4 89.2 79.0 112.8 91.9 116.0 120.5 103.4

Feb. 104.5 51.1 92.3 83.7 74.9 106.3 103.2 97.6 102.3 103.7 95.1 90.8 93.2 94.2 96.8 96.1 81.6 118.8 99.0 103.1 111.6 92.3

March 105.5 51.9 91.2 71.2 78.0 135.3 108.9 121.2 111.2 113.9 97.8 109.6 99.7 100.8 104.2 103.6 84.6 120.0 108.2 99.8 110.4 98.2

April 109.2 54.3 95.4 53.3 80.4 142.4 110.2 119.5 109.1 110.3 102.8 111.9 95.3 97.7 103.2 98.5 81.1 114.4 105.3 93.8 103.4 102.3

May 102.5 50.5 83.1 45.0 65.2 133.2 102.5 125.1 101.4 102.9 93.9 103.1 90.0 95.9 99.0 98.2 77.6 110.2 106.8 95.5 103.7 97.9

June 102.5 57.1 88.8 53.0 73.1 145.6 104.6 115.1 103.5 103.2 104.0 114.6 98.2 102.9 111.8 112.1 82.1 125.3 105.0 99.9 101.3 101.9

July 105.9 49.2 82.4 68.1 71.5 113.3 102.8 109.1 102.5 104.5 92.6 89.8 81.4 81.6 89.5 90.0 68.0 106.2 78.3 104.3 103.1 102.7

Aug. 101.8 40.7 61.4 76.9 63.3 102.8 90.1 115.5 96.6 99.6 82.2 90.9 90.0 70.6 84.9 71.9 64.6 88.4 60.5 106.6 103.3 105.9

Sep. 107.6 58.3 102.0 74.6 76.5 141.6 113.8 105.9 106.9 106.9 105.8 120.2 96.0 101.5 113.3 98.4 90.7 131.2 99.9 112.2 105.6 106.2

Oct. 123.5 61.8 98.4 58.9 69.8 125.0 112.3 108.7 109.5 108.9 111.1 123.5 95.7 103.5 122.0 95.2 72.9 121.7 120.4 116.4 114.0 108.2


N.B.: Provisional data for the last six months.

1 Common weight of NACE-divisions 30 to 33: 5.7 p.c.


4.3 ENERGY

Monthly averages or months Petroleum (thousands of tonnes) Electricity (millions ofkWh)

Processing of crudepetroleum

Domestic consumption 1 Net productionProcessing of crudepetroleum

Total 1 of which:

Net production

Total

Petrol for motor vehi-cles

Gas oil and light fueloil

Residual fuel oil

1993 2,314 1,366 237 761 187 5,593

1994 2,350 1,403 237 787 189 5,714

1995 2,198 1,394 236 806 165 5,886

1996 2,636 1,484 228 892 162 6,030

1997 2,727 1,507 211 915 148 6,257

1998 2,888 1,539 209 917 163 6,624

1999 2,679 1,492 200 896 161 6,737

2000 2,829 1,433 187 884 131 6,597

2001 2,671 1,458 182 930 146 6,341

2002 2,795 1,501 174 894 78 6,509

2001 III 2,761 1,399 176 922 89 5,952

IV 2,588 1,439 190 919 189 6,872

2002 I 2,539 1,327 177 951 49 6,811

II 2,869 1,197 166 758 76 6,272

III 2,807 1,229 173 825 58 6,087

IV 2,964 2,250 179 1,043 129 6,867

2003 I 3,020 1,561 169 1,059 144 7,056

II 3,182 1,385 180 815 161 6,300

III 6,519

2002 October 2,890 1,445 161 1,004 121 6,580

November 2,992 1,443 155 995 130 6,659

December 3,010 3,861 220 1,131 137 7,361

2003 January 2,988 1,700 168 1,166 165 7,449

February 2,682 1,583 159 1,150 111 6,897

March 3,390 1,400 181 862 155 6,822

April 3,279 1,394 185 801 162 6,486

May 3,322 1,450 178 842 210 6,251

June 2,946 1,310 176 803 111 6,163

July 3,206 1,466 188 939 114 6,374

August 2,914 1,200 162 686 145 6,656

September 6,528

October 6,999

Sources: NSI, PFE for electricity

1 Petrol for motor vehicles, gas oil, light fuel oil, aviation petrol and jet fuel (petrol type), spe-cial petrol and white spirit, petroleum and jet fuel (petroleum type), lubricating oil and other

lubricants, residual fuel oil, asphaltic bitumens, petroleum gas for energy purposes andchemical purposes.


4.4 BUILDING

Monthly averages ormonths

Dwellings Other buildings Production (in-dex year 1995

Monthly averages ormonths Building permits 2 3 Actual building starts 2 Building permits 2 3 Actual building starts 2

Production (in-dex year 1995= 100) 1

Number 4 Volume 5 Number 4 Volume 5 Number 4 Volume 5 Number 4 Volume 5

= 100) 1

1993 4.6 2,751 3.8 2,327 0.7 3,532 0.6 2,862 92.8

1994 4.6 2,804 4.1 2,592 0.7 3,313 0.6 3,002 98.9

1995 3.7 2,286 3.8 2,370 0.6 3,010 0.7 3,064 100.4

1996 4.0 2,460 3.8 2,314 0.6 3,436 0.6 2,807 100.4

1997 4.2 2,518 4.0 2,392 0.6 3,313 0.6 3,170 103.3

1998 3.2 1,976 3.4 2,100 0.6 3,710 0.5 3,469 104.8

1999 3.8 2,386 3.5 2,173 0.6 4,323 0.6 4,006 108.8

2000 3.6 2,215 3.5 2,164 0.5 3,968 0.5 3,737 113.9

2001 3.4 2,130 3.5 2,123 0.5 4,124 0.5 3,953 112.1

2002 3.5 2,075 3.2 1,909 0.4 2,899 0.4 2,767 110.7

2001 III 3.3 2,008 2.8 1,780 0.5 4,831 0.5 3,762

IV 3.1 1,920 3.0 1,774 0.4 3,362 0.4 3,933

2002 I 3.3 1,978 2.9 1,802 0.4 2,640 0.4 2,919

II 3.6 2,191 3.4 2,100 0.4 3,105 0.4 2,577

III 3.9 2,180 3.3 1,987 0.4 3,143 0.4 2,708

IV 3.3 1,951 3.0 1,746 0.3 2,709 0.3 2,864

2003 I 3.5 2,057 3.2 1,907 0.3 2,268 0.3 2,266

II 3.9 2,372 3.2 1,990 0.3 2,388 0.3 2,016

III 4.0 2,416 3.0 1,879 0.3 2,489 0.3 2,507

2002 Oct. 3.3 2,047 3.6 2,122 0.4 3,293 0.4 3,039 105.9

Nov. 3.0 1,746 2.9 1,663 0.3 2,616 0.3 3,392 115.2

Dec. 3.5 2,060 2.5 1,454 0.3 2,218 0.3 2,162 107.8

2003 Jan. 3.4 1,922 3.0 1,719 0.3 1,815 0.3 2,172

Feb. 3.2 1,899 3.1 1,765 0.3 2,745 0.3 2,197

March 3.9 2,350 3.6 2,236 0.3 2,244 0.3 2,429

April 4.1 2,486 3.5 2,143 0.3 2,145 0.3 1,853

May 3.5 2,166 3.0 1,894 0.3 1,945 0.3 2,298

June 4.0 2,465 3.0 1,932 0.3 3,075 0.3 1,898

July 3.8 2,400 2.3 1,481 0.3 2,263 0.2 1,538

Aug. 3.9 2,270 2.8 1,782 0.3 1,550 0.3 2,421

Sep. 4.4 2,578 4.0 2,373 0.3 3,653 0.3 3,561

Oct. 4.0 2,461 0.4 2,708


1 Public and private works. Monthly index-numbers: moving averages for the last twelvemonths of the production index-number not adjusted for seasonal variations but adjustedfor the unequal composition of the months. Annual index-numbers: averages of the produc-tion index-number not adjusted for seasonal variations but adjusted for the unequal com-position of the months, of the twelve months of the year and not the average of the monthlyindex-numbers.

2 New series, drafted by the NSI : provisional figures for the last two calender years. Annualand quarterly data : averages of the monthly data.

3 Concerning the month of concession.4 Thousands.5 Thousand cubic metres.

31S


NationalB

ankofB

elgium(2003--IV

)

4.5 INDUSTRIAL PRODUCTION OF THE COUNTRIES OF THE EUROPEAN UNION

(indices year 1995 = 100, seasonally adjusted)

Total EUcountries

Belgium Germany France United King-dom

Netherlands Italy Ireland GrandDuchy ofLuxembourg

Greece Spain Portugal Austria Sweden Finland Denmark

1993 92 92 95 94 93 91 90 74 93 97 89 90 92 82 84 87

1994 97 94 99 98 98 96 95 83 98 98 95 90 95 91 93 96

1995 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100

1996 101 101 101 101 101 102 98 108 100 101 99 105 101 101 104 102

1997 104 105 104 105 102 103 102 127 106 103 106 108 107 108 114 108

1998 108 109 109 110 103 105 103 152 106 110 111 114 116 112 123 110

1999 110 110 110 112 104 107 103 175 118 114 114 118 123 116 130 113

2000 115 115 117 116 106 111 108 202 123 115 119 115 134 122 144 120

2001 116 114 118 118 105 111 106 222 125 116 118 119 138 121 144 122

2002 115 115 117 117 103 110 105 240 126 117 118 119 139 120 147 122

2001 III 115 114 118 119 103 112 106 213 125 116 119 120 134 121 144 123

IV 113 113 115 116 101 111 104 219 125 115 116 119 135 123 141 121

2002 I 115 114 116 116 103 109 105 243 123 117 118 118 137 124 141 119

II 115 116 116 117 103 110 105 245 130 119 118 120 142 121 149 125

III 115 116 117 117 102 110 105 236 125 115 119 120 141 121 148 121

IV 115 115 117 116 102 109 105 233 126 117 119 117 138 122 149 122

2003 I 115 114 118 117 102 110 104 250 129 116 119 142 122 145

II 115 113 117 115 102 107 104 250 127 122 117 123 147

III 115 114 116 115 102 107 105 252 120 124 150

2002 Oct. 115 115 117 116 102 112 105 241 127 112 120 120 142 120 148 122

Nov. 115 115 119 117 102 107 105 237 129 120 119 114 137 120 149 118

Dec. 114 114 115 116 102 109 105 221 123 120 119 116 136 125 148 115

2003 Jan. 115 114 118 116 101 109 104 239 128 112 119 120 144 122 142 120

Feb. 116 113 118 117 102 115 105 258 129 118 119 121 143 121 149 121

March 115 113 118 116 102 107 104 253 131 117 119 117 139 122 145 118

April 115 114 117 115 102 107 104 251 130 121 120 115 145 124 146 119

May 114 112 117 114 102 106 103 250 125 124 119 118 141 121 147 119

June 114 113 116 115 103 106 104 249 127 120 119 117 124 147 116

July 116 117 119 115 102 105 105 239 134 119 120 121 124 152 119

Aug. 115 112 115 114 102 109 105 281 133 120 124 124 149 117

Sep. 114 113 115 115 102 107 105 238 119 114 123 149 117

Oct. 148

Source: OECD: Main economic indicators


5 CHAPTER 5: SERVICES5.1 SNCB/NMBS ACTIVITY

SNCB/NMBS

Passenger traffic Goods traffic (complete wagons)

Passenger-km (mil-lions)

Productive tonnes-km(millions)

Total tonnage (thousands of tonnes)Passenger-km (mil-lions)

Productive tonnes-km(millions)

Total of which:Total

Fuels and mineral oils Ores

1993 558 631 4,858 873 858

1994 552 674 5,284 932 916

1995 563 633 5,104 858 814

1996 558 604 4,758 818 625

1997 576 619 4,889 685 505

1998 581 634 5,062 661 594

1999 600 618 4,943 552 497

2000 640 640 5,106 419 556

2001 672 577 4,638 382 432

2002 682 593 4,649 323 349

2001 II 689 556 4,031 377 237

III 677 519 4,672 354 168

IV 673 652 5,120 418 807

2002 I 666 575 4,577 275 378

II 678 621 4,764 344 328

III 673 576 4,572 335 386

IV 710 598 4,682 340 306

2003 I 671 557 4,334 338 408

II 671 577 4,463 259 183

2002 August 642 566 4,529 320 377

September 711 565 4,687 319 403

October 745 666 5,160 333 399

November 705 553 4,441 285 197

December 680 576 4,445 402 322

2003 January 653 513 4,163 353 390

February 662 578 4,296 340 441

March 699 580 4,543 322 392

April 652 618 4,817 333 191

May 696 584 4,231 223 143

June 665 530 4,342 221 216

July 681 756 5,809 585 1,112

August 656 512 3,865 340 396

Sources: SNCB/NMBS


5.2 INNER TRADE


Retail trade turnover according to VAT

Values Volume

Monthly returns Monthly and quarterlyreturns

Annual data Monthly returns Monthly and quarterlyreturns

Annual data

1992 113.0 109.1 109.3 109.1 105.3 105.5

1993 110.9 107.1 107.3 105.2 101.6 101.8

1994 114.4 109.3 109.2 106.4 101.7 101.6

1995 116.8 110.7 110.6 107.6 102.0 101.9

1996 121.6 114.5 114.3 110.0 103.6 103.4

1997 127.3 118.6 118.4 113.3 105.5 105.3

1998 137.0 125.5 125.3 121.7 111.5 111.3

1999 141.6 129.9 129.7 124.6 114.3 114.2

2000 157.6 141.4 141.2 134.7 120.9 120.7

2001 168.8 147.7 140.8 123.2

1999 IV 152.4 140.0 133.3 122.5

2000 I 155.2 137.2 134.6 119.0

II 156.0 142.3 133.8 122.0

III 147.6 133.0 125.4 113.0

IV 171.6 153.2 144.9 129.4

2001 I 168.2 146.2 142.4 123.8

II 174.6 152.5 144.8 126.5

III 159.4 140.1 132.0 116.0

IV 172.8 152.0 143.6 126.4

2000 December 188.6 168.4 159.8 142.7

2001 January 166.3 144.6 141.4 123.0

February 156.5 136.0 132.4 115.1

March 181.7 157.9 153.3 133.2

April 166.9 145.8 139.3 121.7

May 177.4 154.9 146.9 128.2

June 179.6 156.9 148.2 129.5

July 160.0 140.6 132.8 116.7

August 153.4 134.8 127.2 111.8

September 164.8 144.8 136.0 119.5

October 173.5 152.6 143.7 126.4

November 165.0 145.2 136.9 120.5

December 179.9 158.3 150.2 132.1

Sources: NSI: values; NBB: volume calculation


5.3 PAYMENT SYSTEMS AND INSTRUMENTS5.3.1 PAYMENT SYSTEMS BETWEEN BANKS - NUMBER OF TRANSACTIONS

(in thousands, monthly averages)

Credit transfers Debit transfers Grand total

ELLIPS CEC Clearing House Total CEC Clearing House Total

Grand total

1993 31,040.8 363.5 31,404.3 30,647.0 916.4 31,563.4 62,967.7

1994 33,023.4 346.7 33,370.1 32,337.7 834.6 33,172.3 66,542.4

1995 34,819.7 336.1 35,155.8 34,032.0 735.6 34,767.6 69,923.4

1996 19.2 1 36,763.3 242.9 37,025.4 35,564.0 619.7 36,183.7 73,209.1

1997 79.6 38,452.7 29.8 38,562.1 34,886.1 534.8 35,420.9 73,983.0

1998 83.8 41,321.1 3.6 41,408.5 35,986.8 475.6 36,462.4 77,870.9

1999 164.3 44,216.2 2.3 44,382.8 33,772.2 409.4 34,181.6 78,564.4

2000 196.6 44,793.6 2.1 44,992.3 28,876.5 351.4 29,227.9 74,220.2

2001 206.3 47,881.7 2.3 48,090.3 28,617.5 294.7 28,912.2 77,002.5

2002 206.6 51,163.5 1.8 51,371.9 30,877.3 145.1 31,022.4 82,394.3

2001 III 201.9 45,598.7 2.3 45,802.9 29,314.5 326.1 29,640.6 75,443.5

IV 209.3 51,084.5 2.0 51,295.8 28,949.1 241.5 29,190.6 80,486.4

2002 I 209.5 48,318.7 2.1 48,530.3 28,854.5 156.9 29,011.4 77,541.7

II 207.8 52,287.9 1.7 52,497.4 30,716.9 152.0 30,868.9 83,366.3

III 201.4 50,071.1 1.6 50,274.1 32,426.2 135.2 32,561.4 82,835.5

IV 207.5 53,976.3 1.7 54,185.5 31,511.5 136.4 31,647.9 85,833.4

2003 I 203.1 52,292.9 1.3 52,497.3 30,381.7 140.4 30,522.1 83,019.4

II 214.1 53,786.4 1.2 54,001.7 32,459.7 132.8 32,592.5 86,594.2

III 216.7 51,970.7 1.5 52,188.9 31,999.5 122.9 32,122.4 84,311.3

2002 November 198.2 48,723.5 1.8 48,923.5 28,196.9 120.9 28,317.8 77,241.3

December 207.3 58,695.3 1.5 58,904.1 33,884.3 138.3 34,022.6 92,926.7

2003 January 204.0 53,213.2 1.5 53,418.7 32,108.8 146.5 32,255.3 85,674.0

February 195.5 49,413.0 1.1 49,609.6 28,066.7 136.0 28,202.7 77,812.3

March 209.9 54,252.5 1.3 54,463.7 30,969.6 138.8 31,108.4 85,572.1

April 211.4 53,596.4 1.2 53,809.0 32,842.5 135.4 32,977.9 86,786.9

May 219.0 51,277.8 1.1 51,497.9 30,078.1 120.9 30,199.0 81,696.9

June 211.8 56,485.1 1.3 56,698.2 34,458.6 142.0 34,600.6 91,298.8

July 232.2 54,984.2 1.6 55,218.0 35,735.8 138.0 35,873.8 91,091.8

August 195.9 46,991.0 1.5 47,188.4 29,154.8 105.5 29,260.3 76,448.7

September 221.9 53,936.8 1.5 54,160.2 31,108.0 125.2 31,233.2 85,393.4

October 245.2 57,722.0 1.6 57,968.8 31,278.7 138.4 31,417.1 89,385.9

November 205.0 49,212.8 1.9 49,419.7 26,266.5 109.4 26,375.9 75,795.6

Sources: ELLIPS, CEC, Belgian clearing house

1 This is the average based on 12 months. ELLIPS started on the 24th of September, the monthly average 1996 since the start of ELLIPS is 57.6.Bibliographical reference: Statistical bulletin of the National Bank of Belgium, 1998-IV, p 13-15


5.3.2 PAYMENT SYSTEMS BETWEEN BANKS - VALUE OF TRANSACTIONS

(millions of euro, monthly averages)

Credit transfers Debit transfers Grand total

ELLIPS CEC Clearing House Total CEC Clearing House Total

Grand total

1993 40,650 559,292 599,942 4,440 40,479 44,918 644,860

1994 46,026 633,750 679,776 4,611 40,843 45,454 725,230

1995 50,189 627,614 677,803 5,072 36,971 42,043 719,846

1996 162,799 1 50,213 437,944 650,956 6,517 30,637 37,154 688,110

1997 708,470 33,017 659 742,146 5,117 10,521 15,637 757,783

1998 779,087 35,057 10 814,154 5,149 9,896 15,045 829,199

1999 1,619,172 34,161 12 1,653,345 5,526 9,355 14,881 1,668,226

2000 1,764,780 34,463 3 1,799,246 5,903 8,748 14,651 1,813,897

2001 1,985,656 36,198 8 2,021,862 6,172 7,427 13,599 2,035,461

2002 1,853,654 37,835 7 1,891,496 6,412 6,284 12,696 1,904,192

2001 III 1,983,668 35,053 7 2,018,728 6,260 6,871 13,131 2,031,859

IV 2,137,307 37,244 13 2,174,564 6,197 7,044 13,241 2,187,805

2002 I 1,978,925 35,514 8 2,014,447 6,018 6,673 12,691 2,027,138

II 1,853,189 39,437 6 1,892,632 6,567 6,505 13,072 1,905,704

III 1,678,410 37,075 6 1,715,491 6,519 5,747 12,266 1,727,757

IV 1,904,093 39,313 8 1,943,414 6,544 6,211 12,755 1,956,169

2003 I 1,993,574 37,721 9 2,031,304 6,239 5,695 11,934 2,043,238

II 1,822,173 40,523 8 1,862,704 6,667 5,238 11,905 1,874,609

III 1,759,580 38,378 6 1,797,964 6,655 5,077 11,732 1,809,696

2002 November 1,690,023 34,890 8 1,724,921 5,920 5,345 11,265 1,736,186

December 2,098,676 42,768 7 2,141,451 7,078 6,710 13,788 2,155,239

2003 January 2,042,508 39,884 10 2,082,402 6,430 5,968 12,398 2,094,800

February 1,861,228 35,557 10 1,896,795 5,899 5,365 11,264 1,908,059

March 2,076,986 37,722 6 2,114,714 6,387 5,753 12,140 2,126,854

April 1,741,639 41,586 6 1,783,231 6,555 4,884 11,439 1,794,670

May 1,786,365 38,246 8 1,824,619 6,277 5,049 11,326 1,835,945

June 1,938,514 41,737 9 1,980,260 7,169 5,782 12,951 1,993,211

July 1,918,338 41,735 9 1,960,082 7,051 5,446 12,497 1,972,579

August 1,540,042 34,971 4 1,575,017 5,940 4,259 10,199 1,585,216

September 1,820,359 38,429 6 1,858,794 6,975 5,527 12,502 1,871,296

October 1,852,050 42,512 9 1,894,571 7,229 6,039 13,268 1,907,839

November 1,701,608 35,211 12 1,736,831 6,204 5,019 11,223 1,748,054

Sources: ELLIPS, CEC, Belgian clearing house

1 This is the average based on 12 months. ELLIPS started on the 24th of September 1996, the monthly average 1996 since the start of ELLIPS is 488,400.


5.3.5 PAYMENT CARDS - NUMBER OF TRANSACTIONS BY TYPE OF CARD

(millions)

Cards with a debit function Cards with a credit function Company cards Prepaid cards 1

Payments Withdrawals Payments Withdrawals Payments Payments

1990 II 36.4 37.3 8.8 5.4

1991 I 40.2 38.1 9.4 0.6 6.1

II 46.2 41.1 11.1 1.0 6.3

1992 I 50.6 42.0 11.3 1.1 6.8

II 56.0 43.7 12.7 1.5 7.3

1993 I 60.1 55.0 12.1 1.6 7.8

II 67.8 57.3 13.4 1.8 7.9

1994 I 70.3 60.3 13.0 1.9 8.4

II 75.7 67.6 15.2 2.6 8.5

1995 I 78.7 67.5 15.5 2.4 9.3

II 88.2 72.1 16.7 2.9 9.7 0.7

1996 I 91.8 71.6 16.9 2.6 10.3 0.4

II 100.7 76.6 19.0 3.0 10.7 1.1

1997 I 103.2 74.0 18.5 2.8 11.5 3.8

II 115.1 79.9 21.1 2.9 12.0 6.4

1998 I 126.2 72.6 21.2 3.7 12.4 12.1

II 147.0 82.4 23.2 1.7 12.6 16.1

1999 I 152.8 82.0 23.1 2.8 13.4 22.0

II 174.3 89.5 25.6 3.0 13.8 23.5

2000 I 179.8 93.6 26.1 2.8 14.1 25.5

II 199.9 103.0 27.7 3.0 14.4 25.7

2001 I 205.3 106.4 29.8 3.6 15.2 27.8

II 226.8 106.7 31.0 4.4 15.3 32.7

2002 I 244.5 114.7 27.4 3.8 16.3 64.9

II 260.8 114.3 29.7 4.4 16.4 55.9

1 Proton cards


5.3.6 PAYMENT CARDS - AMOUNT OF TRANSACTIONS BY TYPE OF CARD

(millions of euro)

Cards with a debit function Cards with a credit function Company cards Prepaid cards 1

Payments Withdrawals Payments Withdrawals Payments Payments

1990 II 1,572 3,295 917 263

1991 I 1,738 3,369 944 79 283

II 2,110 3,741 1,125 166 305

1992 I 2,340 3,788 1,170 159 322

II 2,714 4,065 1,301 211 354

1993 I 2,918 5,290 1,210 223 377

II 3,418 5,592 1,294 253 392

1994 I 3,515 5,885 1,292 268 409

II 3,867 6,701 1,480 364 424

1995 I 4,011 6,666 1,485 352 446

II 4,569 7,186 1,609 404 469 2

1996 I 4,789 7,179 1,641 399 511 2

II 5,340 7,767 1,820 464 548 5

1997 I 5,446 7,536 1,812 464 578 15

II 6,133 8,205 2,075 486 617 25

1998 I 6,584 7,499 2,107 446 620 52

II 7,600 8,475 2,320 503 620 62

1999 I 7,708 8,342 2,326 490 651 81

II 8,864 9,199 2,591 521 708 90

2000 I 9,058 9,666 2,676 494 751 96

II 10,201 10,729 2,857 526 817 99

2001 I 10,316 10,781 3,272 606 817 113

II 11,350 10,834 3,338 708 813 154

2002 I 11,981 11,478 2,951 713 881 366

II 13,027 11,550 3,115 842 916 303

1 Proton cards


5.3.7 PAYMENT CARDS - NUMBER OF CARDS AND TERMINALS

Cards issued (thousands) Terminals (in units) for

Cards with a debitfunction

Cards with a creditfunction

Company cards Prepaid cards 1 POS operations ATM operations operations withprepaid cards 1

1990 II 5,250 1,235 688 28,253 939

1991 I 5,110 1,447 724 29,540 981

II 5,466 1,501 767 32,199 1,052

1992 I 5,773 1,680 851 35,363 1,068

II 6,101 1,806 913 40,627 1,096

1993 I 6,155 1,935 960 46,524 1,131

II 6,434 1,997 1,002 52,984 2,765

1994 I 6,486 2,060 1,044 58,460 3,976

II 6,780 2,132 1,089 63,765 3,170

1995 I 6,849 2,228 1,157 68,239 3,413

II 7,190 2,271 1,221 30 72,892 3,610 1,109

1996 I 7,334 2,377 1,308 50 77,333 3,906 1,861

II 8,141 2,450 1,379 761 81,331 4,207 6,743

1997 I 8,364 2,575 1,383 1,110 81,712 4,643 13,059

II 8,748 2,613 1,428 3,430 85,727 5,003 21,403

1998 I 8,837 2,684 1,491 4,955 88,856 5,352 37,620

II 9,277 2,737 1,564 5,606 93,061 5,732 45,649

1999 I 9,762 2,824 1,630 6,888 96,539 5,979 54,669

II 10,492 2,883 1,591 7,898 99,624 6,199 63,993

2000 I 10,568 2,919 1,481 7,977 111,768 6,740 69,970

II 10,960 2,970 1,507 8,396 116,436 6,732 67,837

2001 I 11,159 3,025 1,518 8,835 144,309 7,543 74,877

II 10,942 3,045 1,565 8,543 144,421 7,435 88,847

2002 I 11,456 3,074 1,569 137,746 6,990 111,060

II 11,863 3,039 1,633 135,743 6,985 113,298

1 Proton cards


6 CHAPTER 6: INCOMES6.1 COMPENSATION OF EMPLOYEES

Collectively agreed wages (indices year 1997 = 100) 1

Manual workers Non-manual workers

Overall index of wich: Overall index of wich:Overall index

Manufacturing indu-stries

Overall index

Manufacturing indu-stries

1993 92.5 92.6 92.6 92.2

1994 95.0 95.0 95.2 94.8

1995 96.7 96.8 96.8 96.7

1996 98.2 98.2 98.4 98.4

1997 100.0 100.0 100.0 100.0

1998 102.1 102.1 101.7 101.9

1999 104.3 104.4 103.1 103.4

2000 107.1 107.1 105.6 106.9

2001 110.8 111.1 108.5 110.2

2002 115.4 115.6 112.7 114.2

2002 September 116.6 116.9 113.3 115.1

December 116.9 117.0 113.4 115.2

2003 March 117.4 117.4 113.8 115.9

June 118.2 118.1 114.8 116.6

September 119.1 119.0 115.4 117.2

Source: MEL

1 Quarterly data: end of period; annual data: average of the twelve months, calculated as follows: for Januari and Februari, we take the indexof December of the previous year, the indices of March, June and September count respectively also for the two following months, for Decem-ber, the index is known. The collectively agreed wage of manual workers is hourly and that of non-manual workers is monthly.


7 CHAPTER 7: INDEX PRICES7.1 RAW MATERIALS


Daily averages Price indices for raw materials , General index figureDaily averagesIncludingenergy

Excludingenergy

Raw ma-terials forfood

Cereals Oilseeds,oils

Alcohol,tobaccoand sugar

Industrialmaterials

Agricultur-al mate-rials

Non-fer-rous me-tals

Iron ore,scrap iron

Energymaterials

Coal Crude pe-troleum

Weighting 9.95 2.07 1.95 5.93 29.53 16.9 8.95 3.69 60.52 5.03 55.48 100.0 39.48

1996 92.3 125.7 155.9 172.4 149.0 150.2 112.5 118.3 105.8 113.1 76.1 142.2 71.1

1997 90.3 125.8 159.2 135.0 151.4 183.2 111.1 112.9 108.3 113.3 73.1 135.2 68.4

1998 69.7 106.5 133.3 116.9 118.7 157.6 94.7 97.0 86.4 110.2 51.9 113.9 47.2

1999 76.2 96.4 107.7 102.8 97.1 120.5 91.5 94.5 87.0 94.5 66.5 99.8 64.0

2000 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0

2001 89.5 90.0 92.7 99.8 93.7 86.9 88.8 85.8 88.4 99.2 89.3 125.2 86.6

2002 90.2 92.5 103.9 112.2 103.4 98.3 87.6 85.3 84.8 101.9 89.0 102.9 88.0

2003 103.1 105.6 112.3 113.1 122.8 102.6 102.6 103.7 94.8 120.1 101.8 107.9 101.4

2001 IV 76.4 84.2 90.4 97.9 91.6 84.1 81.5 77.2 80.0 98.3 72.6 118.8 69.1

2002 I 80.2 87.0 93.3 98.9 91.9 90.6 84.3 79.5 85.3 95.8 76.8 110.4 74.3

II 90.4 90.1 97.1 99.8 99.4 93.0 87.0 83.1 85.9 101.6 90.5 107.2 89.3

III 95.0 95.4 111.0 124.4 112.7 100.0 88.6 88.3 82.7 105.0 94.9 94.6 94.9

IV 95.0 97.6 114.1 125.8 109.6 109.6 90.4 90.1 85.2 105.1 93.8 99.4 93.4

2003 I 106.9 102.6 113.3 114.3 111.6 114.1 98.0 98.1 90.0 119.3 108.9 101.2 109.5

II 96.4 103.1 111.0 112.5 120.0 101.9 99.7 103.1 89.0 118.0 93.1 97.7 92.8

III 101.4 103.3 107.2 109.3 115.1 98.8 101.6 102.7 94.4 117.5 100.4 106.2 100.0

IV 107.7 113.6 118.3 116.8 145.5 95.5 111.5 111.3 106.3 126.0 104.9 127.2 103.2

2002 Dec. 97.1 97.9 112.6 119.9 110.5 109.2 91.5 90.9 86.9 105.7 96.7 101.5 96.3

2003 Jan. 104.9 100.9 113.7 114.9 110.8 115.3 95.4 94.6 88.6 115.6 106.8 101.9 107.1

Feb. 110.9 103.9 115.9 115.5 112.4 119.2 98.7 97.9 91.6 120.3 114.3 101.7 115.2

March 104.8 103.1 110.3 112.5 111.5 107.8 99.9 101.7 89.7 121.9 105.7 100.1 106.1

April 94.1 102.5 111.3 111.4 116.2 106.8 98.6 102.3 85.9 121.7 90.1 97.4 89.5

May 95.8 104.3 113.4 115.3 122.5 104.2 100.3 103.5 89.8 118.9 91.6 96.5 91.3

June 99.3 102.6 108.2 110.8 121.3 94.8 100.2 103.6 91.4 113.4 97.7 99.2 97.6

July 101.1 101.7 104.8 103.7 113.9 97.5 100.4 102.3 93.1 114.0 100.8 102.2 100.7

Aug. 104.0 102.8 106.0 111.1 110.7 98.3 101.4 101.6 95.1 117.5 104.6 105.3 104.6

Sep. 99.0 105.4 110.9 113.0 120.8 100.6 103.0 104.3 94.9 120.9 95.9 111.1 94.7

Oct. 105.4 110.9 115.0 111.2 141.1 94.9 109.1 110.8 101.2 125.1 102.7 114.9 101.8

Nov. 107.1 113.5 118.4 117.6 147.4 93.6 111.4 112.1 105.6 124.7 104.0 124.5 102.5

Dec. 110.7 116.3 121.4 121.7 148.0 98.0 114.1 111.1 112.2 128.2 107.9 142.2 105.3

Source: IWH


7.2 PRICE INDICES FOR PRODUCTION AND IMPORT AND THEIR COMPONENTS


Monthly averages or months Production and import index prices and their components (2000 = 100)Monthly averages or monthsPrices of agriculturaland horticultural pro-ducts 1

Industrial productionprices, domestic mar-ket

Unit value of importedproducts 2

Production and importprices

1995 102.3 91.4 82.8 87.2

1996 105.0 91.9 85.4 88.9

1997 105.9 93.4 90.1 92.2

1998 98.9 92.3 88.2 90.4

1999 94.1 91.9 89.1 90.5

2000 100.1 100.0 100.0 100.0

2001 106.3 100.9 102.5 102.0

2002 99.7 102.3 100.6 101.2

2001 III 103.5 100.8 103.2 102.2

IV 103.0 100.6 99.5 100.1

2002 I 105.3 101.5 100.6 101.2

II 100.4 102.1 100.4 101.1

III 96.8 102.5 100.6 101.1

IV 96.4 102.9 100.8 101.3

2003 I 99.2 103.0 99.8 101.1

II 99.2 103.5 96.8 99.6

III 91.3 102.3 97.4 99.1

2002 November 95.2 102.8 99.6 100.6

December 95.9 103.1 101.5 101.8

2003 January 98.8 102.5 99.4 100.6

February 100.3 102.9 100.2 101.3

March 98.5 103.6 99.9 101.3

April 98.7 104.0 98.3 100.6

May 99.3 103.5 94.3 98.2

June 99.7 103.1 97.7 99.9

July 91.7 102.4 94.5 97.5

August 90.9 102.2 97.6 99.1

September 91.4 102.4 100.2 100.6

October 102.6

November 102.8

Sources: IEA, NIS, NBB

1 Prices of agricultural and horticultural products: new referencebasket

2 Revision of indices from Januari 93: new calculation of indicesof unit value (methodology: Statistics of foreign trade, Belgium,1998-04, National Account Institute).

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7.3 OUTPUT PRICE INDICES - SUMMARY TABLE


Monthly averages ormonths

General index fi-gure

General indexfigure, except

Indices according to type of industry Indices according to the utilisation of the productsMonthly averages ormonths

General index fi-gure

General indexfigure, exceptenergy Products of ex-

tractive indu-Products of proc-essing industries

Production andsupply of elec-

Manufacture ofmetal products,

Intermediate pro-ducts

Intermediateproducts, except

Consumer goodsenergy Products of ex-tractive indu-stries

Products of proc-essing industries(including oilproducts)

Production andsupply of elec-tricity, gas andwater

Manufacture ofmetal products,machinery andequipment

Intermediate pro-ducts

Intermediateproducts, exceptenergy Durable consumer goods Investment

goodsTotalstries (including oil

products)tricity, gas andwater

machinery andequipment

energy

Non-durableconsumer goods

Total

Investmentgoods

Total

2001 100.4 99.7 104.2 99.5 105.1 100.5 101.0 99.9 99.3 96.9 100.3 99.1

2002 100.8 99.4 106.6 99.2 109.1 100.0 101.4 98.8 99.9 97.5 100.2 99.6

2001 III 100.4 99.6 104.4 99.3 105.6 100.6 100.9 99.5 99.3 97.3 100.4 99.1

IV 99.7 98.7 104.7 98.3 106.6 100.4 99.9 98.0 98.7 96.7 100.5 98.5

2002 I 99.9 98.5 106.6 98.1 109.5 100.3 100.4 97.6 98.8 97.0 100.2 98.6

II 100.9 99.5 106.6 99.3 109.1 99.6 101.7 99.3 99.8 97.3 100.0 99.6

III 101.1 99.8 106.6 99.5 109.0 99.7 101.6 99.2 100.5 97.5 100.3 100.2

IV 101.3 99.9 106.6 99.8 109.0 100.4 101.9 99.1 100.4 98.1 100.4 100.0

2003 I 100.3 99.0 105.1 98.8 109.0 100.0 101.7 98.6 99.7 95.3 100.4 97.9

II 100.5 99.2 106.4 99.0 109.1 99.8 101.9 97.9 100.1 95.1 100.7 97.9

III 99.7 98.3 106.4 98.1 109.2 99.6 100.9 97.3 99.6 94.8 100.0 97.3

2002 Nov. 101.1 99.8 106.6 99.6 109.0 100.1 101.7 99.0 100.3 97.8 100.4 100.1

Dec. 101.3 99.9 106.6 99.8 109.0 100.7 101.8 99.0 100.3 98.7 100.5 99.9

2003 Jan. 100.0 98.6 104.5 98.5 109.0 99.8 101.3 98.2 99.5 95.2 100.0 97.5

Feb. 100.2 98.9 104.5 98.7 108.9 100.0 101.4 98.6 100.0 95.4 100.1 98.0

March 100.8 99.4 106.4 99.2 109.2 100.0 102.2 98.9 99.5 95.4 101.0 98.1

April 101.0 99.7 106.4 99.5 109.1 100.0 102.6 98.2 100.1 95.3 101.4 98.2

May 100.4 99.0 106.3 98.8 109.1 99.9 101.8 97.7 100.1 95.1 100.6 97.7

June 100.2 98.8 106.4 98.6 109.1 99.7 101.4 97.8 100.1 94.9 100.2 97.8

July 99.6 98.2 106.4 98.0 109.2 99.4 101.0 97.4 99.0 94.8 99.7 96.8

Aug. 99.6 98.2 106.4 98.0 109.2 99.7 100.8 97.1 99.4 94.8 100.1 97.2

Sep. 99.9 98.5 106.4 98.3 109.2 99.8 101.0 97.3 100.4 94.8 100.2 97.9

Oct. 100.4 99.0 106.4 98.8 109.2 99.8 101.9 98.3 99.6 94.8 100.2 97.3

Nov. 100.7 99.4 106.4 99.2 109.2 99.9 102.6 99.0 99.5 94.6 100.5 97.2

Source: NIS

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7.4 CONSUMER PRICES IN BELGIUM


Monthly aver-ages

Health in-dex

Overall in-dex 1

Functional classification Classification by product groupMonthly aver-agesor months

Health in-dex

Overall in-dex 1

Food pro-ducts

Non-foodproducts

Services Rents Food prod-ucts andbeverages

Tobacco Clothingand foot-wear

Housing,water,electricity,gas andother fuels

Furnish-ing, houseequip-ment, cur-rent main-tenance ofhouse

Health ex-penses

Transport Communi-cations

Cultureand leisure

Education Hotels,café andrestaurant

Othergoods andservices

Weighting 100,000 21,431 44,433 28,608 5,528 21,431 1,322 8,198 14,655 8,606 3,962 13,802 2,227 11,725 0,425 6,625 7,022

1998 102.57 102.60 104.08 101.04 103.85 102.86 104.08 107.68 101.80 102.11 101.28 105.25 101.51 103.72 101.46 104.05 103.67 101.77

1999 103.54 103.75 104.29 102.30 105.48 104.34 104.29 111.09 102.71 103.88 102.70 106.21 104.50 97.95 101.73 106.72 105.71 103.40

2000 105.49 106.39 105.19 106.26 107.60 105.85 105.19 113.88 103.33 109.67 103.56 106.83 111.57 95.99 103.13 108.45 107.91 105.60

2001 108.38 109.02 109.64 108.07 110.24 107.87 109.64 118.08 104.25 112.76 106.41 108.04 113.04 89.93 106.25 110.69 110.45 108.26

2002 110.32 110.81 112.05 108.72 113.18 110.52 112.05 122.22 105.55 113.42 108.36 109.80 114.20 90.23 106.76 114.07 115.29 111.36

2003 111.92 112.57 114.33 110.01 115.16 112.97 114.33 132.63 106.67 114.64 109.54 112.41 116.01 91.35 106.00 115.63 119.22 114.27

2001 IV 109.29 109.67 110.76 107.99 111.69 108.55 110.76 120.12 104.85 112.65 107.34 108.35 112.28 90.04 107.83 113.59 111.91 109.27

2002 I 110.12 110.44 112.05 108.04 113.09 109.62 112.05 120.25 105.03 112.67 107.66 109.40 112.65 90.08 109.24 113.60 113.02 110.73

II 110.18 110.73 112.35 108.68 112.78 110.33 112.35 121.31 105.42 113.21 108.19 109.64 114.61 90.16 105.99 113.60 114.85 111.29

III 110.48 111.02 111.94 108.88 113.70 110.85 111.94 123.62 105.57 113.87 108.60 109.84 114.52 90.14 106.47 113.60 116.91 111.56

IV 110.48 111.05 111.85 109.30 113.13 111.29 111.85 123.71 106.17 113.92 109.02 110.33 115.01 90.53 105.32 115.50 116.38 111.84

2003 I 111.44 112.17 113.13 110.49 114.05 112.19 113.13 127.32 106.28 115.60 109.17 111.97 116.37 90.97 105.96 115.50 117.31 113.64

II 111.72 112.26 114.53 109.33 114.98 112.84 114.53 132.02 106.52 113.71 109.45 112.16 115.08 90.94 105.82 115.50 119.11 114.04

III 112.24 112.90 115.33 109.92 115.65 113.27 115.33 135.49 106.67 114.40 109.66 112.35 116.14 90.90 105.96 115.50 120.44 114.60

IV 112.28 112.97 114.35 110.29 115.96 113.60 114.35 135.71 107.20 114.83 109.89 113.18 116.46 92.61 106.28 116.02 120.05 114.81

2002 Dec. 110.55 111.06 111.41 109.18 113.65 111.43 111.41 123.72 106.23 113.77 109.09 110.50 114.68 90.97 106.28 115.50 116.74 111.94

2003 Jan. 110.94 111.55 112.61 109.71 113.55 111.87 112.61 123.96 106.24 114.53 109.09 111.89 115.42 90.97 105.08 115.50 116.68 113.41

Feb. 111.56 112.32 113.14 110.68 114.28 112.22 113.14 128.25 106.25 115.56 109.17 112.10 116.58 90.97 106.81 115.50 117.45 113.70

March 111.82 112.64 113.65 111.09 114.31 112.47 113.65 129.74 106.35 116.72 109.26 111.92 117.12 90.97 105.99 115.50 117.80 113.80

April 111.73 112.36 114.26 109.64 115.09 112.64 114.26 130.03 106.48 114.02 109.32 112.15 115.87 90.95 106.16 115.50 119.37 113.88

May 111.57 112.04 114.40 109.08 114.73 112.84 114.40 131.60 106.52 113.36 109.45 112.16 114.52 90.95 105.49 115.50 118.90 114.03

June 111.85 112.37 114.93 109.27 115.13 113.03 114.93 134.44 106.55 113.75 109.59 112.17 114.84 90.93 105.81 115.50 119.05 114.21

July 112.06 112.59 114.86 109.41 115.74 113.09 114.86 135.29 106.55 113.96 109.60 112.32 115.15 90.90 106.15 115.50 120.46 114.44

Aug. 112.20 112.89 114.95 109.99 115.78 113.27 114.95 135.56 106.56 114.67 109.63 112.38 116.39 90.90 105.70 115.50 120.99 114.59

Sep. 112.47 113.22 116.17 110.35 115.42 113.44 116.17 135.63 106.89 114.58 109.75 112.34 116.87 90.89 106.02 115.50 119.86 114.76

Oct. 112.15 112.85 114.60 110.25 115.44 113.51 114.60 135.68 107.09 114.74 109.79 113.14 116.45 90.88 105.42 116.02 120.18 114.71

Nov. 112.36 113.06 114.62 110.33 116.00 113.66 114.62 135.71 107.24 114.97 109.86 113.18 116.47 93.47 106.37 116.02 119.81 114.76

Dec. 112.32 112.99 113.82 110.29 116.44 113.62 113.82 135.73 107.28 114.79 110.03 113.21 116.45 93.47 107.05 116.02 120.15 114.96

Source: FPS Economy, SMEs, Self-employed and Energy

1 To convert to indices in base 1988=100, we must use the next coefficients: 1.2273 for general index and 1.2057 for health index. For functional classification: 1.1184 for the food products, 1.2134 for the non-food products, 1.2792 for services and 1.3453 for rents. For theclassification by groups of products: 1.1184 for the food products, 1.6720 for tobacco, 1.2058 for clothes and shoes, 1.2922 for housing, water, electricity, 1.1570 for furniture, household equipment, 1.3333 for health expenditure, 1.2784 for transport, 1.1862 for communication,1.1426 for leisure and culture, 1.2682 for other goods and services.


8 CHAPTER 8: FOREIGN TRADE OF BELGIUM8.1 FOREIGN TRADE OF BELGIUM: MONTHLY MOVEMENT

(millions of euro)

Exports Imports Trade balance

Total Intra-EU 1 Extra-EU Total Intra-EU 1 Extra-EU Total Intra-EU 1 Extra-EU

2000 Jan. 14,467.0 11,003.5 3,463.5 13,532.7 9,385.9 4,146.8 934.3 1,617.6 --683.3

Feb. 16,202.8 12,236.5 3,966.3 15,453.7 10,913.0 4,540.8 749.1 1,323.6 --574.5

March 18,720.8 13,972.7 4,748.1 17,355.0 12,249.8 5,105.3 1,365.8 1,723.0 --357.2

April 15,567.8 11,834.8 3,733.0 14,442.3 9,978.9 4,463.4 1,125.5 1,855.9 --730.4

May 18,173.4 13,377.5 4,795.9 17,050.6 11,353.4 5,697.2 1,122.9 2,024.1 --901.3

June 16,860.3 12,823.0 4,037.4 15,592.7 10,816.2 4,776.5 1,267.7 2,006.8 --739.2

July 16,010.1 11,533.3 4,476.8 14,411.0 9,713.8 4,697.3 1,599.1 1,819.5 --220.5

Aug. 14,508.7 10,899.2 3,609.5 15,116.9 10,073.9 5,042.9 --608.1 825.3 --1,433.4

Sep. 18,813.4 13,860.7 4,952.7 16,771.1 11,567.5 5,203.6 2,042.3 2,293.2 --250.9

Oct. 19,272.7 14,274.9 4,997.8 17,494.5 11,727.4 5,767.1 1,778.2 2,547.5 --769.3

Nov. 18,333.6 13,456.3 4,877.3 18,274.9 12,388.0 5,887.0 58.6 1,068.3 --1,009.7

Dec. 17,022.6 12,540.6 4,482.0 16,699.6 11,785.3 4,914.3 323.0 755.3 --432.3

2001 Jan. 17,703.9 13,531.7 4,172.2 17,326.9 11,945.9 5,381.0 376.9 1,585.8 --1,208.9

Feb. 17,647.7 13,225.8 4,422.0 16,960.2 11,928.6 5,031.5 687.5 1,297.1 --609.6

March 19,992.4 15,183.7 4,808.7 18,434.2 12,889.3 5,544.9 1,558.2 2,294.4 --736.2

April 16,916.8 12,811.3 4,105.5 16,388.0 11,319.0 5,069.0 528.8 1,492.4 --963.5

May 18,257.7 13,774.8 4,482.9 17,583.5 12,010.3 5,573.2 674.2 1,764.5 --1,090.3

June 18,646.1 14,053.5 4,592.5 17,191.7 11,921.8 5,269.9 1,454.3 2,131.7 --677.4

July 17,339.8 12,619.0 4,720.8 15,476.0 10,348.1 5,127.9 1,863.8 2,271.0 --407.1

Aug. 15,138.9 11,624.6 3,514.3 14,722.3 9,891.0 4,831.3 416.6 1,733.6 --1,317.0

Sep. 17,791.1 13,665.7 4,125.4 16,041.3 11,587.5 4,453.8 1,749.8 2,078.1 --328.4

Oct. 18,715.7 14,157.1 4,558.5 16,816.1 11,645.4 5,170.7 1,899.5 2,511.7 --612.2

Nov. 17,816.4 13,274.3 4,542.1 16,476.7 11,366.3 5,110.4 1,339.8 1,908.0 --568.3

Dec. 16,572.2 12,340.7 4,231.6 16,074.8 11,773.7 4,301.1 497.4 567.0 --69.6

2002 Jan. 18,114.7 13,338.6 4,776.1 16,852.3 11,886.2 4,966.0 1,262.4 1,452.4 --189.9

Feb. 18,065.6 13,187.2 4,878.4 16,835.8 12,109.5 4,726.2 1,229.8 1,077.7 152.2

March 20,359.4 15,160.8 5,198.6 18,852.3 13,689.4 5,162.9 1,507.0 1,471.4 35.6

April 19,129.4 13,957.6 5,171.8 17,652.7 12,401.8 5,250.9 1,476.7 1,555.8 --79.1

May 19,424.8 13,858.0 5,566.8 17,651.0 12,127.3 5,523.8 1,773.8 1,730.8 43.0

June 19,393.0 14,150.2 5,242.8 17,641.6 12,447.4 5,194.1 1,751.4 1,702.8 48.6

July 18,869.8 13,429.9 5,439.9 16,637.1 11,731.5 4,905.6 2,232.7 1,698.4 534.3

Aug. 16,012.0 11,854.5 4,157.5 15,557.7 10,813.3 4,744.4 454.3 1,041.2 --586.9

Sep. 20,572.8 15,381.5 5,191.3 18,291.1 13,243.0 5,048.1 2,281.7 2,138.4 143.3

Oct. 21,448.8 15,467.9 5,980.9 19,314.7 13,396.3 5,918.4 2,134.1 2,071.7 62.5

Nov. 19,146.3 13,824.8 5,321.6 17,898.6 12,789.3 5,109.3 1,247.8 1,035.5 212.3

Dec. 18,046.5 12,936.7 5,109.8 17,887.4 12,870.2 5,017.2 159.1 66.5 92.6

2003 Jan. p 18,310.5 13,349.1 4,961.4 17,006.0 11,780.8 5,225.2 1,304.6 1,568.4 --263.8

Feb. p 18,296.6 13,631.3 4,665.2 17,296.5 12,485.4 4,811.0 1,000.1 1,145.9 --145.8

March p 20,230.5 15,528.9 4,701.6 18,422.4 13,260.2 5,162.2 1,808.1 2,268.7 --460.5

April p 19,037.1 14,139.6 4,897.5 17,370.0 12,148.1 5,221.9 1,667.1 1,991.5 --324.4

May p 18,402.1 14,001.5 4,400.6 16,432.2 11,506.7 4,925.5 1,969.9 2,494.8 --524.9

June p 19,454.5 14,657.6 4,796.8 17,117.1 12,239.2 4,878.0 2,337.3 2,418.5 --81.1

July p 18,186.1 13,414.1 4,772.0 16,146.7 11,219.6 4,927.2 2,039.4 2,194.5 --155.2

Aug. p 14,908.4 10,986.4 3,922.0 14,331.1 10,116.6 4,214.5 577.3 869.8 --292.5

Sep. p 20,597.8 15,368.3 5,229.5 17,560.2 12,808.1 4,752.1 3,037.6 2,560.1 477.4

Sources: 1994: NSI; since 1995: NAI- adjusted data

1 Intra-EU: Member states of the EU as at 1.1.1995; for the 1994 data including Austria, Sweden and Finland.Bibliographical references: Statistical Bulletin of the National Bank of Belgium, 1996-I, p. 7-13. ”Régionalisation des statistiques du commerce extérieur de la Belgique”, Bulletin trimestriel desrésultats régionaux des statistiques des exportations belges, 1993-1995 (numéro spécial), ICN, Bruxelles, December 1996, pp. 6-14.

”Nouvelles estimations des statistiques du Commerce extérieur”, Bulletin mensuel des statistiques du Commerce extérieur de l’UEBL, 1995 - résultats définitifs, ICN, Bruxelles, October 1997,pp. 6-14.

”Tableau de passage des résultats UEBL selon la définition nationale aux résultats de la Belgique selon la définition communautaire”, Bulletin mensuel des statistiques du Commerce extérieurde la Belgique, 1998-01, ICN, Bruxelles, April 1998, pp. 5-6.

”Changes in chapter 8: ’Foreign Trade statistics’”, Statistical bulletin of the National Bank of Belgium, 1998-III, pp. 11-19.

”Nouveaux indices du Commerce extérieur”, Bulletin mensuel des statistiques du Commerce extérieur de la Belgique, 1998-04, ICN, Bruxelles, July 1998, pp. 5-8.


8.2 FOREIGN TRADE OF BELGIUM: CUMULATIVE MOVEMENT

(millions of euro)

Exports Imports Trade balance

Total Intra-EU 1 Extra-EU Total Intra-EU 1 Extra-EU Total Intra-EU 1 Extra-EU

2000 Jan. 14,467.0 11,003.5 3,463.5 13,532.7 9,385.9 4,146.8 934.3 1,617.6 --683.3

Jan.-Feb. 30,669.8 23,240.0 7,429.8 28,986.4 20,298.9 8,687.6 1,683.4 2,941.2 --1,257.8

Jan.-March 49,390.6 37,212.7 12,177.9 46,341.4 32,548.7 13,792.9 3,049.2 4,664.2 --1,615.0

Jan.-April 64,958.4 49,047.5 15,910.9 60,783.7 42,527.6 18,256.3 4,174.7 6,520.1 --2,345.4

Jan.-May 83,131.8 62,425.0 20,706.8 77,834.3 53,881.0 23,953.5 5,297.6 8,544.2 --3,246.7

Jan.-June 99,992.1 75,248.0 24,744.2 93,427.0 64,697.2 28,730.0 6,565.3 10,551.0 --3,985.9

Jan.-July 116,002.2 86,781.3 29,221.0 107,838.0 74,411.0 33,427.3 8,164.4 12,370.5 --4,206.4

Jan.-Aug. 130,510.9 97,680.5 32,830.5 122,954.9 84,484.9 38,470.2 7,556.3 13,195.8 --5,639.8

Jan.-Sep. 149,324.3 111,541.2 37,783.2 139,726.0 96,052.4 43,673.8 9,598.6 15,489.0 --5,890.7

Jan.-Oct. 168,597.0 125,816.1 42,781.0 157,220.5 107,779.8 49,440.9 11,376.8 18,036.5 --6,660.0

Jan.-Nov. 186,930.6 139,272.4 47,658.3 175,495.4 120,167.8 55,327.9 11,435.4 19,104.8 --7,669.7

Jan.-Dec. 203,953.2 151,813.0 52,140.3 192,195.0 131,953.1 60,242.2 11,758.4 19,860.1 --8,102.0

2001 Jan. 17,703.9 13,531.7 4,172.2 17,326.9 11,945.9 5,381.0 376.9 1,585.8 --1,208.9

Jan.-Feb. 35,351.6 26,757.5 8,594.2 34,287.1 23,874.5 10,412.5 1,064.4 2,882.9 --1,818.5

Jan.-March 55,344.0 41,941.2 13,402.9 52,721.3 36,763.8 15,957.4 2,622.6 5,177.3 --2,554.7

Jan.-April 72,260.8 54,752.5 17,508.4 69,109.3 48,082.8 21,026.4 3,151.4 6,669.7 --3,518.2

Jan.-May 90,518.5 68,527.3 21,991.3 86,692.8 60,093.1 26,599.6 3,825.6 8,434.2 --4,608.5

Jan.-June 109,164.6 82,580.8 26,583.8 103,884.5 72,014.9 31,869.5 5,279.9 10,565.9 --5,285.9

Jan.-July 126,504.4 95,199.8 31,304.6 119,360.5 82,363.0 36,997.4 7,143.7 12,836.9 --5,693.0

Jan.-Aug. 141,643.3 106,824.4 34,818.9 134,082.8 92,254.0 41,828.7 7,560.3 14,570.5 --7,010.0

Jan.-Sep. 159,434.4 120,490.1 38,944.3 150,124.1 103,841.5 46,282.5 9,310.1 16,648.6 --7,338.4

Jan.-Oct. 178,150.1 134,647.2 43,502.8 166,940.2 115,486.9 51,453.2 11,209.6 19,160.3 --7,950.6

Jan.-Nov. 195,966.5 147,921.5 48,044.9 183,416.9 126,853.2 56,563.6 12,549.4 21,068.3 --8,518.9

Jan.-Dec. 212,538.7 160,262.2 52,276.5 199,491.7 138,626.9 60,864.7 13,046.8 21,635.3 --8,588.5

2002 Jan. 18,114.7 13,338.6 4,776.1 16,852.3 11,886.2 4,966.0 1,262.4 1,452.4 --189.9

Jan.-Feb. 36,180.3 26,525.8 9,654.5 33,688.1 23,995.7 9,692.2 2,492.2 2,530.1 --37.7

Jan.-March 56,539.7 41,686.6 14,853.1 52,540.4 37,685.1 14,855.1 3,999.2 4,001.5 --2.1

Jan.-April 75,669.1 55,644.2 20,024.9 70,193.1 50,086.9 20,106.0 5,475.9 5,557.3 --81.2

Jan.-May 95,093.9 69,502.2 25,591.7 87,844.1 62,214.2 25,629.8 7,249.7 7,288.1 --38.2

Jan.-June 114,486.9 83,652.4 30,834.5 105,485.7 74,661.6 30,823.9 9,001.1 8,990.9 10.4

Jan.-July 133,356.7 97,082.3 36,274.4 122,122.8 86,393.1 35,729.5 11,233.8 10,689.3 544.7

Jan.-Aug. 149,368.7 108,936.8 40,431.9 137,680.5 97,206.4 40,473.9 11,688.1 11,730.5 --42.2

Jan.-Sep. 169,941.5 124,318.3 45,623.2 155,971.6 110,449.4 45,522.0 13,969.8 13,868.9 101.1

Jan.-Oct. 191,390.3 139,786.2 51,604.1 175,286.3 123,845.7 51,440.4 16,103.9 15,940.6 163.6

Jan.-Nov. 210,536.6 153,611.0 56,925.7 193,184.9 136,635.0 56,549.7 17,351.7 16,976.1 375.9

Jan.-Dec. 228,583.1 166,547.7 62,035.5 211,072.3 149,505.2 61,566.9 17,510.8 17,042.6 468.5

2003 Jan. p 18,310.5 13,349.1 4,961.4 17,006.0 11,780.8 5,225.2 1,304.6 1,568.4 --263.8

Jan.-Feb. p 36,607.1 26,980.4 9,626.6 34,302.5 24,266.2 10,036.2 2,304.7 2,714.3 --409.6

Jan.-March p 56,837.6 42,509.3 14,328.2 52,724.9 37,526.4 15,198.4 4,112.8 4,983.0 --870.1

Jan.-April p 75,874.7 56,648.9 19,225.7 70,094.9 49,674.5 20,420.3 5,779.9 6,974.5 --1,194.5

Jan.-May p 94,276.8 70,650.4 23,626.3 86,527.1 61,181.2 25,345.8 7,749.8 9,469.3 --1,719.4

Jan.-June p 113,731.3 85,308.0 28,423.1 103,644.2 73,420.4 30,223.8 10,087.1 11,887.8 --1,800.5

Jan.-July p 131,917.4 98,722.1 33,195.1 119,790.9 84,640.0 35,151.0 12,126.5 14,082.3 --1,955.7

Jan.-Aug. p 146,825.8 109,708.5 37,117.1 134,122.0 94,756.6 39,365.5 12,703.8 14,952.1 --2,248.2

Jan.-Sep. p 167,423.6 125,076.8 42,346.6 151,682.2 107,564.7 44,117.6 15,741.4 17,512.2 --1,770.8


1 Intra-EU: Member states as at 1.1.1995; for the 1994 data including Austria, Sweden and Finland.


8.3 FOREIGN TRADE OF BELGIUM: MONTHLY INDICES


Values Quantities 1 Unit values Terms of trade 2

Exports Imports Exports Imports Exports Imports

Terms of trade

2000 January 161.0 165.7 138.2 136.4 116.5 121.5 95.9

February 180.3 189.2 154.0 153.9 117.1 122.9 95.3

March 208.4 212.5 176.7 170.5 117.9 124.6 94.6

April 173.3 176.8 146.5 141.2 118.3 125.3 94.4

May 202.3 208.8 167.6 164.1 120.7 127.2 94.9

June 187.7 190.9 155.7 150.1 120.5 127.2 94.8

July 178.2 176.4 146.8 138.3 121.4 127.6 95.1

August 161.5 185.1 132.5 142.0 121.9 130.3 93.5

September 209.4 205.3 167.1 155.5 125.3 132.0 94.9

October 214.5 214.2 169.8 160.5 126.3 133.5 94.6

November 204.1 223.8 163.5 164.6 124.8 135.9 91.8

December 189.5 204.5 151.0 152.8 125.5 133.8 93.8

2001 January 197.0 212.1 160.8 161.5 122.5 131.3 93.3

February 196.4 207.6 158.3 156.8 124.1 132.5 93.7

March 222.5 225.7 179.0 171.5 124.3 131.6 94.4

April 188.3 200.6 151.0 151.9 124.7 132.1 94.4

May 203.2 215.3 161.2 160.2 126.1 134.4 93.8

June 207.5 210.5 163.5 154.4 126.9 136.3 93.1

July 193.0 189.5 153.3 141.0 125.9 134.4 93.7

August 168.5 180.3 136.5 136.1 123.5 132.5 93.2

September 198.0 196.4 160.3 150.2 123.5 130.7 94.5

October 208.3 205.9 169.5 160.6 122.9 128.2 95.9

November 198.3 201.7 162.6 157.4 122.0 128.1 95.2

December 184.5 196.8 151.3 155.1 121.9 126.9 96.0

2002 January 201.6 206.3 165.3 161.4 122.0 127.9 95.4

February 201.1 206.1 161.1 159.6 124.8 129.2 96.6

March 226.6 230.8 183.7 175.9 123.4 131.2 94.0

April 212.9 216.2 171.5 167.6 124.2 128.9 96.3

May 216.2 216.1 174.4 167.6 124.0 129.0 96.1

June 215.8 216.0 177.0 168.9 121.9 127.9 95.3

July 210.0 203.7 170.8 160.8 123.0 126.7 97.1

August 178.2 190.5 145.3 148.5 122.6 128.2 95.6

September 229.0 224.0 186.3 173.2 122.9 129.3 95.0

October 238.7 236.5 193.2 183.6 123.6 128.8 95.9

November 213.1 219.2 174.8 172.8 121.9 126.8 96.1

December 200.9 219.0 166.1 170.1 120.9 128.7 93.9

2003 January p 203.8 208.2 166.6 165.0 122.3 126.2 96.9

February p 203.6 211.8 167.0 166.5 121.9 127.2 95.9

March p 225.2 225.6 185.5 177.7 121.4 126.9 95.7

April p 211.9 212.7 175.1 170.4 121.0 124.8 97.0

May p 204.8 201.2 174.7 168.4 117.3 119.5 98.1

June p 216.5 209.6 179.5 169.6 120.6 123.6 97.6

July p 202.4 197.7 174.2 164.8 116.2 119.9 96.9

August p 165.9 175.5 141.6 142.0 117.2 123.6 94.8

September p 229.3 215.0 190.8 169.8 120.2 126.7 94.9

Sources: 1994: NSI; since 1995: NAI- adjusted data Calculations: NAI

1 Quantity index number IQ = (value index number IV/index number of unit values IUV) x 1002 Terms of trade IT = [(IUVx/IUVm) x 100]

whereIT = terms of trade indexIUVx = index of unit export valuesIUVm = index of unit import values


8.4 FOREIGN TRADE OF BELGIUM: PERCENTAGE CHANGE, CUMULATIVE VALUES

(Percentage changes compared with the average of the previous year)

Values Quantities 1 Unit values

Exports Imports Exports Imports Exports Imports

2000 Jan. 3.3 5.0 --2.1 --1.3 5.5 6.4

Jan.-Feb. 9.5 12.5 3.5 5.1 5.8 7.0

Jan.-March 17.5 19.9 10.7 11.2 6.2 7.8

Jan.-April 15.9 17.9 8.9 8.9 6.4 8.2

Jan.-May 18.7 20.8 10.9 10.9 7.0 8.9

Jan.-June 19.0 20.8 10.8 10.5 7.4 9.3

Jan.-July 18.3 19.5 9.8 9.0 7.7 9.6

Jan.-Aug. 16.5 19.3 7.8 8.3 8.0 10.2

Jan.-Sep. 18.5 20.5 9.0 8.8 8.6 10.8

Jan.-Oct. 20.4 22.0 10.2 9.5 9.3 11.4

Jan.-Nov. 21.3 23.8 10.7 10.4 9.6 12.1

Jan.-Dec. 21.3 24.3 10.4 10.4 9.9 12.5

2001 Jan. 4.2 8.2 3.2 5.8 0.9 2.2

Jan.-Feb. 4.0 7.0 2.4 4.3 1.6 2.7

Jan.-March 8.5 9.7 6.5 7.0 1.9 2.6

Jan.-April 6.3 7.9 4.1 5.1 2.1 2.6

Jan.-May 6.5 8.3 4.0 5.1 2.5 3.0

Jan.-June 7.1 8.1 4.1 4.4 2.8 3.5

Jan.-July 6.3 6.5 3.3 2.7 2.9 3.7

Jan.-Aug. 4.2 4.7 1.3 1.0 2.8 3.6

Jan.-Sep. 4.2 4.2 1.5 0.7 2.7 3.4

Jan.-Oct. 4.8 4.2 2.2 1.2 2.5 3.0

Jan.-Nov. 4.8 4.1 2.4 1.3 2.4 2.7

Jan.-Dec. 4.2 3.8 2.0 1.3 2.2 2.4

2002 Jan. 2.3 1.4 4.0 4.3 --1.6 --2.8

Jan.-Feb. 2.1 1.3 2.7 3.8 --0.5 --2.3

Jan.-March 6.4 5.4 7.0 7.1 --0.5 --1.6

Jan.-April 6.8 5.6 7.2 7.4 --0.4 --1.7

Jan.-May 7.4 5.7 7.7 7.6 --0.3 --1.8

Jan.-June 7.7 5.8 8.3 7.9 --0.5 --2.0

Jan.-July 7.6 4.9 8.2 7.3 --0.6 --2.2

Jan.-Aug. 5.4 3.5 6.1 5.9 --0.6 --2.3

Jan.-Sep. 6.6 4.3 7.3 6.6 --0.7 --2.2

Jan.-Oct. 8.1 5.4 8.8 7.8 --0.6 --2.2

Jan.-Nov. 8.1 5.6 8.9 8.2 --0.8 --2.3

Jan.-Dec. 7.5 5.8 8.5 8.3 --0.9 --2.3

2003 Jan. p --3.9 --3.3 --3.4 --1.5 --0.5 --1.9

Jan.-Feb. p --3.9 --2.5 --3.3 --1.0 --0.7 --1.5

Jan.-March p --0.5 --0.1 0.3 1.4 --0.9 --1.4

Jan.-April p --0.4 --0.4 0.6 1.4 --1.0 --1.8

Jan.-May p --1.0 --1.6 0.8 1.2 --1.8 --2.8

Jan.-June p --0.5 --1.8 1.3 1.2 --1.8 --3.0

Jan.-July p --1.1 --2.7 1.3 0.9 --2.3 --3.5

Jan.-Aug. p --3.6 --4.7 --1.1 --1.2 --2.6 --3.6

Jan.-Sep. p --2.3 --4.2 0.2 --0.9 --2.5 --3.3

Sources: 1994: NSI; since 1995: NAI - adjusted data Calculation: NAI

1 DQ = {[(DV+100)/(DUV+100)] - 1} x 100whereDQ = percentage of variation in quantitiesDV = percentage of variation in valuesDUV = percentage of variation in unit values

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8.5 FOREIGN TRADE OF BELGIUM BY MAIN PARTNER COUNTRIES

(millions of euro)

2001 2002 2003

IV I II III IV I II

Exports Imports Exports Imports Exports Imports Exports Imports Exports Imports Exports p Imports p Exports p Imports p

Grand total 53,104.3 49,367.6 56,539.6 52,540.3 57,947.2 52,945.3 55,454.6 50,486.0 58,641.7 55,100.7 56,837.6 52,724.8 56,893.6 50,919.3European Union 39,772.1 34,785.4 41,686.6 37,685.2 41,965.9 36,976.5 40,665.9 35,787.9 42,229.4 39,055.7 42,509.3 37,526.4 42,798.7 35,893.9

Economic and Monetary Union 33,495.4 29,704.2 34,675.8 32,293.3 35,408.6 31,428.8 33,876.1 30,867.7 35,669.2 33,847.7 36,068.4 32,217.1 36,251.8 30,579.3France 9,042.5 6,772.0 9,176.9 6,734.6 9,421.1 6,475.4 9,024.0 6,043.1 9,660.6 7,166.8 10,036.0 7,135.0 9,999.9 6,683.7

Luxembourg 986.0 305.9 1,033.8 297.9 1,018.5 324.5 990.8 286.8 1,077.0 369.2 1,102.6 354.1 1,053.1 322.3

Netherlands 6,500.7 8,013.4 6,501.0 8,164.9 6,999.1 8,333.6 6,416.2 8,007.7 6,747.2 8,637.5 6,694.3 8,955.4 6,720.0 7,984.3

Germany 9,894.7 8,242.6 10,548.9 8,968.5 10,554.6 8,909.5 10,721.0 8,812.1 10,813.5 9,563.5 10,739.4 9,152.5 10,961.3 8,659.8

Italy 3,080.9 2,435.1 3,277.7 2,332.1 3,214.5 1,972.6 2,783.6 1,960.3 3,114.1 2,084.6 3,199.2 1,983.3 3,124.0 1,754.0

Ireland 398.1 1,699.8 427.9 3,632.7 449.3 3,310.1 405.6 3,900.2 500.7 3,892.5 411.3 2,468.0 470.8 3,074.1

Greece 341.2 72.1 343.5 74.6 361.3 64.5 353.6 78.8 359.2 58.2 361.5 72.3 368.0 48.1

Portugal 390.1 535.0 417.6 445.7 387.9 460.4 336.8 363.6 370.0 431.3 369.6 420.0 361.5 337.7

Spain 2,012.0 960.7 2,038.3 1,010.1 2,092.0 1,009.4 1,979.3 852.1 2,133.2 1,017.7 2,222.6 1,081.7 2,269.6 1,055.7

Finland 272.9 324.3 303.6 293.8 293.6 282.6 289.9 285.8 296.1 341.2 340.0 328.2 310.1 355.4

Austria 576.3 343.2 606.6 338.3 616.7 286.3 575.3 277.1 597.6 285.0 591.9 266.6 613.6 304.3

Other countries of the EuropeanUnion 6,276.6 5,081.2 7,010.8 5,391.9 6,557.3 5,547.7 6,789.8 4,920.2 6,560.2 5,208.0 6,440.9 5,309.4 6,546.9 5,314.7

United Kingdom 5,114.5 3,609.0 5,800.6 4,011.8 5,340.1 4,140.3 5,607.9 3,700.7 5,303.0 3,706.4 5,169.6 3,892.4 5,214.1 3,930.5

Denmark 415.2 223.0 431.6 226.3 437.2 231.3 424.2 237.6 431.3 243.2 456.7 271.1 485.3 251.4

Sweden 747.0 1,249.1 778.5 1,153.8 780.0 1,176.1 757.6 981.9 825.9 1,258.5 814.7 1,145.9 847.5 1,132.8

Other European countries 3,119.9 2,770.8 3,145.6 2,567.4 3,499.0 2,960.0 3,229.3 2,524.7 3,412.4 3,141.0 3,365.1 2,975.5 3,421.4 3,075.2Iceland 10.9 11.7 9.3 9.7 10.4 9.9 9.1 11.2 10.2 11.3 10.0 9.4 12.2 10.8

Norway 174.4 511.2 186.2 438.2 216.4 352.8 195.5 292.8 205.1 536.3 207.4 462.7 202.9 383.0

Switzerland 718.7 425.6 779.2 383.7 727.7 490.8 670.1 362.2 688.5 402.8 726.8 343.2 660.2 406.3

Malta 22.7 20.0 21.0 20.4 14.9 20.3 13.5 23.5 18.3 19.1 21.4 18.4 16.5 19.5

Turkey 311.9 241.6 357.1 229.6 416.9 268.7 418.0 250.2 452.2 261.2 463.6 294.7 450.7 303.3

Estonia 23.2 29.1 22.3 16.7 26.5 29.1 25.5 12.2 26.7 11.4 24.8 13.9 27.2 24.0

Latvia 27.4 11.7 19.1 9.3 26.5 11.7 24.0 9.2 31.4 14.3 22.2 8.3 21.5 15.9

Lithuania 43.9 30.6 39.1 23.4 52.2 28.7 42.1 27.4 47.7 32.0 42.3 32.3 47.5 37.4

Poland 443.9 287.1 465.9 296.9 516.0 294.7 482.8 303.0 483.8 353.3 467.9 310.5 491.0 330.8

Czech Republic 256.0 171.9 270.7 160.3 320.0 222.3 329.6 178.3 314.1 192.6 299.8 194.9 318.1 217.1

Slovakia 76.1 67.9 75.1 51.2 90.3 61.0 77.6 56.8 102.5 64.5 104.5 62.7 98.2 71.9

Hungary 208.3 290.8 231.6 323.7 336.7 414.9 237.5 248.9 247.9 424.9 260.7 366.4 321.0 353.7

Romania 111.1 86.0 78.1 68.3 99.0 64.8 106.6 80.1 96.8 80.9 96.5 72.2 107.1 93.3

Ukraine 81.4 24.0 79.8 22.0 73.5 38.0 72.4 22.2 82.3 73.9 73.5 32.5 71.8 28.6

Russian Federation 353.2 434.4 288.1 371.9 326.5 505.6 293.9 489.7 350.3 483.4 309.8 580.7 309.9 602.1

Slovenia 51.8 28.0 55.7 26.8 56.4 24.8 54.4 19.3 52.0 19.9 55.1 18.3 61.0 20.7

Cyprus 26.6 3.6 23.6 6.7 23.8 16.8 24.4 2.4 22.8 3.9 22.5 4.0 21.7 22.8

Other European countries 178.5 95.5 143.5 108.6 165.3 105.3 152.4 135.2 179.8 155.1 156.4 150.3 182.7 134.1

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8.5 FOREIGN TRADE OF BELGIUM BY MAIN PARTNER COUNTRIES (CONTINUED)

(millions of euro)

200320022001

IIIIVIIIIIIIV

Imports pExports pImports pExports pImportsExportsImportsExportsImportsExportsImportsExportsImportsExports

Africa 1,027.5 1,305.9 955.9 1,498.7 1,059.4 1,633.2 943.6 1,439.6 1,031.2 1,807.0 941.6 1,590.2 940.8 1,332.3Algeria 89.2 107.9 91.6 135.9 114.0 347.5 103.4 259.5 130.1 384.1 118.2 407.5 106.6 302.3

Tunisia 100.7 118.9 94.9 131.0 103.6 120.3 88.0 109.4 101.3 117.0 91.1 123.0 86.1 110.0

Liberia 2.0 0.7 1.0 0.7 1.2 0.2 0.8 0.0 1.5 0.0 2.1 0.8 1.5 0.5

Ivory Coast 23.8 39.7 26.0 46.3 20.5 43.4 34.6 37.5 15.9 113.3 18.4 78.0 22.9 82.6

Nigeria 77.5 12.3 67.1 13.4 75.9 17.0 51.3 19.5 65.0 21.7 52.5 23.7 50.5 21.6

Congo (Rep.) 18.7 1.8 16.1 1.3 18.0 1.2 15.3 1.6 15.7 4.3 11.9 1.2 12.2 8.5

Congo (Dem.Rep.) 35.4 222.4 27.3 245.0 34.4 270.4 33.2 253.6 32.4 290.7 27.1 210.9 35.1 153.6

Angola 35.3 147.9 33.6 132.3 37.8 127.0 35.9 129.1 42.5 137.0 36.0 82.1 33.6 31.0

South Africa 177.1 238.3 155.2 276.2 178.3 268.8 147.4 257.6 156.9 300.7 152.8 287.9 156.4 277.5

Other African countries 467.8 416.0 443.1 516.6 475.7 437.6 433.6 371.7 469.9 438.2 431.7 375.2 435.9 344.7

America 4,141.1 4,602.9 5,322.9 4,542.2 5,547.0 5,010.4 5,086.5 4,651.8 6,069.6 4,690.7 4,592.4 4,467.3 4,598.9 4,473.0United States of America 3,199.8 3,338.8 4,325.1 3,318.0 4,426.0 3,631.6 4,034.9 3,439.0 4,995.3 3,387.0 3,624.5 3,169.9 3,646.9 3,160.7

Canada 248.8 388.3 330.9 310.5 424.9 290.9 354.5 238.5 403.0 256.2 364.2 291.0 374.9 282.3

Mexico 174.9 125.5 210.7 112.5 224.1 158.5 206.3 141.7 197.8 159.5 197.7 119.2 150.5 147.5

Colombia 32.3 59.8 32.3 68.0 29.3 71.4 27.3 73.3 30.2 88.2 27.7 75.5 25.2 68.8

Venezuela 60.1 42.2 48.9 51.9 44.6 66.9 33.0 61.1 38.4 61.7 10.7 21.7 20.4 38.7

Brazil 221.7 343.8 184.2 362.1 202.1 462.0 245.3 400.2 234.1 435.4 190.4 477.2 214.8 410.9

Chile 32.0 32.7 27.1 34.3 28.6 38.7 29.6 33.1 38.7 35.7 35.5 35.1 23.1 37.8

Argentina 36.7 73.4 21.6 91.8 37.7 98.7 25.6 84.8 27.3 65.5 32.3 79.0 37.4 103.2

Other American countries 134.9 198.4 142.0 193.0 129.6 191.7 130.1 179.9 104.8 201.5 109.4 198.9 105.6 223.1

Asia 4,443.0 5,712.6 4,806.7 5,968.3 5,237.0 6,046.5 4,844.0 5,820.6 5,142.2 6,180.6 4,739.8 5,983.7 4,488.5 5,906.9Lebanon 73.6 8.9 70.3 10.4 62.0 9.7 72.2 8.8 69.7 6.7 49.3 9.6 54.4 6.6

Iran 80.1 5.0 84.0 4.6 77.9 7.1 85.6 6.5 93.1 5.7 115.3 7.1 100.0 5.2

Israel 751.9 452.0 813.2 570.8 859.5 628.9 676.4 444.0 735.2 573.0 575.7 406.4 481.6 417.9

Saudi Arabia 160.2 48.5 163.1 64.5 153.0 59.0 153.4 63.8 219.3 71.5 177.9 83.9 161.0 63.2

United Arab Emirates 237.8 98.9 208.0 99.5 256.6 100.1 231.0 96.9 280.9 151.5 184.3 135.6 203.4 206.5

Pakistan 28.1 42.4 33.0 47.7 39.1 49.1 45.2 60.9 51.3 47.7 47.4 51.8 42.8 48.3

India 717.6 378.9 1,007.7 509.1 1,140.8 451.1 1,005.0 447.6 929.8 369.5 1,018.3 494.8 950.9 409.8

Sri Lanka 38.2 52.9 48.8 56.1 51.7 58.5 46.0 69.0 44.8 60.1 46.1 54.8 40.9 54.4

Thailand 147.1 378.8 166.0 335.9 174.7 295.7 158.7 342.1 148.9 308.8 170.6 322.8 163.4 316.3

Viet Nam 28.6 113.8 24.7 139.2 26.1 121.2 23.5 126.4 31.4 109.2 25.5 133.6 24.7 121.1

Indonesia 54.4 203.5 62.5 235.5 54.2 285.0 53.7 258.6 53.1 252.1 56.4 236.8 57.3 257.6

Malaysia 64.5 177.7 64.3 145.5 74.2 167.2 77.5 122.8 65.3 150.9 67.4 129.1 63.5 156.8

Singapore 117.3 193.7 127.0 171.0 124.7 135.5 111.2 139.3 127.2 164.8 124.6 120.3 106.5 90.4

Philippines 36.6 104.1 35.3 67.0 37.2 58.1 45.7 38.6 44.6 86.7 42.2 44.1 42.2 45.3

China 427.2 1,034.0 428.6 1,068.6 536.7 1,109.9 493.3 1,279.0 553.0 1,288.0 550.0 1,280.7 567.9 1,320.6

Republic of Korea 179.0 207.2 169.5 198.2 204.1 202.5 192.5 196.6 191.8 224.2 187.7 257.7 193.5 245.4

Japan 525.4 1,668.1 519.4 1,693.1 531.5 1,755.3 520.5 1,545.4 653.5 1,622.4 549.7 1,750.1 522.8 1,694.0

Taiwan 158.8 171.3 136.8 153.3 145.7 153.8 129.0 141.4 127.0 160.5 98.4 149.6 91.5 151.0

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8.5 FOREIGN TRADE OF BELGIUM BY MAIN PARTNER COUNTRIES (CONTINUED)

(millions of euro)

200320022001

IIIIVIIIIIIIV

Imports pExports pImports pExports pImportsExportsImportsExportsImportsExportsImportsExportsImportsExports

Hong Kong 370.5 222.2 409.7 222.9 426.3 219.0 481.1 229.8 436.8 363.1 400.8 134.7 365.2 121.2

Other Asian countries 245.9 150.5 234.6 175.5 261.0 179.7 242.6 203.1 285.6 164.2 252.3 180.2 254.9 175.3

Australia and Oceania 256.2 184.3 353.4 276.4 347.7 314.5 355.2 257.0 345.6 221.6 340.2 179.2 330.8 235.3Australia 210.3 118.4 310.1 147.5 296.8 179.6 292.1 135.5 289.6 159.6 292.0 127.2 277.2 92.5

New Zealand 38.3 62.7 34.0 126.4 42.4 129.4 53.4 116.4 47.4 56.2 39.8 47.6 42.3 137.2

Other Oceanian countries 7.5 3.2 9.4 2.5 8.4 5.5 9.7 5.1 8.6 5.7 8.3 4.4 11.2 5.6

Other 344.5 5.8 268.5 2.1 291.1 4.2 330.2 4.3 411.2 4.1 349.2 2.4 314.6 2.7Bunker 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Other 1 344.5 5.8 268.5 2.1 291.1 4.2 330.2 4.3 411.2 4.1 349.2 2.4 314.6 2.7


1 Includes, among other things, ship’s supplies, the high seas, imports from customs warehouses, indeterminate countries and international organisations.

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8.6 FOREIGN TRADE OF BELGIUM BY SECTIONS OF THE HARMONISED SYSTEM

(millions of euro)

2001 2002 2003

IV I II III IV I II

Exports Imports Exports Imports Exports Imports Exports Imports Exports Imports Exports p Imports p Exports p Imports p

Grand total 53,104.3 49,367.6 56,539.6 52,540.3 57,947.2 52,945.3 55,454.6 50,486.0 58,641.7 55,100.7 56,837.6 52,724.8 56,893.6 50,919.3I Live animals and animal products 1,384.0 1,153.3 1,228.5 1,044.7 1,240.2 1,005.7 1,225.6 1,031.8 1,311.7 1,178.0 1,195.4 1,062.5 1,194.6 1,095.5

II Vegetable products 1,129.9 1,230.1 1,283.2 1,477.9 1,307.5 1,489.0 1,120.6 1,306.5 1,181.9 1,388.6 1,334.4 1,374.7 1,411.9 1,560.8

III Fats, oils; animal or vegetable waxes 239.0 211.5 220.1 220.8 225.6 213.1 211.8 210.6 229.8 227.7 236.1 210.4 232.5 225.5

IV Prepared foodstuffs; beverages and tobacco 2,463.5 2,069.0 2,233.5 1,774.4 2,342.8 1,891.2 2,359.8 1,858.8 2,654.8 2,412.5 2,343.7 1,920.5 2,396.9 1,903.7

V Mineral products 2,349.8 4,055.4 2,239.3 4,039.2 2,729.5 4,653.7 2,853.1 4,468.8 3,101.3 4,961.4 3,154.1 5,443.5 3,314.7 4,436.0

VI Products of the chemical or allied industries 9,473.5 7,956.5 12,342.3 11,003.1 12,309.3 10,767.0 12,696.7 11,439.1 13,361.3 11,838.7 12,906.5 10,324.3 12,615.7 10,579.1

VII Plastics, rubber and articles thereof 3,912.9 2,699.0 4,009.2 2,754.4 4,414.2 2,976.2 4,147.0 2,854.7 4,096.4 2,885.4 4,434.6 2,931.1 4,237.2 2,937.4

VIII Hides and skins, leather and articles thereof 195.3 179.3 199.9 204.3 205.3 208.6 246.6 229.3 215.1 186.1 203.9 209.1 204.2 182.4

IX Wood, cork and articles thereof; basketware 468.6 410.5 487.9 423.6 528.8 472.7 455.1 401.5 492.7 432.0 498.4 457.1 513.9 473.5

X Pulp of wood; paper and paperboard and ar-ticles thereof 1,395.1 1,417.6 1,364.9 1,344.2 1,346.5 1,336.8 1,308.0 1,288.9 1,347.0 1,362.8 1,361.3 1,361.2 1,324.8 1,316.3

XI Textiles and textile articles 2,737.7 2,118.9 3,031.7 2,452.7 2,762.9 2,157.7 2,979.3 2,439.4 2,863.8 2,166.4 2,899.7 2,468.2 2,587.8 1,991.9

XII Footwear, headgear, umbrellas; and similararticles 419.5 315.0 615.7 519.1 532.3 373.8 604.2 480.4 375.0 276.4 472.4 478.0 402.7 339.4

XIII Articles of stone, cement; ceramic products;glass 785.6 542.0 815.4 534.4 894.1 582.0 815.1 531.2 832.8 561.5 815.1 561.5 869.8 576.5

XIV Pearls, precious stones, precious metals, coin 3,416.9 3,072.1 4,204.5 3,731.4 4,082.9 4,051.5 3,559.7 3,367.6 3,669.2 3,710.4 2,935.3 2,817.7 2,745.0 2,642.5

XV Base metals and articles thereof 3,889.1 3,122.4 3,995.6 3,282.3 4,258.1 3,475.0 3,940.9 3,112.0 4,076.0 3,386.5 4,132.6 3,655.6 4,279.9 3,373.2

XVI Machinery and appliances; electrical equip-ment; sound and television recorders 8,324.0 9,438.9 7,706.6 8,455.9 7,954.3 8,410.7 7,412.7 7,712.2 8,205.6 9,322.3 7,506.8 8,269.1 7,596.0 8,069.7

XVII Vehicles and transport equipment 8,110.1 6,935.3 8,414.1 7,160.2 8,661.2 6,717.5 7,425.0 5,688.3 8,337.9 6,604.1 8,131.2 7,055.3 8,689.8 7,025.3

XVIII Optical, photographic and precision instru-ments; clocks; musical instruments 873.3 1,192.4 832.0 1,069.5 850.8 1,090.6 845.0 1,009.6 889.7 1,087.9 871.5 1,041.7 944.9 1,072.3

XIX Arms and ammunition 1 163.7 17.9 49.3 16.1 41.0 22.2 55.5 22.1 70.3 18.2 49.1 13.0 45.1 17.0

XX Miscellaneous manufactured articles 944.3 1,002.2 898.1 969.6 890.1 989.9 856.6 964.6 955.1 1,031.7 895.9 979.2 886.1 1,003.6

XXI Works of art 28.4 18.4 16.5 19.1 22.6 17.9 17.3 13.0 26.3 15.1 18.3 21.1 22.8 28.6

XXII Goods not specified elsewhere 1 2 399.8 209.8 351.2 43.4 347.2 42.3 319.1 55.6 348.0 47.0 441.1 70.1 377.3 69.0


1 A modification of the classification in 1998 caused a shift of some amounts from section XXII to section XIX.

2 Includes, among other things, ship’s supplies, the high seas, imports from customs warehouses, indeterminate countries and inter-national organisations.


9 CHAPTER 9: BALANCE OF PAYMENTS9.1 BALANCE OF PAYMENTS OF BELGIUM9.1.1 BALANCE OF PAYMENTS OF BELGIUM: SYNTHETIC PRESENTATION - NET

(millions of euro)

1995 1996 1997 1998 1999 2000 2001 2002

Current account 11,237 10,616 12,260 11,911 12,129 9,778 9,732 14,040

Goods and services 8,939 8,596 9,933 9,565 10,198 7,523 8,160 11,389

Goods 8,997 8,410 8,795 8,843 8,896 5,273 6,232 9,340

Services --58 186 1,138 722 1,302 2,250 1,928 2,049

Income 5,351 5,202 5,582 6,171 6,237 6,447 5,917 7,257

Compensation of employees 2,648 2,524 2,666 2,680 2,960 3,046 3,087 3,302

Investment income 2,703 2,678 2,916 3,491 3,277 3,401 2,830 3,955

Current transfers --3,053 --3,182 --3,255 --3,825 --4,306 --4,192 --4,345 --4,606

Capital and financial account --15,578

Capital account --695

Financial account --14,883

Direct investment 2,279

Portfolio investment 15,655

Financial derivatives --2,146

Other investment --30,748

Reserve assets of the NBB 77

Errors and omissions 1,538

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9.1.2 CURRENT ACCOUNT OF BELGIUM: DETAILED PRESENTATION9.1.2.1 CURRENT ACCOUNT OF BELGIUM: DETAILED PRESENTATION - CREDIT (QUARTERLY FREQUENCY)

(millions of euro)

2001 2002 2001 2002 20032001 2002

I II III IV I II III IV I II III

Goods and services 217,542 218,037 56,704 55,229 52,333 53,276 53,897 55,837 52,584 55,719 54,817 55,037 52,212

Goods 178,119 178,262 46,907 45,526 42,035 43,651 44,265 45,719 42,757 45,521 45,373 45,216 42,898

General merchandise 160,270 162,211 41,804 40,817 38,067 39,582 40,132 41,354 39,025 41,700 41,873 41,629 39,789

Goods for processing 16,180 14,603 4,694 4,203 3,579 3,704 3,790 3,971 3,363 3,479 3,142 3,269 2,748

Repairs on goods 423 296 107 111 97 108 80 82 71 63 62 52 47

Goods procured in ports by carriers 959 1,045 209 285 238 227 232 276 284 253 283 252 298

Nonmonetary gold 287 107 93 110 54 30 31 36 14 26 13 14 16

Services 39,423 39,775 9,797 9,703 10,298 9,625 9,632 10,118 9,827 10,198 9,444 9,821 9,314

Transportation 10,534 9,002 2,660 2,687 2,729 2,458 2,188 2,344 2,323 2,147 1,907 2,061 2,077

Travel 7,695 7,108 1,847 2,006 2,130 1,712 1,545 1,774 2,091 1,698 1,550 1,842 2,121

Communications services 1,548 1,734 420 412 348 368 481 435 382 436 392 349 364

Construction services 973 1,338 256 222 226 269 306 301 317 414 341 362 354

Insurance services 488 505 130 121 117 120 126 124 118 137 127 178 143

Financial services 2,348 2,329 590 569 567 622 601 587 537 604 542 552 513

Information services 2,122 1,989 604 478 515 525 594 473 432 490 510 518 409

Royalties and license fees 793 718 156 184 243 210 207 202 121 188 225 180 151

Other business services 11,251 12,968 2,731 2,634 3,053 2,833 3,240 3,383 2,886 3,459 3,492 3,435 2,561

of which:Merchanting 473 1,510 179 81 396 --183 573 706 --6 237 744 640 --80

Personal, cultural and recreational servi-ces 374 301 91 87 95 101 81 70 69 81 67 65 73

Government services n.i.e. 1,297 1,783 312 303 275 407 263 425 551 544 291 279 548

Income 40,363 38,074 9,282 11,456 9,766 9,859 9,350 10,926 9,046 8,752 8,806 10,632 8,812

Compensation of employees 4,442 4,742 1,113 1,131 1,045 1,153 1,148 1,146 1,164 1,284 1,151 1,168 1,175

Investment income 35,921 33,332 8,169 10,325 8,721 8,706 8,202 9,780 7,882 7,468 7,655 9,464 7,637

Current transfers 6,054 5,586 1,712 1,308 1,320 1,714 1,397 1,272 1,128 1,789 1,472 1,176 1,172

General government 1,808 1,694 452 329 337 690 428 345 252 669 358 318 278

Other sectors 4,246 3,892 1,260 979 983 1,024 969 927 876 1,120 1,114 858 894

Total of the current account 263,959 261,697 67,698 67,993 63,419 64,849 64,644 68,035 62,758 66,260 65,095 66,845 62,196

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9.1.2.2 CURRENT ACCOUNT OF BELGIUM: DETAILED PRESENTATION - DEBIT (QUARTERLY FREQUENCY)

(millions of euro)

2001 2002 2001 2002 20032001 2002



Goods 171,887 168,922 46,217 44,612 39,514 41,544 41,796 42,705 39,842 44,579 44,635 42,388 40,053


Goods for processing 14,631 13,457 4,403 3,776 3,134 3,318 3,525 3,605 3,080 3,247 2,810 2,890 2,476

Repairs on goods 376 251 108 97 77 94 70 57 50 74 45 45 44

Goods procured in ports by carriers 489 395 153 113 119 104 71 92 134 98 92 112 133

Nonmonetary gold 2 134 16 --15 10 --9 23 12 28 71 54 35 28

Services 37,495 37,726 8,774 9,318 10,097 9,306 8,783 9,277 10,433 9,233 8,759 9,179 9,903

Transportation 8,872 8,091 2,244 2,181 2,228 2,219 1,899 2,050 2,120 2,022 1,836 1,847 1,952

Travel 10,920 10,708 2,316 2,919 3,593 2,092 2,090 2,765 3,719 2,134 2,103 2,767 3,647

Communications services 1,197 1,360 241 287 315 354 392 320 321 327 278 301 247

Construction services 566 744 143 98 119 206 143 163 197 241 214 223 175


Financial services 2,527 2,444 654 634 593 646 633 609 608 594 601 582 542

Information services 1,444 1,480 437 311 334 362 439 350 346 345 334 285 296

Royalties and license fees 1,139 838 223 210 237 469 207 188 190 253 226 219 233


of which:Merchanting 0 0 0 0 0 0 0 0 0 0 0 0 0


Government services n.i.e. 522 605 115 112 120 175 130 128 132 215 175 180 138

Income 34,446 30,817 7,457 10,362 8,529 8,098 7,228 9,506 7,311 6,772 6,720 9,822 7,507

Compensation of employees 1,355 1,440 285 376 312 382 319 403 313 405 336 417 317



General government 5,160 5,418 1,307 1,286 1,184 1,383 1,429 1,417 1,278 1,294 1,582 1,664 1,454

Other sectors 5,239 4,774 1,263 1,313 1,235 1,428 1,187 1,170 1,163 1,254 1,382 1,272 1,394


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9.1.2.3 CURRENT ACCOUNT OF BELGIUM: DETAILED PRESENTATION - NET (QUARTERLY FREQUENCY)

(millions of euro)

2001 2002 2001 2002 20032001 2002



Goods 6,232 9,340 690 914 2,521 2,107 2,469 3,014 2,915 942 738 2,828 2,845

General merchandise 3,881 7,526 267 176 1,893 1,545 2,025 2,415 2,475 611 239 2,323 2,417

Goods for processing 1,549 1,146 291 427 445 386 265 366 283 232 332 379 272

Repairs on goods 47 45 --1 14 20 14 10 25 21 --11 17 7 3


Nonmonetary gold 285 --27 77 125 44 39 8 24 --14 --45 --41 --21 --12

Services 1,928 2,049 1,023 385 201 319 849 841 --606 965 685 642 --589

Transportation 1,662 911 416 506 501 239 289 294 203 125 71 214 125

Travel --3,225 --3,600 --469 --913 --1,463 --380 --545 --991 --1,628 --436 --553 --925 --1,526

Communications services 351 374 179 125 33 14 89 115 61 109 114 48 117


Insurance services --92 30 --15 --19 --27 --31 --1 13 0 18 --22 70 12

Financial services --179 --115 --64 --65 --26 --24 --32 --22 --71 10 --59 --30 --29

Information services 678 509 167 167 181 163 155 123 86 145 176 233 113

Royalties and license fees --346 --120 --67 --26 6 --259 0 14 --69 --65 --1 --39 --82

Other business services 1,980 2,385 605 312 749 314 634 895 296 560 732 857 98

of which:Merchanting 473 1,510 179 81 396 --183 573 706 --6 237 744 640 --80

Personal, cultural and recreational servi-ces --83 --97 --39 --17 --15 --12 --36 --35 --23 --3 --16 --24 --6

Government services n.i.e. 775 1,178 197 191 155 232 133 297 419 329 116 99 410

Income 5,917 7,257 1,825 1,094 1,237 1,761 2,122 1,420 1,735 1,980 2,086 810 1,305

Compensation of employees 3,087 3,302 828 755 733 771 829 743 851 879 815 751 858

Investment income 2,830 3,955 997 339 504 990 1,293 677 884 1,101 1,271 59 447

Current transfers --4,345 --4,606 --858 --1,291 --1,099 --1,097 --1,219 --1,315 --1,313 --759 --1,492 --1,760 --1,676

General government --3,352 --3,724 --855 --957 --847 --693 --1,001 --1,072 --1,026 --625 --1,224 --1,346 --1,176

Other sectors --993 --882 --3 --334 --252 --404 --218 --243 --287 --134 --268 --414 --500


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9.1.2.4 CURRENT ACCOUNT OF BELGIUM: DETAILED PRESENTATION - CREDIT (MONTHLY FREQUENCY)

(millions of euro)

2002 2003

Sep. Oct. Nov. Dec. Jan. Feb. March April May June July Aug. Sep.


Goods 15,715 16,880 15,022 13,619 14,695 14,687 15,991 15,354 14,692 15,170 15,102 11,707 16,089


Goods for processing 1,277 1,369 1,109 1,001 911 1,012 1,219 1,044 1,044 1,181 986 606 1,156

Repairs on goods 24 20 23 20 18 20 24 16 17 19 20 13 14



Services 3,082 3,597 3,119 3,482 3,238 2,905 3,301 3,320 3,096 3,405 3,327 2,824 3,163

Transportation 750 739 681 727 677 599 631 700 685 676 730 689 658

Travel 664 687 489 522 497 481 572 558 593 691 684 754 683




Financial services 161 187 204 213 196 174 172 189 190 173 185 170 158



Other business services 885 1,142 1,099 1,218 1,188 1,096 1,208 1,132 1,027 1,276 968 636 957

of which:Merchanting --17 128 104 5 238 203 303 107 196 337 --117 --106 143



Income 3,076 2,700 2,579 3,473 2,965 2,838 3,003 3,141 3,678 3,813 3,183 2,645 2,984

Compensation of employees 392 389 394 501 388 380 383 360 435 373 395 388 392


Current transfers 360 461 725 603 495 440 537 429 409 338 414 378 380

General government 85 120 422 127 89 75 194 101 134 83 111 74 93

Other sectors 275 341 303 476 406 365 343 328 275 255 303 304 287


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9.1.2.5 CURRENT ACCOUNT OF BELGIUM: DETAILED PRESENTATION - DEBIT (MONTHLY FREQUENCY)

(millions of euro)

2002 2003



Goods 14,328 15,726 14,218 14,635 14,616 14,521 15,498 14,486 13,616 14,286 13,731 12,240 14,082


Goods for processing 1,195 1,327 1,035 885 748 932 1,130 878 997 1,015 775 580 1,121

Repairs on goods 15 21 21 32 17 13 15 18 14 13 13 14 17



Services 3,139 3,286 2,725 3,222 3,212 2,740 2,807 3,027 2,917 3,235 3,726 3,166 3,011

Transportation 680 747 631 644 636 597 603 637 568 642 675 613 664

Travel 1,011 881 660 593 733 657 713 915 872 980 1,444 1,192 1,011




Financial services 186 197 185 212 243 178 180 194 197 191 208 163 171



Other business services 771 893 778 1,228 1,091 858 811 857 818 903 913 768 782




Income 2,499 1,991 1,978 2,803 2,222 2,186 2,312 2,357 3,588 3,877 2,697 2,262 2,548



Current transfers 806 836 854 858 1,101 958 905 931 1,010 995 1,048 903 897


Other sectors 381 416 381 457 430 464 488 437 408 427 551 432 411


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9.1.2.6 CURRENT ACCOUNT OF BELGIUM: DETAILED PRESENTATION - NET (MONTHLY FREQUENCY)

(millions of euro)

2002 2003


Goods and services 1,330 1,465 1,198 --756 105 331 987 1,161 1,255 1,054 972 --875 2,159

Goods 1,387 1,154 804 --1,016 79 166 493 868 1,076 884 1,371 --533 2,007

General merchandise 1,244 1,067 698 --1,154 --124 29 334 666 983 674 1,105 --610 1,922

Goods for processing 82 42 74 116 163 80 89 166 47 166 211 26 35

Repairs on goods 9 --1 2 --12 1 7 9 --2 3 6 7 --1 --3


Nonmonetary gold --3 --15 --16 --14 --16 --11 --14 --12 --5 --4 --6 --2 --4

Services --57 311 394 260 26 165 494 293 179 170 --399 --342 152

Transportation 70 --8 50 83 41 2 28 63 117 34 55 76 --6

Travel --347 --194 --171 --71 --236 --176 --141 --357 --279 --289 --760 --438 --328

Communications services --13 47 31 31 19 8 87 26 34 --12 8 44 65


Insurance services 1 6 2 10 --19 --8 5 30 21 19 --5 7 10

Financial services --25 --10 19 1 --47 --4 --8 --5 --7 --18 --23 7 --13


Royalties and license fees --19 1 --42 --24 13 --62 48 48 --77 --10 9 --79 --12

Other business services 114 249 321 --10 97 238 397 275 209 373 55 --132 175

of which:Merchanting --17 128 104 5 238 203 303 107 196 337 --117 --106 143

Personal, cultural and recreational servi-ces --10 14 --5 --12 --2 --10 --4 6 --1 --29 5 4 --15


Income 577 709 601 670 743 652 691 784 90 --64 486 383 436


Investment income 289 423 313 365 472 383 416 538 --150 --329 197 98 152

Current transfers --446 --375 --129 --255 --606 --518 --368 --502 --601 --657 --634 --525 --517

General government --340 --300 --51 --274 --582 --419 --223 --393 --468 --485 --386 --397 --393

Other sectors --106 --75 --78 19 --24 --99 --145 --109 --133 --172 --248 --128 --124

Total of the current account 1,461 1,799 1,670 --341 242 465 1,310 1,443 744 333 824 --1,017 2,078

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9.1.2.7 CURRENT ACCOUNT OF BELGIUM: DETAILED PRESENTATION - CREDIT (CUMULATIVE MONTHLY FREQUENCY)

(millions of euro)

2002 2003



Goods 132,741 149,621 164,643 178,262 14,695 29,382 45,373 60,727 75,419 90,589 105,691 117,398 133,487


Goods for processing 11,124 12,493 13,602 14,603 911 1,923 3,142 4,186 5,230 6,411 7,397 8,003 9,159

Repairs on goods 233 253 276 296 18 38 62 78 95 114 134 147 161

Goods procured in ports by carriers 792 889 966 1,045 85 175 283 368 455 535 637 735 833


Services 29,577 33,174 36,293 39,775 3,238 6,143 9,444 12,764 15,860 19,265 22,592 25,416 28,579

Transportation 6,855 7,594 8,275 9,002 677 1,276 1,907 2,607 3,292 3,968 4,698 5,387 6,045

Travel 5,410 6,097 6,586 7,108 497 978 1,550 2,108 2,701 3,392 4,076 4,830 5,513

Communications services 1,298 1,447 1,583 1,734 114 213 392 519 643 741 856 967 1,105

Construction services 924 1,098 1,180 1,338 114 224 341 456 570 703 833 922 1,057


Financial services 1,725 1,912 2,116 2,329 196 370 542 731 921 1,094 1,279 1,449 1,607

Information services 1,499 1,648 1,793 1,989 222 369 510 691 879 1,028 1,189 1,305 1,437



of which:Merchanting 1,273 1,401 1,505 1,510 238 441 744 851 1,047 1,384 1,267 1,161 1,304


Government services n.i.e. 1,239 1,433 1,612 1,783 101 217 291 395 482 570 773 944 1,118

Income 29,322 32,022 34,601 38,074 2,965 5,803 8,806 11,947 15,625 19,438 22,621 25,266 28,250

Compensation of employees 3,458 3,847 4,241 4,742 388 768 1,151 1,511 1,946 2,319 2,714 3,102 3,494


Current transfers 3,797 4,258 4,983 5,586 495 935 1,472 1,901 2,310 2,648 3,062 3,440 3,820

General government 1,025 1,145 1,567 1,694 89 164 358 459 593 676 787 861 954

Other sectors 2,772 3,113 3,416 3,892 406 771 1,114 1,442 1,717 1,972 2,275 2,579 2,866


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9.1.2.8 CURRENT ACCOUNT OF BELGIUM: DETAILED PRESENTATION - DEBIT (CUMULATIVE MONTHLY FREQUENCY)

(millions of euro)

2002 2003



Goods 124,343 140,069 154,287 168,922 14,616 29,137 44,635 59,121 72,737 87,023 100,754 112,994 127,076


Goods for processing 10,210 11,537 12,572 13,457 748 1,680 2,810 3,688 4,685 5,700 6,475 7,055 8,176

Repairs on goods 177 198 219 251 17 30 45 63 77 90 103 117 134



Services 28,493 31,779 34,504 37,726 3,212 5,952 8,759 11,786 14,703 17,938 21,664 24,830 27,841

Transportation 6,069 6,816 7,447 8,091 636 1,233 1,836 2,473 3,041 3,683 4,358 4,971 5,635

Travel 8,574 9,455 10,115 10,708 733 1,390 2,103 3,018 3,890 4,870 6,314 7,506 8,517

Communications services 1,033 1,135 1,240 1,360 95 186 278 379 469 579 686 753 826



Financial services 1,850 2,047 2,232 2,444 243 421 601 795 992 1,183 1,391 1,554 1,725

Information services 1,135 1,270 1,364 1,480 128 218 334 426 526 619 728 829 915






Income 24,045 26,036 28,014 30,817 2,222 4,408 6,720 9,077 12,665 16,542 19,239 21,501 24,049

Compensation of employees 1,035 1,138 1,244 1,440 117 228 336 450 645 753 859 962 1,070



General government 4,124 4,544 5,017 5,418 671 1,165 1,582 2,076 2,678 3,246 3,743 4,214 4,700

Other sectors 3,520 3,936 4,317 4,774 430 894 1,382 1,819 2,227 2,654 3,205 3,637 4,048


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9.1.2.9 CURRENT ACCOUNT OF BELGIUM: DETAILED PRESENTATION - NET (CUMULATIVE MONTHLY FREQUENCY)

(millions of euro)

2002 2003


Goods and services 9,482 10,947 12,145 11,389 105 436 1,423 2,584 3,839 4,893 5,865 4,990 7,149

Goods 8,398 9,552 10,356 9,340 79 245 738 1,606 2,682 3,566 4,937 4,404 6,411

General merchandise 6,915 7,982 8,680 7,526 --124 --95 239 905 1,888 2,562 3,667 3,057 4,979

Goods for processing 914 956 1,030 1,146 163 243 332 498 545 711 922 948 983

Repairs on goods 56 55 57 45 1 8 17 15 18 24 31 30 27


Nonmonetary gold 18 3 --13 --27 --16 --27 --41 --53 --58 --62 --68 --70 --74

Services 1,084 1,395 1,789 2,049 26 191 685 978 1,157 1,327 928 586 738

Transportation 786 778 828 911 41 43 71 134 251 285 340 416 410

Travel --3,164 --3,358 --3,529 --3,600 --236 --412 --553 --910 --1,189 --1,478 --2,238 --2,676 --3,004



Insurance services 12 18 20 30 --19 --27 --22 8 29 48 43 50 60

Financial services --125 --135 --116 --115 --47 --51 --59 --64 --71 --89 --112 --105 --118


Royalties and license fees --55 --54 --96 --120 13 --49 --1 47 --30 --40 --31 --110 --122

Other business services 1,825 2,074 2,395 2,385 97 335 732 1,007 1,216 1,589 1,644 1,512 1,687

of which:Merchanting 1,273 1,401 1,505 1,510 238 441 744 851 1,047 1,384 1,267 1,161 1,304

Personal, cultural and recreational servi-ces --94 --80 --85 --97 --2 --12 --16 --10 --11 --40 --35 --31 --46

Government services n.i.e. 849 938 1,075 1,178 34 102 116 178 201 215 360 477 625

Income 5,277 5,986 6,587 7,257 743 1,395 2,086 2,870 2,960 2,896 3,382 3,765 4,201

Compensation of employees 2,423 2,709 2,997 3,302 271 540 815 1,061 1,301 1,566 1,855 2,140 2,424

Investment income 2,854 3,277 3,590 3,955 472 855 1,271 1,809 1,659 1,330 1,527 1,625 1,777

Current transfers --3,847 --4,222 --4,351 --4,606 --606 --1,124 --1,492 --1,994 --2,595 --3,252 --3,886 --4,411 --4,928

General government --3,099 --3,399 --3,450 --3,724 --582 --1,001 --1,224 --1,617 --2,085 --2,570 --2,956 --3,353 --3,746

Other sectors --748 --823 --901 --882 --24 --123 --268 --377 --510 --682 --930 --1,058 --1,182

Total of the current account 10,912 12,711 14,381 14,040 242 707 2,017 3,460 4,204 4,537 5,361 4,344 6,422


9.1.3 CAPITAL AND FINANCIAL ACCOUNT OF BELGIUM: DETAILED PRESENTATION9.1.3.1 CAPITAL AND FINANCIAL ACCOUNT OF BELGIUM: DETAILED PRESENTATION -

NET

(millions of euro)

2002 2003


Capital account --65 --39 --41 --116 --11 --23 --669 --26 --16 --19 --16 --24 --20

Capital transfers --58 --32 --59 --108 --3 --16 --662 --21 --10 --11 --10 --18 --11

Acquisition and disposal ofnon-produced nonfinancialassets --7 --7 18 --8 --8 --7 --7 --5 --6 --8 --6 --6 --9

Financial account --1,138 --743 --2,923 --537 --641 --1,123 --1,177 --1,331 --699 --760 --1,592 --551 --2,751

Direct investment 470 2,689 --1,904 2,570 --3,746 1,533 --3,019 493 --272 --2,024 --399 --687 --3,646

Abroad 134 --494 --5,683 --189 --5,503 --707 --3,176 --395 --1,925 --4,861 --1,029 --1,579 --4,758

Equity capital --386 --370 --1,182 698 --708 4 --109 --257 --294 --313 967 --567 --121

Reinvested earnings --19 --9 --10 --23 --7 --8 --7 --10 --38 --42 --21 --21 --19

Other transactions 539 --115 --4,491 --864 --4,788 --703 --3,060 --128 --1,593 --4,506 --1,975 --991 --4,618

In reporting economy 336 3,183 3,779 2,759 1,757 2,240 157 888 1,653 2,837 630 892 1,112

Equity capital --156 2,958 2,409 1,330 4,574 920 751 919 14 1,888 --118 886 311

Reinvested earnings 29 31 23 60 29 25 23 45 84 82 56 56 29

Other transactions 463 194 1,347 1,369 --2,846 1,295 --617 --76 1,555 867 692 --50 772

Portfolio investment --884 1,733 --1,451 4,344 12,798 2,651 --12,003 2,358 4,213 3,749 4,297 --7,848 --7,052

Assets 1 1,417 967 --4,324 3,385 1,062 2,501 --10,964 1,475 --5,213 5,369 4,896 --4,624 --5,096

Liabilities 2 --2,301 766 2,873 959 11,736 150 --1,039 883 9,426 --1,620 --599 --3,224 --1,956

Financial derivatives 50 --423 670 --266 912 --234 --780 --587 614 --754 --1,128 --1,420 848

Other investment --484 --5,091 --102 --7,076 --10,542 --5,290 13,675 --4,262 --5,110 --1,630 --4,182 9,477 7,064

Assets --16,722 328 --18,320 6,317 --287 --23,308 7,185 --6,536 --1,965 --4,553 1,579 11,041 --5,904

Trade credits --1,382 --58 649 1,064 74 --560 --414 --42 338 79 222 724 --852

Other --15,340 386 --18,969 5,253 --361 --22,748 7,599 --6,494 --2,303 --4,632 1,357 10,317 --5,052

Liabilities 16,238 --5,419 18,218 --13,393 --10,255 18,018 6,490 2,274 --3,145 2,923 --5,761 --1,564 12,968

Trade credits 108 590 --27 --165 --275 219 293 --130 --175 60 --455 --114 33

Other 16,130 --6,009 18,245 --13,228 --9,980 17,799 6,197 2,404 --2,970 2,863 --5,306 --1,450 12,935

Reserve assets of the NBB --290 349 --136 --109 --63 217 950 667 --144 --101 --180 --73 35

Total of the capital and finan-cial account --1,203 --782 --2,964 --653 --652 --1,146 --1,846 --1,357 --715 --779 --1,608 --575 --2,771

1 Assets: transactions in securities other than Belgian securities. Minus sign: increase in as-sets of residents.

2 Liabilities: transactions in Belgian securities. Minus sign: decrease in assets of non-resi-dents.


9.1.3.2 CAPITAL AND FINANCIAL ACCOUNT OF BELGIUM: DETAILED PRESENTATION - NETCUMUL

(millions of euro)

2002 2003


Capital account --499 --538 --579 --695 --11 --34 --703 --729 --745 --764 --780 --804 --824

Capital transfers --437 --469 --528 --636 --3 --19 --681 --702 --712 --723 --733 --751 --762

Acquisition and disposal ofnon-produced nonfinancialassets --62 --69 --51 --59 --8 --15 --22 --27 --33 --41 --47 --53 --62

Financial account --10,680 --11,423 --14,346 --14,883 --641 --1,764 --2,941 --4,272 --4,971 --5,731 --7,323 --7,874 --10,625

Direct investment --1,076 1,613 --291 2,279 --3,746 --2,213 --5,232 --4,739 --5,011 --7,035 --7,434 --8,121 --11,767

Abroad --3,644 --4,138 --9,821 --10,010 --5,503 --6,210 --9,386 --9,781 --11,706 --16,567 --17,596 --19,175 --23,933

Equity capital --1,667 --2,037 --3,219 --2,521 --708 --704 --813 --1,070 --1,364 --1,677 --710 --1,277 --1,398

Reinvested earnings --165 --174 --184 --207 --7 --15 --22 --32 --70 --112 --133 --154 --173

Other transactions --1,812 --1,927 --6,418 --7,282 --4,788 --5,491 --8,551 --8,679 --10,272 --14,778 --16,753 --17,744 --22,362

In reporting economy 2,568 5,751 9,530 12,289 1,757 3,997 4,154 5,042 6,695 9,532 10,162 11,054 12,166

Equity capital --1,208 1,750 4,159 5,489 4,574 5,494 6,245 7,164 7,178 9,066 8,948 9,834 10,145

Reinvested earnings 397 428 451 511 29 54 77 122 206 288 344 400 429

Other transactions 3,379 3,573 4,920 6,289 --2,846 --1,551 --2,168 --2,244 --689 178 870 820 1,592

Portfolio investment 11,029 12,762 11,311 15,655 12,798 15,449 3,446 5,804 10,017 13,766 18,063 10,215 3,163

Assets 1 --5,676 --4,709 --9,033 --5,648 1,062 3,563 --7,401 --5,926 --11,139 --5,770 --874 --5,498 --10,594

Liabilities 2 16,705 17,471 20,344 21,303 11,736 11,886 10,847 11,730 21,156 19,536 18,937 15,713 13,757

Financial derivatives --2,127 --2,550 --1,880 --2,146 912 678 --102 --689 --75 --829 --1,957 --3,377 --2,529

Other investment --18,479 --23,570 --23,672 --30,748 --10,542 --15,832 --2,157 --6,419 --11,529 --13,159 --17,341 --7,864 --800

Assets --36,563 --36,235 --54,555 --48,238 --287 --23,595 --16,410 --22,946 --24,911 --29,464 --27,885 --16,844 --22,748

Trade credits --1,837 --1,895 --1,246 --182 74 --486 --900 --942 --604 --525 --303 421 --431

Other --34,726 --34,340 --53,309 --48,056 --361 --23,109 --15,510 --22,004 --24,307 --28,939 --27,582 --17,265 --22,317

Liabilities 18,084 12,665 30,883 17,490 --10,255 7,763 14,253 16,527 13,382 16,305 10,544 8,980 21,948

Trade credits 400 990 963 798 --275 --56 237 107 --68 --8 --463 --577 --544

Other 17,684 11,675 29,920 16,692 --9,980 7,819 14,016 16,420 13,450 16,313 11,007 9,557 22,492

Reserve assets of the NBB --27 322 186 77 --63 154 1,104 1,771 1,627 1,526 1,346 1,273 1,308

Total of the capital and finan-cial account --11,179 --11,961 --14,925 --15,578 --652 --1,798 --3,644 --5,001 --5,716 --6,495 --8,103 --8,678 --11,449

1 Assets: transactions in securities other than Belgian securities. Minus sign: increase inassets of residents.

2 Liabilities: transactions in Belgian securities. Minus sign: decrease in assets of non-resi-dents.

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10 CHAPTER 10: EXCHANGE RATES10.1 REFERENCE EXCHANGE RATES OF THE EURO

(national currency units, daily averages)

US dollar Japanese yen Danish krone Swedish kro-na

Pound sterling Norwegiankrone

Czech koruna Cyprus pound Estoniankroon

Hungarian fo-rint

Polish zloty Slovenian to-lar

Swiss franc Canadian dol-lar

1999 1.0658 121.32 7.4355 8.8075 0.6587 8.3104 36.884 0.57884 15.6466 252.77 4.2274 194.4732 1.6003 1.5840

2000 0.9236 99.47 7.4538 8.4452 0.6095 8.1129 35.599 0.57392 15.6466 260.04 4.0082 206.6127 1.5579 1.3706

2001 0.8956 108.68 7.4521 9.2551 0.6219 8.0484 34.068 0.57589 15.6466 256.59 3.6721 217.9797 1.5105 1.3864

2002 0.9456 118.06 7.4305 9.1611 0.6288 7.5086 30.804 0.57530 15.6466 242.96 3.8574 225.9772 1.4670 1.4838

2003 1.1312 130.97 7.4307 9.1242 0.6920 8.0033 31.846 0.58409 15.6466 253.62 4.3996 233.8493 1.5212 1.5817

2001 IV 0.8959 110.45 7.4415 9.4810 0.6209 7.9693 33.168 0.57427 15.6466 251.62 3.6623 219.9603 1.4735 1.4157

2002 I 0.8766 116.07 7.4317 9.1589 0.6147 7.8117 31.768 0.57578 15.6466 244.04 3.6182 221.9111 1.4733 1.3978

II 0.9188 116.46 7.4343 9.1584 0.6285 7.5175 30.400 0.57822 15.6466 242.94 3.7169 225.1907 1.4648 1.4275

III 0.9838 117.24 7.4281 9.2301 0.6353 7.3991 30.231 0.57480 15.6466 245.35 4.0810 227.2539 1.4636 1.5361

IV 0.9994 122.42 7.4281 9.0946 0.6361 7.3192 30.857 0.57249 15.6466 239.47 3.9970 229.3740 1.4667 1.5687

2003 I 1.0731 127.59 7.4305 9.1822 0.6696 7.5706 31.624 0.58001 15.6466 243.63 4.1892 231.2825 1.4662 1.6203

II 1.1372 134.74 7.4250 9.1425 0.7017 7.9570 31.470 0.58653 15.6466 250.95 4.3560 232.9990 1.5180 1.5889

III 1.1248 132.14 7.4309 9.1631 0.6989 8.2472 32.168 0.58574 15.6466 259.65 4.4244 234.8763 1.5451 1.5533

IV 1.1890 129.45 7.4361 9.0093 0.6975 8.2227 32.096 0.58404 15.6466 259.82 4.6232 236.1407 1.5537 1.5659

2002 Dec. 1.0183 124.20 7.4264 9.0961 0.6422 7.2948 31.194 0.57297 15.6466 236.07 3.9858 230.0165 1.4679 1.5872

2003 Jan. 1.0622 126.12 7.4324 9.1733 0.6571 7.3328 31.489 0.57691 15.6466 240.39 4.0704 230.7055 1.4621 1.6364

Feb. 1.0773 128.60 7.4317 9.1455 0.6698 7.5439 31.641 0.58038 15.6466 245.12 4.1656 231.3664 1.4674 1.6299

March 1.0807 128.16 7.4274 9.2265 0.6825 7.8450 31.751 0.58292 15.6466 245.60 4.3363 231.8070 1.4695 1.5943

April 1.0848 130.11 7.4255 9.1541 0.6890 7.8317 31.618 0.58657 15.6466 245.59 4.2971 232.3136 1.4964 1.5851

May 1.1582 135.83 7.4246 9.1559 0.7132 7.8715 31.387 0.58694 15.6466 245.78 4.3343 232.9908 1.5155 1.6016

June 1.1663 138.05 7.4250 9.1182 0.7022 8.1619 31.412 0.58607 15.6466 261.21 4.4339 233.6600 1.5411 1.5798

July 1.1372 134.99 7.4332 9.1856 0.7004 8.2893 31.880 0.58730 15.6466 263.73 4.4368 234.4369 1.5476 1.5694

Aug. 1.1139 132.38 7.4322 9.2378 0.6992 8.2558 32.287 0.58616 15.6466 259.56 4.3699 234.9962 1.5400 1.5570

Sep. 1.1222 128.94 7.4273 9.0682 0.6969 8.1952 32.355 0.58370 15.6466 255.46 4.4635 235.2211 1.5474 1.5330

Oct. 1.1692 128.12 7.4301 9.0105 0.6976 8.2274 31.989 0.58418 15.6466 255.77 4.5952 235.6663 1.5485 1.5489

Nov. 1.1702 127.84 7.4370 8.9939 0.6928 8.1969 31.974 0.58328 15.6466 259.31 4.6174 236.1345 1.5590 1.5361

Dec. 1.2286 132.43 7.4419 9.0228 0.7020 8.2421 32.329 0.58459 15.6466 264.74 4.6595 236.6662 1.5544 1.6131

Source: ECB Calculations: BNB/NBB

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10.1 REFERENCE EXCHANGE RATES OF THE EURO (CONTINUED)

(national currency units, daily averages)

Australian dol-lar

New Zealanddollar

South Africanrand

Bulgarian lev Hong Kongdollar

Icelandic kro-na

South Koreanwon

Lithuanian li-tas

Latvian lat Maltese lira Romanian leu Singaporeandollar

Slovakian ko-runa

Turkish lira

1999 1.6523 2.0145 6.5172

2000 1.5889 2.0288 6.3882

2001 1.7319 2.1300 7.6873 1.9482 6.9855 87.42 1,154.83 3.5823 0.5601 0.4030 26,004 1.6039 43.300 1,102,425

2002 1.7376 2.0366 9.9072 1.9492 7.3750 86.18 1,175.50 3.4594 0.5810 0.4089 31,270 1.6912 42.694 1,439,680

2003 1.7379 1.9438 8.5317 1.9490 8.8079 86.65 1,346.90 3.4527 0.6407 0.4261 37,551 1.9703 41.489 1,694,851

2001 IV 1.7508 2.1558 9.0561 1.9467 6.9873 93.86 1,155.22 3.5824 0.5585 0.4029 27,932 1.6344 43.289 1,375,119

2002 I 1.6923 2.0626 10.1199 1.9503 6.8368 88.96 1,155.27 3.4807 0.5589 0.3998 28,344 1.6072 42.234 1,195,411

II 1.6662 1.9796 9.5993 1.9504 7.1664 85.16 1,157.79 3.4525 0.5717 0.4066 30,626 1.6567 42.992 1,305,508

III 1.7965 2.0853 10.2514 1.9471 7.6731 84.95 1,172.73 3.4527 0.5921 0.4144 32,525 1.7294 43.807 1,624,939

IV 1.7913 2.0171 9.6491 1.9493 7.7941 85.75 1,215.37 3.4526 0.6002 0.4145 33,444 1.7671 41.696 1,617,344

2003 I 1.8095 1.9537 8.9600 1.9535 8.3695 84.16 1,288.92 3.4527 0.6226 0.4214 35,593 1.8724 41.786 1,777,952

II 1.7742 1.9955 8.8217 1.9467 8.8692 84.71 1,373.83 3.4528 0.6452 0.4274 37,434 1.9872 41.226 1,716,532

III 1.7089 1.9254 8.3505 1.9465 8.7674 88.40 1,321.05 3.4528 0.6419 0.4268 37,410 1.9699 41.747 1,569,762

IV 1.6622 1.9032 8.0159 1.9494 9.2219 89.16 1,404.56 3.4526 0.6528 0.4287 39,735 2.0507 41.184 1,721,043

2002 Dec. 1.8076 1.9947 9.1038 1.9521 7.9409 84.92 1,226.88 3.4523 0.6049 0.4160 34,251 1.7858 41.745 1,619,050

2003 Jan. 1.8218 1.9648 9.2343 1.9555 8.2841 84.45 1,250.05 3.4529 0.6195 0.4194 35,539 1.8433 41.638 1,767,136

Feb. 1.8112 1.9457 8.9347 1.9540 8.4022 83.70 1,282.82 3.4524 0.6231 0.4217 35,403 1.8803 41.987 1,762,350

March 1.7950 1.9497 8.6966 1.9510 8.4279 84.31 1,335.44 3.4528 0.6253 0.4234 35,831 1.8954 41.749 1,804,143

April 1.7813 1.9700 8.3192 1.9473 8.4605 83.38 1,337.38 3.4530 0.6286 0.4240 36,569 1.9282 41.038 1,767,550

May 1.7866 2.0083 8.9060 1.9464 9.0321 84.44 1,390.03 3.4528 0.6513 0.4295 37,632 2.0074 41.125 1,720,476

June 1.7552 2.0069 9.2160 1.9463 9.0955 86.25 1,392.33 3.4527 0.6549 0.4285 38,059 2.0233 41.507 1,664,000

July 1.7184 1.9386 8.5842 1.9465 8.8689 87.66 1,342.27 3.4528 0.6473 0.4274 37,148 1.9956 41.804 1,596,957

Aug. 1.7114 1.9137 8.2375 1.9463 8.6873 88.79 1,312.67 3.4527 0.6397 0.4264 37,166 1.9531 41.955 1,564,214

Sep. 1.6967 1.9227 8.2141 1.9469 8.7377 88.81 1,306.88 3.4530 0.6383 0.4265 37,918 1.9591 41.489 1,546,627

Oct. 1.6867 1.9446 8.1540 1.9473 9.0530 89.17 1,364.70 3.4525 0.6483 0.4281 38,803 2.0282 41.304 1,679,067

Nov. 1.6337 1.8608 7.8806 1.9476 9.0836 88.60 1,388.09 3.4528 0.6471 0.4275 39,927 2.0233 41.102 1,726,781

Dec. 1.6626 1.8982 7.9934 1.9533 9.5386 89.68 1,463.90 3.4525 0.6631 0.4304 40,573 2.1016 41.132 1,761,551

Sources: ECB Calculations: BNB/NBB


10.2 EXCHANGE RATE MECHANISM - II10.2.1 EURO CENTRAL RATES AND COMPULSORY INTERVENTION RATES

(national currency units, dates of change)

1999

1 Jan.

DenmarkMaximum 7.62824

Central rate 7.46038

Minimum 7.29252

Source: ECB Calculations: ECB

N.B.: The upper and the lower intervention rates for the Danish krone are fixed to 2.25 pc ofthe central rate.

10.2.2 PREMIUM OR DISCOUNT OF THE DANISH KRONE VIS-À-VIS THE EURO

(daily averages)

Danish krone

1999 --0.33

2000 --0.09

2001 --0.11

2002 --0.40

2003 --0.40

2001 IV --0.25

2002 I --0.38

II --0.35

III --0.43

IV --0.43

2003 I --0.40

II --0.47

III --0.40

IV --0.32

2002 December --0.45

2003 January --0.37

February --0.38

March --0.44

April --0.47

May --0.48

June --0.47

July --0.36

August --0.38

September --0.44

October --0.41

November --0.31

December --0.25

Source: ECB Calculations: BNB/NBB

N.B.: Formula = {[(Rate - Central Rate) x 100] / Central Rate} where :-Rate = exchange rate for the foreign currency vis-à-vis the euro (2.15 p.m. concertation).-Central Rate = pivot rate for that currency vis-à-vis the euro.

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10.3 NOMINAL EFFECTIVE EXCHANGE RATE


Euro Australian dollar Canadian dollar Swiss franc Danish krone Pound sterling Japanese yen Norwegian krone New Zealand dol-lar

Swedish krona US dollar

1994 93.76 89.12 84.14 105.31 103.64 88.48 148.15 94.95 96.95 80.42 98.17

1995 98.38 85.62 81.94 112.56 108.01 84.30 155.19 97.60 102.58 80.05 92.70

1996 98.49 94.33 83.87 111.00 106.96 85.95 135.18 97.74 110.27 87.89 97.06

1997 90.48 95.57 84.98 104.52 103.78 99.94 129.24 98.03 112.89 84.67 105.24

1998 92.65 85.87 81.15 107.39 105.17 104.36 126.75 94.31 98.30 83.66 113.21

1999 87.36 85.39 80.01 105.53 103.12 103.42 145.82 93.02 94.12 81.85 109.83

2000 78.24 79.03 81.03 103.79 98.43 106.29 161.07 90.53 84.43 81.33 113.51

2001 79.70 74.35 79.36 108.04 99.94 104.98 147.90 93.00 83.34 74.69 121.22

2002 82.15 77.12 77.85 112.80 101.04 105.52 140.20 101.03 90.28 76.31 119.93

2003 91.52 85.15 84.66 113.28 105.08 100.41 140.04 99.14 102.54 80.43 107.45

2001 IV 79.90 74.09 77.91 110.97 100.37 105.40 145.73 94.32 83.01 72.96 122.42

2002 I 79.50 76.68 77.94 110.93 100.03 106.28 137.30 95.72 86.39 75.35 125.87

II 81.08 79.14 79.04 112.39 100.57 104.78 139.82 100.36 91.05 75.90 121.27

III 83.38 75.55 77.36 113.70 101.60 105.22 144.01 103.24 89.61 76.20 116.08

IV 84.50 77.12 77.06 114.18 101.96 105.80 139.65 104.81 94.09 77.80 116.48

2003 I 88.48 79.46 79.17 116.15 103.77 102.40 139.65 103.39 100.60 78.66 111.84

II 92.51 84.34 84.86 113.97 105.59 99.42 137.01 100.07 101.25 80.61 108.08

III 91.79 86.48 85.89 111.52 105.35 99.39 138.28 96.19 103.25 80.24 107.70

IV 93.27 90.33 88.72 111.48 105.62 100.43 145.22 96.90 105.08 82.20 102.20

2002 Dec. 85.44 77.23 77.35 114.56 102.36 105.34 139.07 105.62 96.08 78.14 115.39

2003 Jan. 87.44 78.18 77.58 116.01 103.19 103.96 140.12 106.22 99.37 78.26 112.43

Feb. 88.67 79.60 78.95 116.18 103.79 102.52 138.82 103.79 101.27 79.05 111.79

March 89.39 80.60 80.99 116.27 104.33 100.71 140.02 100.17 101.15 78.68 111.30

April 90.04 81.76 81.84 114.43 104.56 99.99 138.33 100.52 100.45 79.53 111.35

May 93.57 84.64 85.51 114.63 106.02 98.21 137.31 101.64 101.58 80.87 106.75

June 93.80 86.62 87.24 112.85 106.18 100.06 135.38 98.05 101.71 81.42 106.13

July 92.60 86.95 85.94 111.76 105.70 99.64 136.32 96.08 103.54 80.38 107.57

Aug. 91.54 86.10 85.09 111.79 105.33 99.20 137.35 96.08 103.71 79.50 108.71

Sep. 91.17 86.39 86.64 111.02 105.03 99.33 141.17 96.41 102.50 80.85 106.81

Oct. 92.47 88.19 88.44 111.51 105.42 99.98 145.30 96.51 102.27 81.89 103.14

Nov. 92.38 90.86 89.22 110.70 105.24 100.66 145.70 96.80 106.13 81.98 102.87

Dec. 94.98 91.93 88.49 112.22 106.19 100.65 144.67 97.40 106.83 82.72 100.59

Source: BIS Calculations: BNB/NBB


10.4 IRREVOCABLY FIXED CONVERSION RATES TO THE EURO

1999 2001

1 Jan. 1 Jan.

BEF 40.3399

DEM 1.95583

ESP 166.386

FRF 6.55957

IEP 0.787564

ITL 1,936.27

LUF 40.3399

NLG 2.20371

ATS 13.7603

PTE 200.482

FIM 5.94573

GRD - 340.750

Source: E.C.

N.B.: It concerns the conversion rates fixed by the European Commission in accordance with article 109.L4 of theTreaty.

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11 CHAPTER 11: PUBLIC FINANCES11.1 NET BORROWING (-) OR LENDING (+) OF GENERAL GOVERNMENT AND OF ITS SUB-SECTORS

(millions of euro and percentages of GDP)

Federal government Communities andregions

Local authorities Social securityfunds

General government Deficit (Maastricht definition)Federal government Communities andregions

Local authorities Social securityfunds

Total As p.c. of GDP Total As p.c. of GDPTotal

of which: Total

Total As p.c. of GDP

Entity I Entity II

Total

1993 --10,694.0 --1,501.9 --447.4 --910.2 --13,553.5 --6.3 --1.1 --7.3 --13,510.4 --7.3

1994 --8,978.4 --1,685.3 --102.7 1,000.5 --9,765.9 --4.1 --0.9 --5.0 --9,711.1 --5.0

1995 --7,772.3 --1,467.3 606.8 --135.4 --8,768.2 --3.9 --0.4 --4.3 --8,765.6 --4.3

1996 --7,109.5 --774.6 487.9 --476.3 --7,872.5 --3.7 --0.1 --3.8 --7,797.1 --3.8

1997 --5,351.0 --194.4 422.6 860.3 --4,262.5 --2.1 0.1 --2.0 --4,244.5 --2.0

1998 --3,703.2 627.6 381.9 1,037.8 --1,655.9 --1.2 0.4 --0.7 --1,570.3 --0.7

1999 --3,714.3 889.5 196.3 1,595.1 --1,033.4 --0.9 0.5 --0.4 --1,015.7 --0.4

2000 --1,125.2 568.4 --568.3 1,430.1 305.0 0.1 0.0 0.1 410.4 0.2

2001 --2,249.5 1,920.0 --188.2 1,780.3 1,262.6 --0.2 0.7 0.5 1,402.0 0.6

2002 --714.0 --463.6 447.8 829.1 99.3 0.0 0.0 0.0 232.4 0.1

Sources: NAI, NBB

N.B.: According to the European Regulation No 2223/96, the accounts of the general government are established following the ESA 1995 methodology. More information on the conceptual modifications can be found in the NAI publication ”Comptes nationaux 1998 - Partie2 - Comptes des administrations publiques”. The tables 11.2.1 tot 11.2.5 are developed starting from this source. Following Regulation (EC) No 2558/2001, the deficit of the general government according to the excessive deficit procedure (Treaty of Maastricht) is no longerequivalent to the net borrowing/net lending of general government according to ESA 1995, because the interest rate payments resulting from the swap agreements and forward rate agreements are dealt with differently.

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11.2 RECEIPTS, EXPENDITURE AND NET BORROWING11.2.1 RECEIPTS, EXPENDITURE AND NET BORROWING OF GENERAL GOVERNMENT

(millions of euro)

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002

ReceiptsFiscal and parafiscal receipts 80,894.9 85,716.6 88,966.5 91,817.0 97,193.3 102,332.8 106,266.0 111,534.5 114,735.4 118,923.5

Direct taxes 29,347.8 31,487.5 33,737.4 34,443.9 37,065.2 39,714.9 40,289.9 42,947.9 44,714.3 45,786.7

Individuals 25,386.8 26,830.3 28,613.5 28,576.4 30,394.5 31,522.9 32,086.1 34,300.9 36,109.5 37,110.0

Companies 3,895.2 4,585.7 5,018.9 5,767.6 6,550.2 8,067.1 8,005.8 8,370.9 8,378.1 8,412.2

Indirect taxes 22,414.6 24,191.1 24,633.9 26,294.4 27,918.8 28,972.2 31,074.7 32,394.1 32,185.0 33,744.2

Actual social security contributions 28,419.1 29,290.3 29,834.0 30,248.4 31,393.3 32,689.4 33,879.2 35,017.7 36,629.9 38,125.5

Capital taxes 713.4 747.7 761.2 830.3 816.0 956.3 1,022.2 1,174.8 1,206.2 1,267.1

Non-fiscal and non-parafiscal receipts 8,528.6 8,585.8 9,097.0 9,780.9 10,208.5 10,299.8 10,791.0 11,122.4 12,136.2 12,456.9

Total Receipts 89,423.5 94,302.4 98,063.5 101,597.9 107,401.8 112,632.6 117,057.0 122,656.9 126,871.6 131,380.4

ExpenditureCurrent expenditure excluding interestcharges 76,519.5 79,412.6 82,507.2 85,484.8 87,749.5 90,726.9 94,143.5 97,783.3 102,691.3 108,589.9

Compensation of employees 21,959.9 23,156.7 24,109.1 24,590.2 25,424.4 26,138.1 27,304.2 28,294.3 29,548.7 31,182.1

Intermediate consumption and paid ta-xes 5,303.0 5,484.0 5,582.4 5,928.7 6,342.2 6,712.8 7,157.0 7,596.9 8,145.1 8,846.1

Social benefits 42,545.1 43,845.3 45,718.3 47,427.9 48,361.8 49,771.3 51,292.9 53,282.7 55,998.3 59,189.0

Health care 10,102.8 10,313.7 11,155.2 11,972.8 11,830.8 12,422.0 13,145.2 13,933.9 14,959.9 15,368.9

Sickness and disability benefits 2,415.6 2,430.5 2,482.0 2,543.3 2,546.7 2,634.1 2,721.8 2,839.6 3,023.3 3,261.7

Unemployment 4,224.4 4,307.3 4,218.8 4,421.8 4,462.2 4,529.6 4,492.0 4,380.6 4,629.4 5,266.9

Early retirement pensions and careertermination 1,429.3 1,426.4 1,425.4 1,435.3 1,445.9 1,415.2 1,411.8 1,398.7 1,440.5 1,518.5

Pensions 16,159.5 16,825.1 17,541.1 18,078.6 18,875.6 19,440.2 19,925.2 20,572.0 21,384.3 22,369.5

Family allowances 3,799.6 3,863.2 3,961.3 4,105.2 4,179.0 4,241.6 4,261.3 4,323.5 4,446.1 4,572.9

Other 4,413.9 4,679.1 4,934.5 4,870.9 5,021.6 5,088.6 5,335.6 5,834.4 6,114.8 6,830.6

Subsidies to enterprises 2,964.8 2,897.6 3,038.4 3,233.5 3,032.2 3,332.6 3,453.0 3,692.1 4,003.8 4,067.4

Current transfers tot the rest of the world 883.4 1,030.3 892.1 1,304.5 1,506.4 1,673.2 1,780.8 1,841.1 1,853.0 2,112.0

Other current transfers 2,863.3 2,998.7 3,166.9 3,000.0 3,082.5 3,098.9 3,155.6 3,076.2 3,142.4 3,193.3

Interest charges 20,524.9 18,716.1 18,706.3 18,326.2 17,303.5 17,045.7 16,473.8 16,799.7 16,785.4 15,809.0

Capital expenditure 5,932.6 5,939.6 5,618.2 5,659.4 6,611.3 6,515.9 7,473.1 7,768.9 6,132.3 6,882.2

Gross capital formation 3,627.6 3,818.0 3,556.5 3,370.0 3,432.7 3,495.5 4,223.7 4,488.9 3,960.6 4,088.2

Other capital expenditure 2,305.0 2,121.6 2,061.7 2,289.4 3,178.6 3,020.4 3,249.4 3,280.0 2,171.7 2,794.0

Total Expenditure 102,977.0 104,068.3 106,831.7 109,470.4 111,664.3 114,288.5 118,090.4 122,351.9 125,609.0 131,281.1

Net lending (+) or borrowing (-) --13,553.5 --9,765.9 --8,768.2 --7,872.5 --4,262.5 --1,655.9 --1,033.4 305.0 1,262.6 99.3

Primary balance 6,971.4 8,950.2 9,938.1 10,453.7 13,041.0 15,389.8 15,440.4 17,104.7 18,048.0 15,908.3

Sources: NAI, NBB

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11.2.2 RECEIPTS, EXPENDITURE AND NET BORROWING OF FEDERAL GOVERNMENT

(millions of euro)

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002


Direct taxes 27,899.8 29,427.9 31,458.2 32,112.7 34,399.7 37,056.0 37,439.0 40,524.3 41,683.0 41,843.0

Individuals 24,030.8 24,893.5 26,455.7 26,363.6 27,949.9 29,094.2 29,449.7 32,059.4 33,261.0 33,375.3

Companies 3,803.2 4,462.9 4,897.5 5,649.2 6,329.3 7,836.9 7,791.3 8,188.8 8,195.3 8,203.2

Indirect taxes 18,619.6 20,180.9 20,449.7 21,699.0 22,590.7 23,518.3 25,353.6 26,598.0 26,172.3 25,670.2

Actual social security contributions 981.3 1,051.0 1,180.7 1,182.8 1,255.8 1,254.1 1,272.2 1,321.3 1,317.7 1,365.7

Capital taxes 131.5 140.0 114.5 93.1 103.0 112.4 129.2 132.9 133.5 83.6


Transfers from other public authorities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Other current transfers and capital transfers fromother public authorities 372.0 333.6 303.8 226.5 207.1 232.4 253.1 255.8 414.3 242.1

Total Receipts 51,150.4 54,291.8 56,701.7 58,793.9 62,381.9 65,714.7 67,754.0 72,628.3 74,500.4 73,592.1

ExpenditureCurrent expenditure excluding interest charges 40,823.1 44,501.4 45,993.7 47,844.8 49,866.1 51,720.5 54,096.2 55,752.6 58,845.7 58,251.7


Intermediate consumption and paid taxes 1,570.4 1,656.6 1,593.8 1,632.2 1,699.8 1,778.6 1,885.4 2,128.5 2,239.3 2,261.0

Social benefits 4,803.2 4,910.7 5,199.3 5,269.6 5,608.7 5,658.7 5,751.1 5,904.5 6,051.8 6,145.3


Current transferts tot the rest of the world 874.5 1,022.3 867.3 1,293.5 1,490.8 1,653.1 1,766.7 1,831.1 1,843.3 2,095.6

Other current transfers 891.3 946.5 993.6 953.6 761.0 778.3 801.0 804.0 868.8 899.3

Fiscal receipt transfers to other public authorities 17,068.4 19,919.9 21,020.6 22,114.5 23,753.9 24,798.4 26,246.0 26,885.2 28,873.0 27,115.6

Other current transfers tot other public authorities 8,743.7 8,938.2 8,993.2 9,242.2 9,155.0 9,426.1 9,686.4 10,099.9 10,602.7 11,395.6

Interest charges 19,020.0 16,977.7 16,985.4 16,570.9 15,742.1 15,761.1 15,234.9 15,590.5 15,655.2 14,670.2


Gross capital formation 655.4 595.1 605.1 662.4 551.9 525.2 586.0 567.4 306.6 497.1

Other capital expenditure 1,105.6 814.6 640.7 679.8 1,429.5 1,253.0 1,323.6 1,371.8 449.0 799.1

Capital transfers to other public authorities 240.3 381.4 249.1 145.5 143.3 158.1 227.6 471.2 1,493.4 88.0


Net lending (+) or borrowing (-) --10,694.0 --8,978.4 --7,772.3 --7,109.5 --5,351.0 --3,703.2 --3,714.3 --1,125.2 --2,249.5 --714.0

Sources: NAI, NBB

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11.2.3 RECEIPTS, EXPENDITURE AND NET BORROWING OF COMMUNITIES AND REGIONS

(millions of euro)

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002


Direct taxes 29.4 19.5 21.9 32.5 17.0 24.3 24.6 20.2 82.8 813.1

Individuals 29.4 19.5 21.9 32.5 17.0 24.3 24.6 20.2 82.8 813.1

Companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Indirect taxes 1,249.7 1,256.2 1,320.8 1,495.7 1,675.8 1,758.3 1,873.8 1,863.3 1,901.2 3,452.3

Actual social security contributions 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Capital taxes 581.9 607.7 646.7 737.2 713.0 843.9 893.0 1,041.9 1,072.7 1,183.5


Fiscal receipt transfers from other public authorities 16,678.4 17,861.3 18,744.1 19,302.8 20,675.1 21,682.2 22,864.4 23,033.6 25,298.0 22,488.0

Other current transfers and capital transfers fromother public authorities 1,912.7 1,885.6 2,216.8 2,294.2 2,432.3 2,629.2 2,677.2 2,887.6 3,098.3 3,397.7

Total Receipts 22,928.3 24,151.4 25,691.7 26,819.7 28,584.5 30,334.8 31,962.4 32,526.9 35,391.5 35,852.3




Social benefits 2,389.1 2,634.5 2,781.7 2,964.6 3,156.4 3,263.7 3,544.8 3,821.7 4,124.1 4,700.2


Current transfers from the rest of the world 8.9 8.0 24.8 11.0 15.6 20.1 14.1 10.0 9.7 16.4

Other current transfers 1,648.2 1,761.3 1,707.2 1,621.0 1,898.2 1,868.6 1,714.7 1,676.9 1,587.1 1,577.1

Fiscal receipt transfers to other public authorities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Other current transfers to other public authorities 4,990.8 5,103.2 5,259.9 5,060.6 5,047.7 5,189.0 5,394.8 5,425.2 5,640.3 5,915.9

Interest charges 482.1 651.2 686.6 709.3 634.6 666.4 600.8 604.5 605.2 608.9



Other capital expenditure 1,023.5 1,171.0 1,385.0 1,512.9 1,630.1 1,569.3 1,766.1 1,754.0 1,628.9 1,887.2

Capital transfers to other public authorities 400.9 471.7 525.0 510.5 581.5 566.3 680.3 729.5 752.7 639.2


Net lending (+) or borrowing (-) --1,501.9 --1,685.3 --1,467.3 --774.6 --194.4 627.6 889.5 568.4 1,920.0 --463.6

Sources: NAI, NBB

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11.2.4 RECEIPTS, EXPENDITURE AND NET BORROWING OF LOCAL GOVERNMENT

(millions of euro)

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002


Direct taxes 1,325.5 1,656.4 1,801.1 1,786.8 1,943.4 1,834.6 2,029.7 1,619.8 2,095.2 2,252.5

Individuals 1,325.5 1,656.4 1,801.1 1,786.8 1,943.4 1,834.6 2,029.7 1,619.8 2,095.2 2,252.5

Companies 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Indirect taxes 2,234.5 2,410.4 2,533.6 2,760.8 2,920.2 2,957.2 3,095.2 3,098.9 3,267.7 3,636.6

Actual social security contributions 91.3 91.8 79.6 72.2 20.2 15.9 15.9 15.9 15.9 16.0

Capital taxes 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0


Fiscal receipts transfers from other public authorities 0.0 74.4 42.1 74.4 74.4 83.0 94.5 94.4 77.5 40.9

Other current transfers and capital transfers fromother public authorities 6,026.2 6,388.5 6,582.8 6,495.1 6,529.9 6,681.3 7,069.3 7,632.5 7,658.5 8,316.4

Total Receipts 12,259.9 13,278.1 13,981.7 14,281.3 14,630.2 14,806.3 15,645.9 15,895.3 16,377.6 17,634.4

ExpenditureCurrent expenditure exlcuding interest charges 9,612.5 10,147.9 10,712.7 11,153.6 11,577.8 11,880.7 12,443.3 13,094.8 13,684.8 14,522.8



Social benefits 1,352.8 1,453.4 1,521.9 1,579.7 1,606.3 1,594.1 1,616.6 1,796.3 1,834.4 2,053.3

Subsidies to enterprises 179.7 183.2 273.1 302.8 297.2 331.2 333.8 348.2 392.7 400.6

Current transfers to the rest of the world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0


Fiscal receipts transfers to other public authorities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Other current transfers to other public authorities 16.7 19.1 108.8 104.2 104.8 129.7 115.7 116.5 139.8 162.8

Interest charges 1,113.9 1,081.6 999.2 1,033.4 955.4 770.5 749.9 751.2 800.1 789.0



Other capital expenditure 167.0 129.5 22.5 75.5 87.9 133.5 133.4 128.4 74.0 87.8



Net lending (+) or borrowing (+) --447.4 --102.7 606.8 487.9 422.6 381.9 196.3 --568.3 --188.2 447.8

Sources: NAI, NBB

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11.2.5 RECEIPTS, EXPENDITURE AND NET BORROWING OF SOCIAL SECURITY FUNDS

(millions of euro)

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002


Direct taxes 93.1 383.7 456.2 511.9 705.1 800.0 796.6 783.6 853.3 878.1

Individuals 1.1 260.9 334.8 393.5 484.2 569.8 582.1 601.5 670.5 669.1

Companies 92.0 122.8 121.4 118.4 220.9 230.2 214.5 182.1 182.8 209.0

Indirect taxes 310.8 343.6 329.8 338.9 732.1 738.4 752.1 833.9 843.8 985.1

Actual social security contributions 27,346.5 28,147.5 28,573.7 28,993.4 30,117.3 31,419.4 32,591.1 33,680.5 35,296.3 36,743.8

Capital taxes 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Non-fiscal and non-parafiscal receipts 500.3 382.8 349.4 379.0 372.2 431.0 760.5 455.9 448.6 446.8

Fiscal receipt transfers from other public authorities 390.0 1,984.2 2,234.4 2,737.3 3,004.4 3,033.2 3,287.1 3,757.2 3,497.5 4,586.7

Other current transfers and capital transfers from other publicauthorities 6,122.7 6,378.6 6,083.4 6,095.1 5,914.9 6,005.1 6,251.9 6,238.4 7,792.0 6,425.2

Total Receipts 34,763.4 37,620.4 38,026.9 39,055.6 40,846.0 42,427.1 44,439.3 45,749.5 48,731.5 50,065.7


Compensation of employees 798.3 822.2 874.4 919.8 883.6 896.7 942.5 949.0 1,000.1 1,062.8

Intermediate consumption and paid taxes 510.2 538.9 540.8 543.5 613.1 632.0 647.7 652.5 687.5 722.7

Social benefits 34,000.0 34,846.7 36,215.4 37,614.0 37,990.4 39,254.8 40,380.4 41,760.2 43,988.0 46,290.2

Health care 9,198.7 9,452.3 10,126.9 10,869.3 10,753.9 11,369.1 12,054.5 12,827.9 13,814.7 14,229.3

Sickness and disability benefits 2,415.6 2,430.5 2,482.0 2,543.3 2,546.7 2,634.1 2,721.8 2,839.6 3,023.3 3,261.7

Unemployment 4,224.4 4,307.3 4,218.8 4,421.8 4,462.2 4,529.6 4,492.0 4,380.6 4,629.4 5,266.9

Early retirement pensions and career termination 1,429.3 1,426.4 1,425.4 1,435.3 1,445.9 1,415.2 1,411.8 1,398.7 1,440.5 1,518.5

Pensions 12,178.8 12,561.3 13,049.9 13,452.0 13,845.8 14,238.3 14,606.8 15,031.9 15,628.1 16,272.8

Family allowances 3,358.8 3,415.5 3,497.0 3,566.5 3,615.0 3,656.6 3,660.8 3,718.4 3,804.5 3,917.9

Other 1,194.4 1,253.4 1,415.4 1,325.8 1,320.9 1,411.9 1,432.7 1,563.1 1,647.5 1,823.1

Subsidies to enterprises 103.1 106.1 99.6 117.2 130.0 202.3 327.8 483.5 626.7 653.6

Current transfers to the rest of the world 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0


Fiscal receipt transfers to other public authorities 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

Other current transfers from other public authorities 40.2 68.6 50.8 44.2 49.6 77.0 143.1 168.1 160.3 177.2

Interest charges 85.4 138.7 166.2 139.8 174.1 151.6 135.3 97.1 18.2 8.0

Capital expenditure 39.3 52.2 46.6 57.1 68.6 107.0 73.2 75.0 309.4 129.9

Gross capital formation 30.4 45.7 33.1 35.9 37.5 42.4 46.9 49.2 118.6 110.0

Other capital expenditure 8.9 6.5 13.5 21.2 31.1 64.6 26.3 25.8 19.8 19.9



Net lending (+) or borrowing (-) --910.2 1,000.5 --135.4 --476.3 860.3 1,037.8 1,595.1 1,430.1 1,780.3 829.1

Sources: NAI, NBB

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11.3 DETAILS OF REVENUE COLLECTED BY THE TREASURY

(cumulative monthly data, millions of euro)

1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 20031993 1994 1995 1996 1997 1998 1999 2000 2001

year Jan.-Oct. Jan.-Oct.

Current revenue 51,197 56,800 56,493 58,784 62,066 65,974 68,488 72,350 74,371 76,763 62,308 62,762Fiscal revenue 47,333 52,415 53,727 55,791 59,790 63,523 65,990 69,758 71,448 73,064 59,735 60,106

Direct taxes 1 2 27,081 30,394 31,646 32,659 35,149 37,597 38,637 40,685 42,479 43,368 35,843 35,557

Advance levy on pro-fessional income 19,434 20,939 21,582 22,447 23,657 24,790 26,365 27,811 29,098 30,624 25,590 25,243

Advance payments 5,092 5,788 6,441 6,733 7,604 9,186 8,845 9,236 9,208 8,618 7,059 7,035

Assessment of com-panies --320 --179 --23 44 --8 73 162 144 441 807 736 765

Assessment of natu-ral persons --812 --463 --531 --749 --603 --936 --776 --940 --1,133 --967 --1,078 --1,342

Financial assets 2,458 2,820 2,890 2,520 2,610 2,438 2,208 2,339 2,371 2,278 2,054 1,960

Road taxes 895 990 1,075 1,154 1,252 1,255 1,304 1,341 1,427 1,473 1,159 1,190

Other 334 499 212 510 637 791 529 754 1,067 535 323 706

Customs and exciseduties 5,188 5,699 5,817 6,034 6,517 6,793 6,849 7,100 7,181 7,436 6,205 6,402

Customs duties 844 947 992 977 1,142 1,216 1,193 1,297 1,353 1,429 1,195 1,314

Excise duties 4,222 4,466 4,552 4,763 5,093 5,309 5,412 5,592 5,628 5,808 4,848 4,867

Excise duties onmineral oils 2,749 2,918 2,966 3,102 3,239 3,428 3,453 3,468 3,514 3,592 2,994 2,883

Excise duties on to-bacco 884 939 988 1,044 1,128 1,180 1,243 1,360 1,328 1,467 1,227 1,314

Other excise duties 589 609 598 616 726 701 716 764 786 749 627 669

Other 122 286 272 295 282 268 244 210 200 198 161 220

VAT, registration feesand royalties 15,063 16,321 16,264 17,098 18,123 19,133 20,504 21,974 21,787 22,260 17,687 18,147

Registration fees 1,301 1,391 1,310 1,473 1,641 1,874 1,961 2,027 2,090 2,118 1,766 1,827

VAT 13,474 14,599 14,608 15,228 16,041 16,809 18,059 19,477 19,177 19,650 15,487 15,841

Other 288 331 345 397 441 451 484 470 520 492 434 479

Non-fiscal revenue 3,865 4,386 2,767 2,993 2,277 2,451 2,499 2,592 2,924 3,699 2,573 2,656

Capital revenue 633 869 2,374 1,407 1,187 1,125 1,071 1,109 1,635 2,082 1,434 3,865Fiscal revenue 569 597 635 727 709 842 907 1,029 1,072 1,097 904 962

Non-fiscal revenue 64 272 1,739 680 479 284 164 80 563 985 530 2,903

Total revenue 51,831 57,670 58,867 60,190 63,254 67,099 69,560 73,459 76,006 78,846 63,742 66,627

Sources: MF, NBB

N.B.: Data concerning the ”Central government operations” are, as required by the SDDS of the IMF, disseminated on the website ofthe Bank ”www.nbb.be”. Excluding the additional centimes accruing to the provinces, municipalities and the Brussels conglomerate.

1 Including, the change, compared with the end of the proceding year, in the outstanding amount of the direct taxes which have alreadybeen collected but not yet broken down among the various tax categories.

2 The data have been corrected in order to take account of the non-repayment in connection with the 1991 assessments and of thepayment in the form of linear bonds in 1992 and 1993 of part of the fictitious on income from financial assets relating to the operationsof liquidation of companies.

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11.4 DEBT OF GENERAL GOVERNMENT

(situation at end of period, millions of euro)

Gross debt Financial assets Net debt Consolidated gross debt (Maastricht definition) 1

In foreigncurrencies

In national currency 2 Total Placed withgeneral gov-

Other 4 Total

Net debt

Total 1 by sub-sector: Total asp.c. of GDP


At over oneyear 5

At up to oneyear 5

of which:other ac-countspayable 6

Total 2

Total Placed withgeneral gov-ernment 3

Other Total Total

Federalgovernment

Communi-ties and re-gions

Local gov-ernment

Social secu-rity funds

Total asp.c. of GDP

(1) (2) (3) (4) (5) = (2) + (3) (6) = (1) + (5) (7) (8) (9) = (7) + (8) (10) = (6) -- (9) (11) = (6) -- (4)-- (7)

(12) (13) (14) (15) (16)

1993 37,614 180,384 56,608 13,988 236,992 274,606 5,387 30,357 35,744 238,862 255,230 227,054 11,550 14,524 2,102 137.9

1994 33,453 180,281 66,860 12,513 247,141 280,594 3,111 29,444 32,556 248,038 264,969 234,499 13,144 15,082 2,244 135.9

1995 26,905 203,510 55,699 11,376 259,208 286,113 3,901 26,734 30,635 255,478 270,836 239,236 14,372 14,744 2,484 134.0

1996 18,198 209,429 60,907 12,640 270,336 288,534 6,497 26,446 32,943 255,591 269,397 237,991 15,075 14,555 1,776 130.2

1997 19,050 211,136 61,801 12,351 272,937 291,987 8,664 25,134 33,798 258,189 270,972 239,884 15,314 13,793 1,981 124.8

1998 16,983 217,133 56,517 12,710 273,650 290,634 8,648 26,769 35,417 255,216 269,276 239,213 14,520 13,905 1,638 119.5

1999 9,658 232,689 51,215 13,502 283,904 293,562 9,358 29,542 38,900 254,662 270,702 241,573 14,005 13,803 1,320 114.8

2000 8,134 241,374 46,465 13,773 287,839 295,973 10,966 30,667 41,632 254,340 271,234 243,143 12,337 14,608 1,145 109.5

2001 6,803 249,690 47,154 12,769 296,844 303,648 14,871 33,643 48,514 255,134 276,007 248,951 12,106 14,950 0 108.8

2002 5,464 256,172 46,836 12,147 303,007 308,472 20,577 32,158 52,735 255,737 275,747 248,886 11,514 15,347 0 106.1

2001 II 6,972 248,466 46,297 10,055 294,764 301,736 9,370 38,243 47,613 254,123 282,310 255,397 12,655 14,258 0

III 6,863 254,277 44,621 10,047 298,898 305,761 11,953 36,983 48,936 256,825 283,761 257,037 12,482 14,242 0

IV 6,803 249,690 47,154 12,769 296,844 303,648 14,871 33,643 48,514 255,134 276,007 248,951 12,106 14,950 0

2002 I 6,771 253,751 46,968 10,158 300,719 307,490 13,261 36,820 50,081 257,409 284,070 257,531 12,195 14,345 0

II 6,362 248,528 49,023 9,194 297,551 303,913 12,539 36,941 49,480 254,434 282,180 255,338 12,250 14,593 0

III 5,888 251,002 47,488 8,817 298,490 304,378 14,369 32,502 46,871 257,507 281,192 255,046 11,629 14,517 0

IV 5,464 256,172 46,836 12,147 303,007 308,472 20,577 32,158 52,735 255,737 275,747 248,886 11,514 15,347 0

2003 I 6,117 247,157 55,070 9,087 302,227 308,344 14,787 33,842 48,629 259,715 284,470 257,605 12,026 14,839 0

II 5,803 253,967 48,756 9,177 302,723 308,525 14,973 37,116 52,089 256,437 284,376 257,244 12,198 14,934 0

Source: NBB

1 The consolidated gross debt is the debt as defined in European Regulation EC 3605/93 of 22nd November 1993 concerning theimplementation of the Protocol on the excessive deficit procedure annexed to the Treaty on European Union (Treaty of Maastricht)of 7th February 1992.

2 In Belgian francs until the end of 1998, in euro from 1999.3 Currency and deposits, loans and securities other than shares, excluding financial derivatives.

4 This heading covers, in particular, government shareholdings in corporations. However, only a partial census has so far been con-ducted on these shareholdings.

5 Original maturity.6 Mainly the accrued interests on the public debt, accruals and deferrals in respect of the payment of compensation and pensions

to certain public sector staff, the time-lags relating to the annual holiday payments made by the National Office for the Annual Holi-day (ONVA) to households and the invoices payable by the INAMI to hospitals.


11.5 FINANCIAL BALANCE OF GENERAL GOVERNMENT

(cumulative quarterly data, millions of euro)

New liabilities Formation of financial assets of which: Financial ba-lance 1


In national currency 2 Total At over oneyear

At up to oneyear

Total assetsplaced with

Financial ba-lance 1


At over oneyear

At up to oneyear

Total 2

Total At over oneyear

At up to oneyear

Total assetsplaced withgeneral gov-ernment 3

(1) (2) (3) (4) = (2) + (3) (5) = (1) + (4) (6) (7) (8) = (6) + (7) (9) (10) = (8) -- (5)

1993 11,130 11,464 --5,427 6,037 17,167 --493 3,876 3,383 968 --13,784

1994 --3,773 --359 10,251 9,893 6,120 --550 --2,375 --2,925 --2,281 --9,045

1995 --6,488 21,524 --9,726 11,798 5,310 270 --2,457 --2,187 786 --7,497

1996 --8,281 6,414 5,208 11,623 3,342 --6,797 1,815 --4,983 2,603 --8,324

1997 --29 2,925 894 3,820 3,791 --1,955 1,011 --944 2,185 --4,735

1998 --2,069 8,154 --5,283 2,871 801 --1,873 829 --1,044 19 --1,845

1999 --105 8,238 --5,302 2,936 2,831 --751 2,825 2,074 709 --756

2000 --1,849 8,599 --4,750 3,849 2,000 856 775 1,631 1,608 --369

2001 --1,377 6,997 --1,120 5,877 4,501 2,558 1,883 4,440 3,905 --60

2002 --1,214 6,457 --318 6,139 4,925 3,181 1,834 5,015 5,706 90

2001 II --1,270 5,682 --1,977 3,705 2,435 1,138 1,844 2,981 --1,596 546III --1,380 11,532 --3,653 7,879 6,498 2,917 1,898 4,814 988 --1,684IV --1,377 6,997 --1,120 5,877 4,501 2,558 1,883 4,440 3,905 --60

2002 I --86 4,049 --186 3,862 3,777 1,608 --309 1,299 --1,610 --2,477II --333 --1,145 1,869 723 390 1,695 --717 978 --2,332 588III --834 1,358 334 1,692 858 2,203 --2,613 --410 --502 --1,268IV --1,214 6,457 --318 6,139 4,925 3,181 1,834 5,015 5,706 90

2003 I 781 --8,986 8,234 --751 29 502 --4,249 --3,746 --5,791 --3,775II 783 --2,147 1,920 --226 557 776 --1,536 --761 --5,604 --1,318

1 The financial balance differs from the net lending or borrowing (-) - the concept used in Tables 11.1 and 11.2.1 - notably owing to differences in timing in the dating of the recording of transactionsbetween the two approaches and to imperfections in the compilation of the data.

2 In Belgian francs until the end of 1998, in euro from 1999.3 Currency and deposits, loans and securities other than shares, excluding financial derivatives.

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11.6 OFFICIAL DEBT AND NET BALANCE TO BE FINANCED OF THE TREASURY

(millions of euro)

Debt in euro (since 1999) (only in Belgian francs until end of 1998) Debt in foreign currencies 1 Grossdebt 2

Financialassets 2

Net debt 2 Net balan-ce to be fi-

Debt at over one year 4 5 Debt at up to one year 4 5 Total Debt atover one

Debt at up to one year 4 Total 1

Grossdebt 2

Financialassets 2

Net debt Net balan-ce to be fi-nanced(-) 3

of which: Total 4 5 of which: Total 4 5

Total Debt atover oneyear 4 of which: Total 4

Total nanced(-) 3

Linearbonds

Classicloans 6

State notes

Total

Treasurycertifica-tes 7

TreasuryBills

Assets ofindividualswith thePCO 8

Total year 4

BelgianTreasuryBills

Total

(1) (2) (3) (4) (5) (6) (7) (8) (9) = (4) + (8) (10) (11) (12) (13) = (10) +(12)

(14) = (9) +(13)

(15) (16) = (14) --(15)

(17)

1993 83,650 52,909 145,055 36,166 1,873 42,181 187,235 16,991 20,688 37,679 224,915 6,618 218,297 --9,329

1994 103,255 32,464 143,680 46,625 1,845 54,296 197,976 18,471 14,982 33,453 231,428 3,712 227,717 --7,762

1995 119,569 39,304 166,232 37,252 2,010 43,093 209,325 19,830 7,075 26,905 236,230 217 236,013 --7,192

1996 127,642 38,491 1,106 173,504 41,135 2,040 46,420 219,923 16,329 1,317 1,870 18,198 238,121 1,915 236,206 --6,020

1997 131,971 37,725 2,286 175,743 41,685 1,977 47,894 223,637 18,105 1,322 1,339 19,444 243,082 1,054 242,028 --5,093

1998 140,523 36,180 3,880 182,635 35,854 1,259 282 41,888 224,523 16,911 442 469 17,380 241,903 1,174 240,728 --2,821

1999 158,085 32,024 4,913 199,762 29,047 861 138 36,553 236,314 8,417 1,294 2,024 10,441 246,755 148 246,607 --3,647

2000 173,157 25,092 6,119 209,144 25,564 385 175 33,310 242,455 6,929 985 1,677 8,606 251,061 1,230 249,831 --555

2001 185,727 17,432 7,122 215,234 26,947 698 181 34,851 250,085 5,003 2,076 2,076 7,079 257,164 3,332 253,832 --1,857

2002 197,355 12,146 8,353 226,173 27,003 347 237 31,115 257,288 3,593 1,872 1,872 5,464 262,752 7,368 255,384 --1,778

2002 November 198,560 12,185 8,141 227,144 28,241 609 180 30,060 257,205 3,849 2,301 2,364 6,213 263,418 4,621 258,797 --5,248December 197,355 12,146 8,353 226,173 27,003 347 237 31,115 257,288 3,593 1,872 1,872 5,464 262,752 7,368 255,384 --1,778

2003 January 202,293 12,145 8,343 231,050 26,974 493 296 29,238 260,288 3,519 2,619 2,626 6,145 266,433 9,596 256,838 --1,552February 202,682 11,720 8,331 230,956 28,864 337 290 30,588 261,544 3,543 2,632 2,635 6,179 267,722 10,553 257,169 --1,789March 193,449 7,292 8,607 217,453 30,514 485 244 42,433 259,886 3,505 2,605 2,612 6,117 266,003 3,354 262,649 --7,409April 197,446 7,292 8,605 221,791 31,872 474 229 35,214 257,006 3,416 2,209 2,550 5,966 262,971 3,345 259,627 --4,604May 200,459 7,292 8,605 224,328 33,228 387 244 35,342 259,670 3,325 2,526 2,526 5,851 265,521 4,980 260,541 --6,107June 200,274 7,291 8,463 223,892 32,195 471 348 34,981 258,873 3,288 2,512 2,515 5,803 264,676 4,902 259,774 --5,508July 203,325 7,200 8,462 227,616 32,008 316 303 36,800 264,416 3,313 2,493 2,493 5,806 270,223 12,041 258,182 --3,067August 203,140 7,172 8,461 227,390 31,193 378 253 36,206 263,596 3,403 2,508 2,508 5,912 269,508 11,262 258,245 --3,024September 202,885 7,170 8,291 227,022 30,403 677 109 35,564 262,586 3,368 2,503 2,503 5,871 268,457 6,157 262,300 --7,057October 203,962 7,147 8,289 227,446 30,424 468 331 32,791 260,237 3,374 2,204 2,204 5,577 265,814 4,592 261,222 --4,155November 205,283 7,053 8,288 230,313 28,432 888 300 31,377 261,690 3,330 1,659 1,659 4,990 266,680 1,603 265,077 --7,994

Source: MF

1 Until end of 1998: all currencies other than Belgian franc.Since 1999: foreign currencies outside euro-zone.The breakdown euro/non-euro, on a monthly basis (since 1990), is available on the website of the Bank: www.nbb.be

2 Situation at end of period.3 Cumulative monthly data.4 Original maturity.

5 Since 2002, the Tresaury certificates transferred to international organisations are included in the debt at over one year rather thanin the debt at up to one year.

6 Public loans issued by the Treasury and the Road Fund.7 Except the Treasury certificates transferred to international organisations.8 Including the shareholder’s equity on the Post.Bibliographical reference: Statistical bulletin of the National Bank of Belgium, 1998-IV, p 16 and 1999-I, p 14.


11.7 DEBT AND NET FINANCIAL BALANCE OF THE COMMUNITIES AND REGIONS

(millions of euro)

Gross debt 1 Financial assets 1 Net debt 1 Net financial balance(-) 2

At over one year 1 3 At up to one year 1 3 Total 1

Financial assets Net debt Net financial balance(-) 2

(1) (2) (3) = (1) + (2) (4) (5) = (3) -- (4) (6)

1993 3,859 122 3,981 332 3,649 --1,294

1994 5,267 95 5,361 465 4,896 --1,245

1995 6,982 690 7,672 546 7,126 --1,324

1996 7,223 1,829 9,052 411 8,641 --1,271

1997 7,823 1,503 9,326 602 8,724 --74

1998 7,867 1,836 9,703 747 8,956 44

1999 7,209 1,904 9,113 974 8,139 1,242

2000 7,058 1,162 8,220 255 7,965 181

2001 7,922 864 8,786 541 8,244 377

2002 7,767 942 8,709 332 8,377 --108

2001 II 7,416 1,130 8,547 237 8,310 --268

III 7,492 1,165 8,658 213 8,445 --402

IV 7,922 864 8,786 541 8,244 377

2002 I 8,023 1,096 9,119 658 8,461 --197

II 7,969 1,093 9,062 468 8,594 --330

III 7,769 859 8,628 1,101 7,527 738

IV 7,767 942 8,709 332 8,377 --108

2003 I 7,359 2,095 9,454 411 9,043 --662

II 7,450 2,312 9,762 228 9,534 --1,153

1 Situation at end of period.2 Cumulative quarterly data.

3 Original maturity.

80 13 CHAPTER 13: NATIONAL FINANCIAL ACCOUNTS OF BELGIUM13.1 FLOW OF FUNDS BY SECTOR

(millions of euro)

1999 2000 2001 2002 20031999 2000

I II III IV I II III IV I II

Individuals: 1

Formation of financial assets with:Non-financial corporations --7,736 3,312 --422 233 4,719 1,517 554 1,017 602 --396 --1,016 --1,035

Securities other than shares 2,532 --1,072 226 --309 3,746 1,236 935 530 --25 258 --131 --729

Quoted shares --12,573 1,060 --176 --204 483 728 --766 --393 24 232 17 --493

Unquoted shares and other equity 2,305 3,324 --472 746 491 --447 384 881 603 --886 --903 187

General government --200 --52 --739 --642 108 1,672 --1,006 --1,053 --360 2,373 --2,923 --1,193

Securities other than shares --533 162 92 529 165 --323 --318 --181 --29 27 --1,954 --203

Other assets 333 --214 --831 --1,171 --57 1,995 --687 --872 --331 2,346 --969 --990

Financial institutions 20,808 20,965 4,951 5,934 3,864 3,459 1,253 9,808 642 9,381 8,136 6,223

Currency and deposits 4,063 346 --143 2,727 --577 3,807 24 2,391 --2,713 7,496 5,394 2,213

Securities other than shares --4,133 --1,384 --832 --1,386 630 --705 --830 --211 --669 --1,725 --1,856 --2,451

Quoted shares --2,020 1,015 --314 --210 --566 --731 292 --372 --611 --53 --98 570

Unquoted shares and other equity 170 148 24 --46 8 --11 --15 22 84 9 14 --158

Mutual fund shares 11,670 12,714 3,215 1,674 2,773 1,947 2,519 2,418 155 574 --553 1,382

Insurance technical reserves 10,003 7,784 2,301 3,250 2,267 3,775 897 3,173 4,201 2,903 5,199 4,276

Other assets and adjustments 1,055 341 699 --76 --670 --4,624 --1,634 2,387 196 177 37 392

Rest of the world 12,900 --4,303 882 --928 --3,427 --1,755 6,779 --1,412 12 --3,007 3,089 891

Total 25,772 19,922 4,671 4,596 5,264 4,893 7,579 8,360 897 8,350 7,285 4,888Non-financial corporations:Formation of financial assets with:

Individuals 1 - - - - - - - - - - - -

Non-financial corporations 693 2,455 --520 1,600 --1,489 --2,002 1,164 2,861 1,488 --4,439 --4,793 2,671

Securities other than shares 616 358 298 416 --702 --117 18 --239 251 71 --488 237

Quoted shares --4,745 2,280 --469 --114 --1,879 --617 75 90 --1,038 --430 --964 2,006

Unquoted shares and other equity 4,821 --184 --349 1,299 1,092 --1,268 1,071 3,009 2,275 --4,080 --3,340 428

General government --2,058 --67 1,077 --353 --866 1,010 --804 289 --560 405 --248 --905

Securities other than shares --2,488 --472 1,630 --720 --55 666 --403 531 --627 205 --157 --926

Other assets 430 406 --553 367 --811 343 --401 --243 67 200 --91 20

Financial institutions 10,857 --5,255 --935 --1,131 2,533 4,739 3,027 562 --779 2,352 --3,098 1,479

Currency and deposits 5,183 --3,946 3,135 2,278 --3,505 --507 --839 1,052 469 --1,887 --2,937 632

Securities other than shares 644 376 --349 --155 --235 --254 299 --71 16 --206 22 248

Quoted shares --401 903 309 --156 953 149 --356 51 176 71 427 --1,532

Unquoted shares and other equity --3,051 --3,708 --382 --258 --563 --106 141 --291 182 279 --74 --1,798

Other assets and adjustments 8,482 1,121 --3,647 --2,841 5,884 5,457 3,783 --179 --1,621 4,096 --536 3,928

Rest of the world 14,208 36,038 4,932 9,617 2,443 946 372 --168 7,236 3,386 9,614 --90

Total 23,699 33,172 4,553 9,733 2,622 4,692 3,759 3,543 7,384 1,705 1,476 3,154

Statisticalbulletin

oftheN

ationalBank

ofBelgium

(2003--IV)

81

13.1 FLOW OF FUNDS BY SECTOR (CONTINUED)

(millions of euro)

20032002200120001999

IIIIVIIIIIIIVIIIIII

20001999

General government:Formation of financial assets with:

Individuals 1 405 --167 491 626 --1,400 447 68 771 --1,831 465 334 861

Non-financial corporations --45 --155 556 --20 --413 547 995 83 --805 381 555 434

General government 730 1,666 --1,160 --456 2,636 2,952 --1,657 --695 1,830 6,247 --5,889 252

Securities other than shares 1,249 914 --428 --401 1,201 1,445 --978 --787 1,510 3,409 --3,766 --560

Loans --540 693 --707 --60 1,382 1,473 --632 65 320 2,799 --2,025 746

Financial institutions 23 --13 699 221 --36 --969 197 --92 18 --1,387 1,007 149

Rest of the world 962 300 --183 2,207 1,046 --3,352 1,697 --387 --600 --281 247 1,291

Total 2,074 1,631 403 2,578 1,833 --374 1,299 --321 --1,389 5,425 --3,746 2,985Financial institutions:Formation of financial assets with:

Individuals 1 4,790 2,276 --713 932 --2,557 209 --78 2,612 --318 1,548 1,239 1,745

Loans 4,502 2,553 205 1,612 --2,300 198 --59 2,388 140 1,551 1,090 1,845

Other assets and adjustments 288 --277 --919 --680 --256 11 --19 224 --458 --3 149 --99

Non-financial corporations 9,497 1,748 2,462 1,292 923 --2,872 2,274 427 312 --961 --2,112 1,040

Securities other than shares --676 1,024 --418 --3 --242 223 --581 158 --337 149 414 940

Loans 7,784 1,338 2,647 --3 1,206 --2,484 2,659 --1,426 --761 --603 --3,158 1,058

Quoted shares 1,199 --2,605 715 105 --134 --1,034 77 320 1,540 --905 461 --1,095

Unquoted shares and other equity --213 981 226 38 --32 267 11 --18 --49 410 --124 --63

Other assets and adjustments 1,404 1,010 --708 1,155 124 156 107 1,392 --82 --11 295 200

General government --13,054 --20,278 --2,388 --2,865 --2,761 --3,785 --3,818 --7,502 --2,445 3,867 --10,518 400

Securities other than shares --12,441 --19,388 --1,304 --2,014 --2,799 --3,723 --2,034 --7,574 --1,979 3,177 --10,468 4

Other assets --612 --891 --1,084 --851 38 --62 --1,784 71 --465 690 --51 397

Financial institutions 28,266 --14,097 549 --251 7,159 7,078 10,329 --17,781 13,275 --4,488 6,365 9,122

Rest of the world 63,761 21,323 23,220 12,083 37,376 11,661 13,538 23,902 5,165 6,300 18,498 28,603

Total 93,261 --9,028 23,130 11,191 40,140 12,291 22,245 1,658 15,989 6,265 13,472 40,911Rest of the world:Formation of financial assets with:

Non-financial corporations 28,428 33,537 2,764 10,154 3,506 10,549 731 2,759 4,349 12,225 8,315 790

General government 17,412 20,731 6,103 3,859 4,946 --3,847 11,061 5,575 2,003 --8,826 19,608 1,973

Financial institutions 33,307 --10,627 17,866 6,419 26,619 --2,016 7,439 9,161 2,833 407 1,062 23,938

Total 79,147 43,641 26,733 20,431 35,071 4,686 19,230 17,494 9,185 3,806 28,985 26,702New financial liabilities of:

Individuals 1 5,195 2,109 --223 1,557 --3,957 656 --11 3,383 --2,149 2,014 1,574 2,606Non-financial corporations 30,837 40,898 4,840 13,259 7,246 7,739 5,717 7,146 5,946 6,809 949 3,901General government 2,831 2,000 2,892 --457 4,063 --1,997 3,777 --3,387 468 4,067 29 527Financial institutions 93,261 --9,028 23,130 11,191 40,140 12,291 22,245 1,658 15,989 6,265 13,472 40,911Rest of the world 91,830 53,358 28,851 22,979 37,438 7,500 22,385 21,934 11,813 6,397 31,448 30,695Total 223,953 89,337 59,490 48,530 84,930 26,189 54,113 30,735 32,066 25,551 47,473 78,640

1 This sector encompasses the households and non-profit institutions serving households.

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82 13.2 CLAIMS AND LIABILITIES BY SECTOR

(end of period outstanding amounts, millions of euro)

1998 1999 2000 2001 2002 20031998 1999 2000

I II III IV I II III IV I II

Individuals: 1

Financial assets with:Non-financial corporations 124,042 121,424 113,472 111,859 114,642 116,674 102,812 97,068 90,906 84,222 73,711 73,511 65,702

Securities other than shares 3,939 6,612 5,552 5,779 5,480 9,225 10,461 11,399 13,189 13,162 13,421 13,142 12,268

Quoted shares 22,437 16,862 18,627 15,094 14,645 12,255 13,200 13,959 10,509 3,492 4,062 2,734 2,977

Unquoted shares and other equity 97,666 97,950 89,292 90,985 94,517 95,194 79,150 71,710 67,208 67,567 56,228 57,634 50,457



Other assets 4,115 4,449 4,235 3,404 2,233 2,177 4,172 3,484 2,613 2,281 4,627 3,659 2,668

Financial institutions 365,468 387,732 403,373 401,133 408,227 401,659 410,581 411,191 410,396 398,253 411,396 412,773 423,190

Currency and deposits 144,061 148,374 148,845 148,760 151,560 150,202 149,751 149,826 152,101 149,398 157,843 163,203 165,385


Quoted shares 17,449 10,512 10,989 9,626 9,485 8,313 7,441 7,308 6,435 4,448 4,764 4,049 5,451

Unquoted shares and other equity 11,604 4,203 2,824 2,523 1,845 2,032 2,261 2,127 1,907 969 1,442 771 1,628

Mutual fund shares 44,508 59,263 68,037 67,003 69,678 64,357 70,479 73,382 68,654 62,310 64,167 60,323 64,744

Insurance technical reserves 72,728 85,394 92,818 93,354 96,988 96,307 101,417 102,215 102,743 102,574 106,417 109,283 115,661

Other assets and adjustments 3,977 12,979 14,239 15,078 15,267 16,416 15,903 13,834 16,268 16,935 16,870 17,107 14,734

Rest of the world 177,367 214,052 208,191 203,294 206,198 185,477 192,333 199,930 178,091 167,552 163,925 158,258 162,168

Total 683,763 739,840 741,621 732,129 744,268 719,116 722,702 724,158 694,308 664,579 665,956 658,541 663,865Non-financial corporations:Financial assets with:

Individuals 1 - - - - - - - - - - - - -

Non-financial corporations 141,444 145,930 204,096 211,960 216,733 216,311 228,699 219,468 229,224 239,890 247,924 252,500 252,653

Securities other than shares 725 1,342 1,701 1,998 2,414 1,712 1,595 1,613 1,374 1,625 1,695 1,207 1,444

Quoted shares 54,097 41,322 48,183 46,294 42,561 40,226 42,748 25,085 24,326 23,836 22,732 21,519 26,197




Other assets 2,349 2,779 3,184 2,631 2,998 2,187 2,530 2,129 1,886 1,953 2,154 2,063 2,083


Currency and deposits 35,554 40,972 37,785 41,716 44,110 41,822 45,335 44,750 46,014 46,398 42,918 39,957 40,000


Quoted shares 20,389 13,417 12,603 11,227 10,575 10,136 9,826 9,044 8,358 5,977 6,645 5,516 5,188


Other assets and adjustments --31,995 --1,511 2,139 3,304 1,760 8,708 10,205 16,145 15,709 25,524 26,026 31,620 28,507

Rest of the world 109,092 143,578 180,918 177,925 188,003 171,598 185,365 187,015 173,743 172,346 174,860 181,246 184,549

Total 320,506 374,202 466,469 474,337 486,455 471,704 503,512 499,966 495,507 507,440 517,588 526,798 529,546

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83

13.2 CLAIMS AND LIABILITIES BY SECTOR (CONTINUED)


200320022001200019991998

IIIIVIIIIIIIVIIIIII

200019991998

General government:Financial assets with:

Individuals 1 5,988 6,392 6,225 6,716 10,551 9,151 9,598 9,666 10,437 8,605 9,071 9,405 10,265




Loans 1,909 1,370 2,063 1,356 1,296 2,679 4,152 3,520 3,585 3,905 6,704 4,679 5,426


Rest of the world 409 1,329 1,507 1,249 3,381 4,352 925 2,547 2,084 1,409 1,052 1,224 2,440

Total 35,418 38,900 41,632 41,485 47,613 48,936 48,514 50,081 49,480 46,871 52,735 48,629 52,089Financial institutions:Financial assets with:

Individuals 1 93,699 98,545 100,848 100,074 97,809 96,297 96,444 95,920 98,326 98,009 100,332 101,565 103,308

Loans 91,757 96,310 98,892 99,036 97,451 94,395 94,530 94,025 96,206 96,348 98,673 99,757 101,598

Other assets and adjustments 1,942 2,234 1,956 1,038 358 1,902 1,914 1,895 2,119 1,662 1,659 1,808 1,709



Loans 87,240 96,341 98,856 100,894 101,719 102,997 100,984 104,170 101,727 101,093 99,284 95,846 96,584

Quoted shares 15,123 15,209 11,122 11,182 11,266 10,063 10,241 10,944 9,515 9,220 8,724 8,137 8,089


Other assets and adjustments 30,456 25,487 24,746 22,739 23,476 21,103 20,681 20,326 20,965 17,602 17,925 16,759 18,624



Other assets 35,220 34,627 33,722 32,628 32,352 32,392 32,333 30,592 30,663 30,197 30,986 30,935 31,328


Rest of the world 319,349 405,930 435,656 454,881 474,458 493,653 512,405 528,258 528,297 518,784 522,569 527,975 558,685

Total 992,879 1,102,497 1,092,136 1,099,234 1,115,877 1,120,420 1,142,072 1,166,792 1,131,031 1,102,900 1,110,967 1,095,089 1,152,409Rest of the world:Financial assets with:




Total 524,117 612,960 669,301 693,037 720,052 739,454 754,655 775,999 770,193 759,477 761,483 771,472 806,032Financial liabilities of:

Individuals 1 99,687 104,937 107,073 106,790 108,360 105,448 106,042 105,586 108,762 106,615 109,403 110,970 113,573Non-financial corporations 567,266 602,512 689,705 698,062 716,252 712,921 728,665 719,379 714,595 707,285 717,481 717,422 721,593General government 290,634 293,562 295,973 298,786 301,736 305,761 303,648 307,490 303,913 304,378 308,472 308,344 308,525Financial institutions 992,879 1,102,497 1,092,136 1,099,234 1,115,877 1,120,420 1,142,072 1,166,792 1,131,031 1,102,900 1,110,967 1,095,089 1,152,409Rest of the world 606,217 764,890 826,272 837,349 872,040 855,079 891,028 917,750 882,216 860,091 862,406 868,703 907,841Total 2,556,683 2,868,399 3,011,158 3,040,222 3,114,264 3,099,630 3,171,455 3,216,997 3,140,518 3,081,268 3,108,729 3,100,530 3,203,941

1 This sector encompasses the households and non-profit institutions serving households.

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13.3 FINANCIAL ACCOUNT

(millions of euro)

Individuals Non-finan-cial corpo-rations

GeneralGovern-ment

Monetaryfinancialinstitu-tions 1

Insurancecorpora-tions andpensionfunds 2

Other fi-nancialinstitu-tions 3

Rest of theworld

Total

2000Changes in financial assets

Monetary gold and Special Drawing Rights - - - --232 - - - --232

Currency and deposits 7,603 --4,695 688 --45,765 708 1,728 --34,873 --74,605

Currency --182 54 - 103 - - 84 59

Sight deposits 2,299 --32 496 1,147 462 733 --6,351 --1,246

Other deposits 5,487 --4,717 192 --47,014 246 996 --28,606 --73,418

Securities other than shares --1,721 --593 780 --12,590 1,796 5,000 29,285 21,958

Short-term 252 356 --468 --11,291 4 395 5,664 --5,088

Long-term --1,972 --949 1,354 --1,198 1,793 4,547 23,621 27,196

Financial derivatives - - --105 --102 --2 58 - --151

Loans --43 26,904 362 9,212 278 1,923 18,278 56,914

Short-term loans --37 --50 693 4,443 73 201 5,099 10,423

Long-term loans --6 26,954 --331 4,769 205 1,722 13,179 46,491

Shares 560 16,065 --18 2,748 237 12,634 22,907 55,133

Quoted shares --2,913 11,306 0 --985 100 9,875 6,373 23,757

Unquoted shares and other equity 3,472 4,759 --18 3,733 137 2,759 16,534 31,377

Mutual fund shares 11,233 - --146 --3 4,019 3,337 1,448 19,889

Insurance technical reserves 9,246 64 - - - - - 9,310

Miscellaneous --6,957 --4,574 --36 5,244 880 --184 6,596 970

Total Changes in financial assets 19,922 33,172 1,631 --41,385 7,918 24,439 43,641 89,337Changes in financial liabilities

Monetary gold and Special Drawing Rights - - - - - - --232 --232

Currency and deposits 0 0 --1 --60,498 - 0 --14,107 --74,605

Currency 0 0 --1 42 - - 18 59

Sight deposits 0 0 - --670 - 0 --576 --1,246

Other deposits 0 0 - --59,869 - - --13,549 --73,418

Securities other than shares 0 2,450 2,420 4,726 - --578 12,940 21,958

Short-term - 3,151 --4,620 4,506 - 102 --8,227 --5,088

Long-term 0 --700 7,040 284 - --601 21,174 27,196

Financial derivatives - --1 - --64 - --80 --6 --151

Loans 2,525 12,817 --690 6,793 --161 2,137 33,494 56,914

Short-term loans --698 577 --798 5,609 --22 802 4,953 10,423

Long-term loans 3,223 12,240 108 1,184 --139 1,335 28,541 46,491

Shares - 24,850 - 147 190 4,387 25,559 55,133

Quoted shares - 4,954 - 0 0 2,985 15,818 23,757

Unquoted shares and other equity - 19,896 - 147 190 1,402 9,742 31,377

Mutual fund shares - 0 - --230 - 18,524 1,595 19,889

Insurance technical reserves - - - - 7,848 - 1,462 9,310

Miscellaneous --416 780 271 7,677 42 --31 --7,354 970

Total Changes in financial liabilities 2,109 40,898 2,000 --41,385 7,918 24,439 53,358 89,337Financing requirement (-) or capacity (+) 17,812 --7,726 --369 0 0 0 --9,717 0

1 Monetary authorities, credit institutions and monetary undertakings for collective invest-ment.

2 Including the Fund for the Protection of Deposits and Financial instruments.

3 Non-monetary undertakings for collective investment, the postal Cheque Office (up to thecreation of the Postbank in April 1998), the Rediscount and Guarantee Institute (up to itsdissolution in 1999), securities dealers, mortgage companies, regional social housingcompanies and financial holding corporations.


13.3 FINANCIAL ACCOUNT (CONTINUED)

(millions of euro)


GeneralGovern-ment




Rest of theworld

Total


Monetary gold and Special Drawing Rights - - - 775 - - - 775

Currency and deposits 10,728 2,098 --702 --1,095 334 3,645 26,473 41,480

Currency --4,569 138 - 400 - - 10 --4,021

Sight deposits 963 1,388 255 5,419 169 --47 4,653 12,799

Other deposits 14,334 572 --957 --6,915 165 3,692 21,810 32,701

Securities other than shares 4,547 3,461 1,669 27,007 4,258 2,392 11,297 54,632

Short-term 575 257 991 --1,058 139 --459 --1,046 --600

Long-term 3,972 3,205 817 28,863 4,123 2,929 12,344 56,252

Financial derivatives - - --139 --799 --4 --78 - --1,020

Loans 6 17,814 1,936 14,945 842 1,326 10,585 47,454

Short-term loans 8 20 489 7,362 1,118 482 11,922 21,402

Long-term loans --3 17,794 1,447 7,583 --276 844 --1,337 26,052

Shares 78 --1,681 251 3,059 3,343 7,488 30,934 43,472

Quoted shares --215 2,087 0 123 2,999 7,866 6,191 19,052

Unquoted shares and other equity 292 --3,768 251 2,936 344 --378 24,743 24,420

Mutual fund shares 11,041 - 43 --83 3,407 1,960 136 16,503


Miscellaneous --20,223 --572 1,245 11,944 --116 1,321 7,495 1,095

Total Changes in financial assets 19,425 21,601 4,440 56,551 12,069 18,132 86,921 219,139Changes in financial liabilities

Monetary gold and Special Drawing Rights - - - - - - 775 775

Currency and deposits 0 0 --117 30,798 - 0 10,799 41,480

Currency 0 0 --117 --4,268 - - 365 --4,021

Sight deposits 0 0 - 6,554 - 0 6,245 12,799

Other deposits 0 0 - 28,512 - - 4,189 32,701

Securities other than shares 0 7,214 4,747 --5,918 - --887 49,475 54,632

Short-term - 1,565 247 --2,947 - 170 365 --600

Long-term 0 5,649 4,500 --2,735 - --283 49,120 56,252

Financial derivatives - 0 - --236 - --775 --10 --1,020

Loans --517 --1,499 875 15,797 --384 3,575 29,607 47,454

Short-term loans --1,224 --1,081 126 10,673 --383 1,805 11,484 21,402

Long-term loans 707 --419 749 5,124 --1 1,769 18,123 26,052

Shares - 26,235 - --144 331 1,117 15,933 43,472

Quoted shares - 2,257 - 0 0 3,454 13,341 19,052

Unquoted shares and other equity - 23,978 - --144 331 --2,337 2,592 24,420

Mutual fund shares - 0 - 460 - 12,110 3,933 16,503


Miscellaneous --1,449 1,134 --1,004 15,559 48 2,217 --15,410 1,095

Total Changes in financial liabilities --1,966 33,084 4,501 56,551 12,069 18,132 96,768 219,139Financing requirement (-) or capacity (+) 21,391 --11,484 --60 0 0 0 --9,847 0






(millions of euro)


GeneralGovern-ment




Rest of theworld

Total



Currency and deposits 9,681 4,261 --506 16,034 711 3,138 15,786 49,105

Currency 2,408 --23 - --116 - - --579 1,691

Sight deposits 1,710 --514 61 --6,361 334 59 5,476 764

Other deposits 5,563 4,797 --567 22,511 378 3,079 10,889 46,649

Securities other than shares --3,525 316 3,137 --11,677 4,895 217 13,139 6,503

Short-term --1,258 --811 1,925 --1,593 41 --169 813 --1,053

Long-term --2,266 1,127 1,345 --9,759 4,586 544 12,326 7,903

Financial derivatives - - --133 --324 268 --158 - --347

Loans 5 8,131 2,789 21,773 706 2,014 18,076 53,494

Short-term loans 4 131 1,058 15,484 173 251 13,121 30,222

Long-term loans 0 7,999 1,731 6,289 533 1,763 4,956 23,272

Shares 949 858 142 1,492 3,309 3,859 6,266 16,874

Quoted shares --134 --1,400 0 647 3,070 2,397 1,287 5,866

Unquoted shares and other equity 1,082 2,258 142 845 239 1,462 4,979 11,007

Mutual fund shares 5,971 - --36 --118 1,444 --2,657 247 4,851

Insurance technical reserves 12,658 --178 - - - - - 12,480

Miscellaneous --552 3,004 --511 --2,822 1,560 1,955 --3,799 --1,165

Total Changes in financial assets 25,187 16,392 5,015 25,007 12,625 8,525 49,716 142,466Changes in financial liabilities


Currency and deposits 0 0 70 19,216 - - 29,820 49,105

Currency 0 0 70 --2,327 - - 3,948 1,691

Sight deposits 0 0 - 4,962 - - --4,198 764

Other deposits 0 0 - 16,580 - - 30,069 46,649

Securities other than shares 0 4,169 4,238 --4,461 - 397 2,160 6,503

Short-term - 2,228 --294 --1,350 - 512 --2,147 --1,053

Long-term 0 1,941 4,532 --2,819 - 227 4,023 7,903

Financial derivatives - 0 - --291 - --342 285 --347

Loans 3,771 11,235 1,239 5,730 1,087 133 30,300 53,494

Short-term loans 241 --705 364 11,079 840 171 18,231 30,222

Long-term loans 3,530 11,939 875 --5,350 247 --38 12,068 23,272

Shares - 8,687 - --231 506 1,789 6,123 16,874

Quoted shares - 144 - 0 0 903 4,819 5,866

Unquoted shares and other equity - 8,543 - --231 506 886 1,304 11,007

Mutual fund shares - 0 - 521 - 3,886 444 4,851


Miscellaneous --534 1,527 --622 4,233 35 2,319 --8,123 --1,165

Total Changes in financial liabilities 3,237 25,618 4,925 25,007 12,625 8,525 62,530 142,466Financing requirement (-) or capacity (+) 21,950 --9,226 90 0 0 0 --12,814 0






(millions of euro)


GeneralGovern-ment




Rest of theworld

Total

2003 IIChanges in financial assets


Currency and deposits 12,710 4,396 3,095 23,339 1,085 1,870 24,968 71,464

Currency 0 66 - --344 - - 0 --278

Sight deposits 2,721 941 225 3,572 1,247 538 11,027 20,272

Other deposits 9,989 3,388 2,870 20,111 --162 1,332 13,941 51,469

Securities other than shares --9,698 --965 --4,369 --2,870 8,100 --1,813 20,445 8,831

Short-term --122 --750 --4,792 --3,972 77 --194 13,604 3,850

Long-term --9,576 --214 490 683 8,006 --1,806 6,841 4,424

Financial derivatives - - --67 419 17 187 - 556

Loans --3 14,687 --1,357 1,483 --278 --1,347 --10,090 3,096

Short-term loans --2 44 --1,720 --899 --1,187 --669 --10,592 --15,026

Long-term loans --1 14,642 363 2,382 909 --677 503 18,121

Shares --368 --2,664 --14 --917 --1,231 2,260 5,075 2,141

Quoted shares 492 1,468 0 --642 --1,165 1,852 1,020 3,025

Unquoted shares and other equity --860 --4,132 --14 --275 --67 409 4,055 --884

Mutual fund shares 1,011 - --64 --115 2,453 6 --499 2,793


Miscellaneous --1,601 --11,255 1,948 21,122 192 985 15,788 27,179

Total Changes in financial assets 12,173 4,630 --761 42,100 10,321 1,962 55,687 126,112Changes in financial liabilities



Currency 0 0 70 --2,403 - - 2,055 --278

Sight deposits 0 0 - 16,564 - - 3,708 20,272

Other deposits 0 0 - 21,551 - - 29,919 51,469

Securities other than shares 0 1,209 3,924 --6,311 - --243 10,251 8,831

Short-term - 105 6,237 --2,038 - 554 --1,009 3,850

Long-term 0 1,103 --2,313 --4,393 - --1,232 11,259 4,424

Financial derivatives - 0 - 121 - 436 0 556

Loans 2,812 1,245 --467 --13,584 32 2,010 11,048 3,096

Short-term loans --79 1,672 --601 --13,256 46 1,446 --4,254 --15,026

Long-term loans 2,891 --427 134 --328 --14 563 15,302 18,121

Shares - 1,065 - --2,188 327 --265 3,201 2,141

Quoted shares - 300 - 0 0 343 2,382 3,025

Unquoted shares and other equity - 765 - --2,188 327 --608 819 --884

Mutual fund shares - 0 - 292 - 572 1,929 2,793

Insurance technical reserves - - - - 9,907 - 646 10,553

Miscellaneous 1,368 1,331 --2,970 28,179 54 --113 --670 27,179

Total Changes in financial liabilities 4,180 4,850 557 42,100 10,321 1,962 62,143 126,112Financing requirement (-) or capacity (+) 7,994 --220 --1,318 0 0 0 --6,456 0





13.4 FINANCIAL BALANCE SHEETS



GeneralGovern-ment



Other finan-cial institu-tions 3

Rest of theworld

Total

1999Financial assets

Monetary gold and Special Drawing Rights - - - 5,210 - - - 5,210


Currency 11,601 572 - 1,571 - - 485 14,229

Sight deposits 21,433 20,513 2,173 11,918 827 4,025 35,073 95,963

Other deposits 147,191 35,185 2,913 214,751 951 16,980 235,988 653,958


Short-term 1,540 3,793 4,567 30,463 113 970 21,599 63,045

Long-term 160,957 7,396 3,488 189,651 45,064 13,189 62,825 482,570

Financial derivatives - - - 1,331 174 745 - 2,250

Loans 55 45,392 7,092 242,562 4,778 19,367 81,780 401,027

Short-term loans 37 109 1,308 76,319 313 1,283 29,831 109,200

Long-term loans 18 45,283 5,784 166,243 4,466 18,084 51,949 291,828

Shares 181,433 255,814 4,004 20,972 24,915 162,873 167,855 817,865

Quoted shares 79,280 114,729 304 11,920 24,060 54,775 54,939 340,006

Unquoted shares and other equity 102,153 141,085 3,700 9,052 855 108,098 112,916 477,859

Mutual fund shares 104,591 - 840 991 10,637 6,424 1,315 124,797

Insurance technical reserves 91,276 5,136 - - - - - 96,412

Miscellaneous 19,763 401 13,823 45,543 21,381 4,122 6,040 111,073

Total Financial assets 739,840 374,202 38,900 764,963 108,841 228,694 612,960 2,868,399Financial liabilities

Monetary gold and Special Drawing Rights - - - - - - 5,210 5,210

Currency and deposits 0 0 598 564,158 - 0 199,394 764,150

Currency 0 0 598 13,432 - - 199 14,229

Sight deposits 0 0 - 90,312 - 0 5,651 95,963

Other deposits 0 0 - 460,414 - - 193,545 653,958

Securities other than shares 0 13,997 246,000 81,465 - 10,694 195,709 547,865

Short-term - 3,137 33,775 8,539 - 2,487 15,108 63,045

Long-term 0 10,860 212,225 72,146 - 6,924 180,415 482,570

Financial derivatives - 1 - 780 - 1,283 186 2,250

Loans 96,499 154,558 33,462 24,564 1,622 12,347 77,975 401,027

Short-term loans 8,354 57,148 5,364 13,732 1,393 2,031 21,177 109,200

Long-term loans 88,145 97,410 28,097 10,833 230 10,316 56,797 291,828

Shares - 401,183 - 66,746 16,300 128,679 204,958 817,865

Quoted shares - 109,429 - 720 0 70,601 159,255 340,006

Unquoted shares and other equity - 291,754 - 66,026 16,300 58,078 45,702 477,859



Miscellaneous 8,438 32,774 13,502 27,053 389 7,377 21,538 111,073

Total Financial liabilities 104,937 602,512 293,562 764,963 108,841 228,694 764,890 2,868,399Net financial wealth 634,903 --228,311 --254,662 0 0 0 --151,930 0



3 on-monetary undertakings for collective investment, the postal Cheque Office (up to thecreation of the Postbank in April 1998), the Rediscount and Guarantee Institute (up to itsdissolution in 1999), securities dealers, mortgage companies, regional social housingcompanies and financial holding corporations.


13.4 FINANCIAL BALANCE SHEETS (CONTINUED)



GeneralGovern-ment




Rest of theworld

Total




Currency 11,418 627 - 1,674 - - 569 14,288

Sight deposits 23,761 20,824 2,670 14,520 1,291 4,593 30,051 97,709

Other deposits 153,695 30,883 3,105 173,647 1,198 17,734 215,479 595,742


Short-term 1,792 4,149 4,099 19,352 118 1,326 27,357 58,193

Long-term 159,905 6,445 4,842 190,462 46,895 17,355 86,732 512,636

Financial derivatives - - - 1,230 172 788 - 2,190

Loans 12 72,320 7,645 255,707 5,056 21,282 99,967 461,989

Short-term loans 0 62 2,001 82,722 385 1,476 35,019 121,666

Long-term loans 12 72,258 5,644 172,985 4,671 19,806 64,948 340,324

Shares 165,069 327,677 4,792 23,853 24,867 163,562 195,561 905,380

Quoted shares 72,953 124,891 283 11,014 23,873 58,129 57,461 348,605

Unquoted shares and other equity 92,116 202,785 4,509 12,839 993 105,433 138,100 556,775



Miscellaneous 13,725 --1,657 13,787 51,274 20,644 3,725 11,848 113,345



Currency and deposits 0 0 597 515,441 - 0 191,701 707,739

Currency 0 0 597 13,474 - - 217 14,288

Sight deposits 0 0 - 91,580 - 0 6,129 97,709

Other deposits 0 0 - 410,387 - - 185,355 595,742


Short-term - 6,317 29,220 13,047 - 2,589 7,020 58,193

Long-term 0 10,230 219,625 72,471 - 6,250 204,060 512,636

Financial derivatives - 0 - 807 - 1,204 180 2,190

Loans 99,051 168,641 32,757 32,597 1,461 14,455 113,027 461,989

Short-term loans 7,676 58,407 4,552 19,479 1,370 2,805 27,378 121,666

Long-term loans 91,375 110,234 28,205 13,119 91 11,650 85,649 340,324

Shares - 472,713 - 64,395 14,873 124,926 228,473 905,380

Quoted shares - 112,671 - 566 0 71,422 163,946 348,605




Miscellaneous 8,022 31,803 13,773 38,220 431 7,469 13,626 113,345









GeneralGovern-ment




Rest of theworld

Total




Currency 6,849 765 - 2,075 - - 579 10,267

Sight deposits 24,752 22,419 2,932 20,039 1,460 4,460 35,104 111,166

Other deposits 164,130 37,397 2,221 168,161 1,363 20,571 240,985 634,828


Short-term 2,367 4,764 5,090 18,349 257 807 26,114 57,748

Long-term 164,581 9,398 5,659 220,787 50,990 20,025 98,812 570,253

Financial derivatives - - - 431 169 693 - 1,292

Loans 18 90,616 12,590 271,550 5,898 19,399 110,992 511,063

Short-term loans 8 85 2,490 91,201 1,503 1,958 46,897 144,141

Long-term loans 9 90,531 10,100 180,349 4,395 17,441 64,096 366,921

Shares 136,225 331,504 4,254 27,168 25,439 141,406 220,611 886,608

Quoted shares 54,814 107,697 350 11,337 24,101 57,660 59,677 315,637

Unquoted shares and other equity 81,411 223,808 3,904 15,830 1,338 83,746 160,934 570,971



Miscellaneous --163 968 15,032 65,053 15,876 4,809 20,365 121,939




Currency 0 0 480 9,206 - - 582 10,267

Sight deposits 0 0 - 98,699 - - 12,467 111,166

Other deposits 0 0 - 442,214 - - 192,614 634,828


Short-term - 7,971 31,289 10,099 - 984 7,405 57,748

Long-term 0 15,941 224,674 69,746 - 4,845 255,048 570,253

Financial derivatives - 0 - 693 - 429 170 1,292

Loans 97,668 168,341 34,436 48,103 1,077 17,499 143,938 511,063

Short-term loans 6,378 58,161 4,692 29,869 988 4,510 39,544 144,141

Long-term loans 91,290 110,180 29,744 18,234 89 12,989 104,394 366,921

Shares - 508,266 - 52,607 10,552 106,079 209,103 886,608

Quoted shares - 104,931 - 700 0 62,991 147,014 315,637


Mutual fund shares - 0 - 1,236 - 86,096 57,606 144,938


Miscellaneous 8,374 28,144 12,769 67,792 479 6,539 --2,159 121,939









GeneralGovern-ment




Rest of theworld

Total




Currency 9,258 742 - 1,959 - - 0 11,959

Sight deposits 26,415 21,547 2,993 13,045 1,794 4,377 38,144 108,315

Other deposits 167,192 41,340 1,654 182,203 1,741 23,125 235,153 652,407


Short-term 1,109 3,953 7,015 16,521 298 628 26,424 55,948

Long-term 159,589 10,597 7,003 205,454 55,561 20,823 111,002 570,029


Loans 20 97,033 15,105 287,948 6,604 21,418 125,025 553,153

Short-term loans 13 214 3,548 102,264 1,676 2,215 58,652 168,582

Long-term loans 7 96,820 11,557 185,684 4,928 19,202 66,373 384,571

Shares 87,366 323,129 3,744 28,271 22,918 99,961 203,118 768,506

Quoted shares 29,696 63,125 564 11,754 21,342 42,565 43,508 212,554


Mutual fund shares 100,853 - 700 774 18,868 6,491 870 128,556


Miscellaneous --871 13,744 14,521 63,249 13,342 6,656 21,747 132,388




Currency 0 0 549 6,879 - - 4,530 11,959

Sight deposits 0 0 - 100,586 - - 7,730 108,315

Other deposits 0 0 - 440,133 - - 212,274 652,407


Short-term - 9,732 30,954 8,749 - 1,494 5,019 55,948

Long-term 0 17,845 229,005 66,916 - 5,072 251,192 570,029


Loans 101,562 174,272 35,816 53,344 2,164 17,615 168,379 553,153

Short-term loans 5,963 55,661 5,057 40,689 1,828 4,681 54,704 168,582

Long-term loans 95,599 118,611 30,760 12,655 336 12,934 113,676 384,571

Shares - 490,123 - 37,657 6,964 77,100 156,663 768,506

Quoted shares - 66,056 - 1,173 0 44,479 100,845 212,554




Miscellaneous 7,841 25,509 12,147 88,900 514 6,118 --8,641 132,388









GeneralGovern-ment




Rest of theworld

Total

2003 IIFinancial assets



Currency 9,258 809 - 1,614 - - 0 11,681

Sight deposits 29,101 22,311 3,218 16,282 3,041 4,922 48,171 127,046

Other deposits 175,001 44,291 4,524 197,009 1,579 24,744 241,787 688,936


Short-term 986 3,198 2,223 12,383 376 463 39,568 59,198

Long-term 145,940 10,416 7,494 203,864 63,582 18,888 117,843 568,028


Loans 17 111,075 13,688 285,820 6,326 20,071 112,549 549,545

Short-term loans 10 258 1,828 98,604 489 1,546 46,835 149,570

Long-term loans 6 110,817 11,860 187,216 5,838 18,525 65,714 399,976

Shares 83,055 330,657 3,838 27,077 21,253 100,703 208,000 774,583

Quoted shares 30,970 67,587 746 10,970 19,743 45,332 39,738 215,086




Miscellaneous --5,036 854 16,468 84,661 13,494 8,068 37,099 155,609




Currency 0 0 620 4,476 - - 6,586 11,681

Sight deposits 0 0 - 115,933 - - 11,113 127,046

Other deposits 0 0 - 453,711 - - 235,225 688,936


Short-term - 9,526 37,023 6,710 - 2,048 3,891 59,198

Long-term 0 18,937 226,361 62,517 - 3,839 256,374 568,028


Loans 104,364 173,112 35,346 39,165 2,196 19,625 175,737 549,545

Short-term loans 5,497 55,998 4,452 26,995 1,874 6,128 48,626 149,570

Long-term loans 98,867 117,114 30,894 12,170 322 13,497 127,111 399,976

Shares - 492,973 - 38,016 7,252 75,661 160,682 774,583

Quoted shares - 64,024 - 1,539 0 44,378 105,145 215,086




Miscellaneous 9,209 27,045 9,177 112,581 586 5,585 --8,573 155,609





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14 CHAPTER 14: FINANCIAL INTERMEDIARIES14.2 FINANCIAL STATEMENTS OF THE EUROSYSTEM AND OF THE NATIONAL BANK OF BELGIUM14.2.1 CONSOLIDATED WEEKLY FINANCIAL STATEMENT OF THE EUROSYSTEM (FROM 1999 ONWARDS)

(millions of euro)

2003 2004

26 Sep. 3 Oct. 10 Oct. 17 Oct. 24 Oct. 31 Oct. 7 Nov. 14 Nov. 21 Nov. 28 Nov. 5 Dec. 12 Dec. 19 Dec. 26 Dec. 2 Jan.

AssetsGold and gold receivables 119,722 130,822 130,822 130,822 130,822 130,769 130,717 130,609 130,534 130,438 130,374 130,267 130,214 130,187 130,344

Claims on non-euro area residents denomi-nated in foreign currency 202,375 200,970 200,836 198,294 197,989 199,673 198,814 195,684 196,135 194,755 194,496 192,687 189,867 189,453 176,783

Receivables from the IMF 32,251 32,205 32,205 32,284 32,168 32,147 32,157 32,204 31,944 31,917 31,926 31,926 30,254 30,352 29,130

Balances with banks and security invest-ments, external loans and other externalassets 170,124 168,765 168,631 166,010 165,821 167,526 166,657 163,480 164,191 162,838 162,570 160,761 159,613 159,101 147,653

Claims on euro area residents denominatedin foreign currency 14,800 15,054 15,765 15,793 16,373 15,382 15,911 15,773 15,230 14,151 15,802 16,301 17,750 17,959 17,379

Claims on non-euro area residents denomi-nated in euro 4,579 5,001 4,727 4,918 5,087 5,020 4,998 5,098 5,540 5,451 5,279 5,531 5,912 5,979 6,314

Balances with banks, security invest-ments and loans 4,579 5,001 4,727 4,918 5,087 5,020 4,998 5,098 5,540 5,451 5,279 5,531 5,912 5,979 6,314

Claims arising from the credit facility un-der the ERM-II 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Lending to euro area credit institutions re-lated to monetary policy operations denomi-nated in euro 276,082 249,311 250,032 240,255 248,044 252,050 246,128 247,031 262,510 270,312 292,351 282,024 284,029 276,022 298,047

Main refinancing operations 231,001 204,000 205,001 194,999 203,002 207,000 200,999 201,999 217,001 225,292 247,290 237,000 238,999 230,998 253,001

Longer-term refinancing operations 45,000 45,000 45,000 45,000 45,000 44,999 44,999 44,999 44,999 45,000 45,000 45,000 45,000 45,000 45,000

Fine-tuning reverse operations 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Structural reverse operations 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Marginal lending facility 49 283 0 225 11 23 49 7 484 6 44 4 9 5 18

Credits related to margin calls 32 28 31 31 31 28 81 26 26 14 17 20 21 19 28

Other claims on euro area credit institutionsdenominated in euro 1 348 358 287 386 385 442 595 732 849 773 470 456 687 720 819

Securities of euro area residents denomi-nated in euro 51,164 51,157 51,931 52,407 52,517 53,007 53,354 53,124 53,037 53,627 54,294 53,865 54,115 54,130 61,323

General government debt denominated ineuro 43,783 43,757 43,757 43,757 43,757 43,776 43,776 43,757 43,758 43,762 43,764 43,768 43,655 42,902 42,686

Other assets 116,366 117,182 117,770 117,046 117,543 118,487 119,256 120,055 119,470 120,070 121,508 122,146 122,476 117,805 104,626

Total Assets 829,239 813,612 815,927 803,678 812,517 818,606 813,549 811,863 827,063 833,339 858,338 847,045 848,705 835,157 838,321

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14.2.1 CONSOLIDATED WEEKLY FINANCIAL STATEMENT OF THE EUROSYSTEM (FROM 1999 ONWARDS) (CONTINUED)

(millions of euro)

20042003

2 Jan.26 Dec.19 Dec.12 Dec.5 Dec.28 Nov.21 Nov.14 Nov.7 Nov.31 Oct.24 Oct.17 Oct.10 Oct.3 Oct.26 Sep.

LiabilitiesBanknotes in circulation 391,457 397,614 397,974 396,826 395,434 398,372 401,898 401,928 400,546 405,240 416,207 419,730 429,510 439,206 434,251

Liabilities to euro area credit institutions re-lated to monetary policy operations denomi-nated in euro 135,669 129,449 132,750 131,003 127,802 128,223 133,421 132,484 129,023 124,993 137,409 129,462 129,848 113,541 152,917

Current accounts 135,655 129,445 132,685 130,263 127,788 128,206 133,401 132,425 127,185 124,942 137,393 129,450 129,745 113,508 152,814

Deposit facility 14 4 63 739 13 14 15 58 1,838 50 15 12 103 33 102

Fixed term deposits 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Fine-tuning reverse operations 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Deposits related to margin calls 0 0 2 1 1 3 5 1 0 1 1 0 0 0 1

Other liabilities to euro area credit institu-tions denominated in euro 2 75 115 136 187 187 187 208 208 208 208 251 251 251 256 257

Debt certificates issued 2,029 2,029 2,029 2,029 2,029 2,029 1,054 1,054 1,054 1,054 1,054 1,054 1,054 1,054 1,054

Liabilities to other euro area residents de-nominated in euro 76,112 49,965 48,196 40,409 53,524 55,000 41,403 43,185 62,189 70,342 70,679 64,817 55,151 48,076 35,584

General government 70,878 44,360 42,840 35,151 48,352 49,360 35,974 37,326 56,340 64,226 64,820 59,079 49,431 42,245 29,786

Other liabilities 2 5,234 5,605 5,356 5,258 5,172 5,640 5,429 5,859 5,849 6,116 5,859 5,738 5,720 5,831 5,798

Liabilities to non-euro area residents de-nominated in euro 9,329 9,450 9,380 9,493 9,397 9,572 9,621 9,655 9,762 9,696 9,726 9,480 9,466 10,334 10,057

Liabilities to euro area residents denomi-nated in foreign currency 760 679 661 643 651 828 726 749 729 665 682 655 601 580 499

Liabilities to non-euro area residents de-nominated in foreign currency 15,420 17,186 17,750 15,151 15,545 16,230 17,150 14,238 14,643 12,308 13,616 12,434 12,671 12,595 12,344

Deposits, balances and other liabilities 15,420 17,186 17,750 15,151 15,545 16,230 17,150 14,238 14,643 12,308 13,616 12,434 12,671 12,595 12,344

Liabilities arising from the credit facilityunder the ERM II 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Counterpart of special drawing rights allo-cated by the IMF 5,997 5,991 5,991 5,991 5,991 5,991 5,991 5,991 5,991 5,991 5,991 5,991 5,991 5,991 5,757

Other liabilities 65,165 64,958 64,882 65,767 65,776 65,991 65,892 66,184 66,729 66,651 66,528 66,972 67,959 67,320 54,398

Revaluation accounts 62,226 71,174 71,174 71,174 71,174 71,174 71,174 71,174 71,174 71,174 71,174 71,174 71,174 71,174 69,141

Capital and reserves 65,000 65,002 65,004 65,005 65,007 65,009 65,011 65,013 65,015 65,017 65,021 65,025 65,029 65,030 62,062

Total Liabilities 829,239 813,612 815,927 803,678 812,517 818,606 813,549 811,863 827,063 833,339 858,338 847,045 848,705 835,157 838,321

1 Until the end of 2000 : Other claims ; From 2001 onwards : Other claims on euro area credit institutions, denominated in euro.2 From 2001 onwards : Split of the old series ”Other claims” into two series ”Other liabilities” and ”Other liabilities to euro area credit

institutions, denominated in euro”.

Bibliographical reference: Statistical bulletin of the National Bank of Belgium, 1999-I, p 18-19.

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14.2.2 MONTHLY FINANCIAL STATE OF THE NATIONAL BANK OF BELGIUM

(millions of euro)

2002 2003


Assets 37,256 37,199 39,372 33,257 32,027 37,447 39,510 37,793 39,411 39,747 40,117 39,218 47,718

Gold and gold receivables 2,711 2,711 2,711 2,553 2,553 2,553 2,504 2,504 2,504 2,736 2,736 2,736 2,739

Claims on non-euro area residents denominatedin foreign currency 11,305 11,368 11,150 9,989 9,322 9,465 9,347 9,527 9,600 9,428 9,297 9,220 8,704

Receivables from the IMF 3,170 3,170 3,145 3,135 3,200 3,208 3,258 3,258 3,284 3,239 3,239 3,186 3,026

Balances with banks and security investments,external loans and other external assets 8,135 8,198 8,005 6,854 6,122 6,257 6,089 6,269 6,316 6,189 6,058 6,034 5,678

Claims on euro area residents denominated inforeign currency 298 201 190 159 307 291 339 341 326 298 254 437 321

Claims on non-euro area residents denominatedin euro 4 10 8 8 7 6 9 7 80 89 161 212 245

Lending to euro area credit institutions related tomonetary policy operations denominated in euro 10,877 10,416 12,039 6,099 5,075 10,256 11,643 9,997 10,587 10,097 10,040 8,500 16,749

Main refinancing operations 10,877 10,416 12,039 6,091 5,067 10,228 11,643 9,997 10,587 10,097 10,040 8,500 16,749

Longer-term refinancing operations 0 0 0 8 8 8 0 0 0 0 0 0 0

Fine-tuning reverse operations 0 0 0 0 0 0 0 0 0 0 0 0 0

Structural reverse operations 0 0 0 0 0 0 0 0 0 0 0 0 0

Marginal lending facility 0 0 0 0 0 20 0 0 0 0 0 0 0

Credits related to margin calls 0 0 0 0 0 0 0 0 0 0 0 0 0

Other claims on euro area credit institutions de-nominated in euro 1 0 0 0 0 0 0 0 1 0 0 0 0 0

Securities of euro area residents denominated ineuro 3,663 3,656 3,658 3,981 3,982 3,986 4,005 4,005 4,189 4,287 4,217 4,166 4,109

Intra-eurosystem claims 6,388 7,119 7,811 8,435 8,967 9,079 9,411 9,405 10,084 10,462 11,292 11,820 12,654

Participating interest in ECB 143 143 143 143 143 143 143 143 143 143 143 143 143

Claims equivalent to the transfer of foreign re-serves 1,433 1,433 1,433 1,433 1,433 1,433 1,433 1,433 1,433 1,433 1,433 1,433 1,433

Claims related to banknote issue 2 4,812 5,543 6,235 6,859 7,391 7,503 7,829 7,829 8,508 8,886 9,716 10,244 11,078

Other claims within the Eurosystem (net) 0 0 0 0 0 0 6 0 0 0 0 0 0

Other assets 2,010 1,718 1,805 2,033 1,814 1,811 2,252 2,006 2,041 2,350 2,120 2,127 2,197

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14.2.2 MONTHLY FINANCIAL STATE OF THE NATIONAL BANK OF BELGIUM (CONTINUED)

(millions of euro)

20032002

Dec.Nov.Oct.Sep.Aug.JulyJuneMayAprilMarchFeb.Jan.Dec.

Liabilities 37,256 37,199 39,372 33,257 32,027 37,447 39,510 37,793 39,411 39,747 40,117 39,218 47,718

Banknotes in circulation 2 11,964 11,051 11,243 11,481 11,906 12,076 12,304 12,182 12,709 12,780 12,967 13,191 14,200

Liabilities to euro area credit institutions related tomonetary policy operations denominated in euro 4,482 6,637 6,931 7,519 5,241 8,427 4,462 7,815 6,949 7,251 5,114 5,439 8,325

Current accounts 4,482 6,637 6,931 7,519 5,241 8,427 4,462 7,815 6,949 7,251 5,114 5,439 8,325

Deposit facility 0 0 0 0 0 0 0 0 0 0 0 0 0

Fixed term deposits 0 0 0 0 0 0 0 0 0 0 0 0 0

Fine-tuning reverse operations 0 0 0 0 0 0 0 0 0 0 0 0 0

Deposits related to margin calls 0 0 0 0 0 0 0 0 0 0 0 0 0

Other liabilities to euro area credit institutions de-nominated in euro 3 0 0 0 0 0 0 0 0 0 0 0 0 0

Liabilities to other euro area residents denomi-nated in euro 123 155 134 180 172 176 180 164 143 167 182 164 181


Other liabilities 3 8 9 11 17 14 17 16 12 13 17 23 30 29

Liabilities to non-euro area residents denominatedin euro 233 91 56 77 103 71 68 57 100 93 68 56 271

Liabilities to euro area residents denominated inforeign currency 0 0 0 0 0 0 0 0 0 0 148 105 52

Liabilities to non-euro area residents denominatedin foreign currency 854 912 1,050 911 660 807 899 1,125 1,151 1,099 848 1,065 1,032

Counterpart of special drawing rights allocated bythe IMF 629 629 629 612 612 612 596 595 595 594 594 594 572

Intra-eurosystem liabilities 12,916 11,579 13,408 6,937 8,042 9,972 15,454 10,470 12,381 11,963 14,587 12,985 17,846

Liabilities related to promissory notes backingthe issuance of ECB debt certificates 0 0 0 0 0 0 0 0 0 0 0 0 0

Liabilities related to banknote issue 2 0 0 0 0 0 0 0 0 0 0 0 0 0

Other liabilities within the Eurosystem (net) 12,916 11,579 13,408 6,937 8,042 9,972 15,454 10,470 12,381 11,963 14,587 12,985 17,846

Other liabilities 1,960 2,050 1,754 1,770 1,521 1,536 1,819 1,657 1,655 1,912 1,721 1,731 1,545

Revaluation accounts 2,902 2,902 2,902 2,505 2,505 2,505 2,463 2,463 2,463 2,623 2,623 2,623 2,429

Capital and reserves 1,193 1,193 1,265 1,265 1,265 1,265 1,265 1,265 1,265 1,265 1,265 1,265 1,265

1 Until the end of 2000 : Other claims ; From 2001 onwards : Other claims on euro area credit institutions, denominated in euro.2 From 2002 onwards: According to the accounting regime chosen by the Eurosystem on the issue of euro banknotes, a share of 8

% of the total value of the euro banknotes in circulation is allocated to the ECB on a monthly basis. The counterpart of this adjustmentis disclosed as an ”Intra-Eurosystem liability related to banknote issue”.The remaining 92 % of the value of the euro banknotes in circulation are allocated to the NCBs on a monthly basis too, wherebyeach NCB shows in its balance sheet a share of the euro banknotes issued corresponding to its paid-up share in the ECB’s capital(Capital Share Mechanism or CSM).

The difference between the value of the euro banknotes allocated to the NCB according to the aforementioned accounting regime,and the value of euro banknotes put into circulation, is also disclosed as an ”Intra-Eurosystem claim/liability related to banknoteissue”.

3 From 2001 onwards : Split of the old series ”Other claims” into two series ”Other liabilities” and ”Other liabilities to euro area creditinstitutions, denominated in euro”.

Bibliographical reference: Statistical bulletin of the National Bank of Belgium, 1999-I, p 18-19.


14.2.4 BALANCE SHEET OF THE NATIONAL BANK OF BELGIUM BEFORE DISTRIBUTION OF PROFIT(FROM 1999 ONWARDS)

(millions of euro)

1999 2000 2001 2002

31 Dec. 31 Dec. 31 Dec. 31 Dec.

ASSETS1 Gold and gold receivables 2,403 2,431 2,614 2,7112 Claims on non-euro area residents denominated in foreign cur-

rency 10,885 10,741 12,781 11,3052.1 Receivables from the IMF 2,807 2,616 3,256 3,170

2.2 Balances with banks and security investments, external loansand other external assets 8,078 8,125 9,525 8,135

3 Claims on euro area residents denominated in foreign currency 138 459 799 2984 Claims on non-euro area residents denominated in euro 9 9 8 45 Lending to euro area credit institutions related to monetary policy

operations denominated in euro 20,457 15,441 7,570 10,8775.1 Main refinancing operations 5,437 14,811 7,500 10,877

5.2 Longer-term refinancing operations 15,015 630 70 0

5.3 Fine-tuning reverse operations 0 0 0 0

5.4 Structural reverse operations 0 0 0 0

5.5 Marginal lending facility 5 0 0 0

5.6 Credits related to margin calls 0 0 0 0

6 Other claims on euro area credit institutions denominated in euro 1 0 0 07 Securities of euro area residents denominated in euro 3,683 3,629 3,622 3,6638 Intra-Eurosystem claims 1,576 1,577 1,576 6,404

8.1 Participating interest in ECB capital 143 143 143 143

8.2 Claims equivalent to the transfer of foreign reserves 1,433 1,433 1,433 1,433

8.3 Net claims related to the allocation of euro banknotes within theEurosystem 4,791

8.4 Other claims within the Eurosystem (net) 0 0 0 37

9 Other assets 2,159 2,227 2,233 2,3459.1 Coins of euro area 10 7 26 10

9.2 Tangible fixed assets 320 327 353 370

9.3 Other financial assets 1,326 1,360 1,438 1,528

9.4 Off-balance-sheet instruments: revaluation differences 0 1 0 118

9.5 Accruals and deferred expenditure 309 309 243 217

9.6 Sundry 194 223 173 102

Total ASSETS 41,312 36,515 31,203 37,607


14.2.4 BALANCE SHEET OF THE NATIONAL BANK OF BELGIUM BEFORE DISTRIBUTION OF PROFIT(FROM 1999 ONWARDS) (CONTINUED)

(millions of euro)

2002200120001999

31 Dec.31 Dec.31 Dec.31 Dec.

LIABILITIES1 Banknotes in circulation 12,947 12,905 8,627 11,9642 Liabilities to euro area credit institutions related to monetary

policy operations denominated in euro 3,509 7,130 5,945 4,4822.1 Current accounts (covering the minimum reserve system) 3,459 7,130 5,922 4,482

2.2 Deposit facility 50 0 23 0

2.3 Fixed-term deposits 0 0 0 0

2.4 Fine-tuning reverse operations 0 0 0 0

2.5 Deposits related to margin calls 0 0 0 0

3 Other liabilities to euro area credit institutions denominated ineuro 0 0 0 0

4 Liabilities to other euro area residents denominated in euro 96 83 127 1244.1 General government 64 62 118 116

4.2 Other liabilities 32 21 9 8

5 Liabilities to non-euro area residents denominated in euro 377 180 81 2346 Liabilities to euro area residents denominated in foreign currency 0 0 0 07 Liabilities to non-euro area residents denominated in foreign cur-

rency 570 983 1,869 8548 Counterpart of special drawing rights allocated by the IMF 662 679 691 6299 Intra-Eurosystem liabilities 16,276 6,536 5,169 12,916

9.1 Liabilities related to promissory notes backing the issuance ofECB debt certificates 0 0 0 0

9.2 Net liabilities related to the allocation of euro banknotes within theEurosystem 0

9.3 Other liabilities within the Eurosystem (net) 16,276 6,536 5,169 12,916

10 Other liabilities 1,047 1,482 1,652 45910.1 Off-balance-sheet instruments: revaluation differences 10 0 8 0

10.2 Accruals and deferred income 9 14 8 6

10.3 Sundry 1,028 1,468 1,636 453

11 Provisions 798 988 1,181 1,38711.1 For future exchange losses 441 614 756 925

11.2 For new premises 19 11 7 0

11.3 For contingencies 330 363 418 462

12 Revaluation accounts 3,674 4,081 4,295 2,90213 Capital and Reserve Fund 1,338 1,368 1,460 1,549

13.1 Capital 10 10 10 10

13.2 Reserve Fund 1,328 1,358 1,450 1,539

Statutory reserve 90 93 97 101

Extraordinary reserve 933 953 1,015 1,082

Amortisation accounts in respect of tangible fixed assets 306 312 338 356

14 Profit for the year 57 99 106 107Total LIABILITIES 41,312 36,515 31,203 37,607

Bibliographical reference: Statistical bulletin of the National Bank of Belgium, 2000-III, p. 25.


14.5.1 BALANCE SHEETS OF THE CREDIT INSTITUTIONS AS A WHOLE

(millions of euro)

2003

March April May June July Aug. Sep. Oct. p Nov. p

AssetsLiquid ressources and interbankclaims 213,012 217,559 222,089 207,131 209,574 200,882 197,492 213,453 215,852

Cash, credit balances with centralbanks and postal cheque offices 1,938 2,400 2,343 2,126 2,108 1,809 2,135 2,012 2,285

Claims on credit institutions 211,074 215,160 219,746 205,005 207,466 199,073 195,357 211,440 213,567

At sight 23,139 23,789 29,905 30,530 27,382 22,886 24,207 27,774 22,525

Other claims 187,935 191,371 189,840 174,475 180,084 176,187 171,150 183,666 191,042

Claims on customers 305,061 306,335 303,094 309,962 304,491 304,251 313,512 315,890 318,899Claims originally granted by the insti-tutions 294,813 296,429 292,683 299,222 296,604 296,219 302,384 305,051 308,606

Commercial bills 1,850 1,835 1,795 1,835 1,855 1,865 1,807 1,836 1,841

Own acceptances 410 558 527 398 519 475 375 433 393

Leasing claims and similar claims 1,427 1,389 809 1,369 1,348 1,370 1,394 1,462 1,442

Non-mortgage loans by instalment 12,213 13,082 13,010 12,795 12,848 12,630 12,505 12,452 12,333

Mortgage loans 67,638 68,126 68,643 69,489 70,243 70,756 71,575 72,526 73,238

Fixed-term loans 189,541 189,456 183,928 191,629 189,701 189,347 193,821 196,076 197,225

Current account advances 20,828 21,166 23,213 20,796 19,187 18,938 20,200 19,552 21,387

Other credits 906 819 759 911 903 839 707 713 746

Other debtors 10,248 9,906 10,411 10,739 7,887 8,031 11,128 10,839 10,294

Securities and other negotiable in-struments 1 221,367 227,057 234,529 232,034 232,712 238,150 238,372 240,304 247,078

Public paper 13,158 15,021 15,467 12,848 12,444 14,940 14,242 11,846 13,360

Eligible for refinancing at centralbanks 8,880 8,847 9,408 7,828 8,541 10,404 9,200 9,004 10,189

Other 4,279 6,174 6,059 5,020 3,903 4,536 5,042 2,842 3,171

Other short-term negotiable instru-ments 8,752 11,182 13,303 10,409 13,310 12,798 8,834 10,226 11,162

Public long-term securities 130,680 131,570 136,825 138,425 136,266 138,851 143,911 146,835 150,289

Other long-term loans representedby securities 63,803 64,445 64,124 65,417 65,455 66,063 65,766 65,804 66,556

Company shares and other equity 3,331 3,145 3,121 3,208 3,511 3,769 3,789 3,746 3,876

Other securities 1,642 1,693 1,689 1,726 1,726 1,729 1,830 1,846 1,835

Fixed assets 30,427 29,613 29,553 29,785 29,743 29,781 29,736 29,854 29,875Financial fixed assets 26,595 25,799 25,744 25,985 25,962 26,011 25,988 26,113 26,133

of which: 2

Loans of general governmentLoans of other issuersParticipations in affiliated enterpri-ses 21,941 21,118 21,111 21,301 21,311 21,360 21,355 21,434 21,461

Participations in other enterpriseslinked by a participating interest 2,007 2,029 2,028 2,044 2,024 2,019 1,946 1,939 1,935

Other financial fixed assets 2,253 2,258 2,209 2,245 2,246 2,251 2,306 2,359 2,356

Shares 743 749 701 665 666 666 737 688 692

Subordonated claims on affili-ated enterprises and enter-prises linked by a participatinginterestOther 32 33 33 33 32 33 33 33 35

Tangible fixed assets 3,416 3,410 3,409 3,404 3,386 3,380 3,364 3,360 3,363

Formation costs and intangible fixedassets 416 405 400 397 394 390 385 380 380

Own shares 0 0 0 0 0 5 0 0 0Other assets 58,946 79,773 92,365 61,927 75,762 73,988 68,978 63,082 62,316

Total Assets 828,813 860,337 881,629 840,839 852,282 847,057 848,089 862,582 874,021


14.5.1 BALANCE SHEETS OF THE CREDIT INSTITUTIONS AS A WHOLE (CONTINUED)

(millions of euro)

2003

Nov. pOct. pSep.Aug.JulyJuneMayAprilMarch

LiabilitiesInterbank debts 242,003 254,648 259,303 253,602 257,518 256,396 254,958 266,220 276,965

At sight 32,979 36,474 43,694 39,897 47,365 38,154 43,966 47,253 58,691

Mobilisation debts 88,518 91,795 93,772 92,378 87,627 86,634 88,355 95,232 94,769

Other debts at fixed term or notice 120,506 126,378 121,837 121,327 122,525 131,607 122,636 123,735 123,505

Debts to customers 388,526 391,551 394,548 388,121 381,152 380,494 386,824 393,984 397,343Deposits 334,307 338,227 339,340 337,842 335,691 333,873 332,520 337,406 340,045

Sight deposits 87,477 88,550 85,659 92,695 89,380 84,722 89,083 86,776 87,112

At fixed term or at notice < 1 month 29,446 32,628 35,082 29,166 29,538 29,132 25,647 32,597 32,802

At fixed term or at notice >= 1month and <= 1 year 57,254 56,458 57,625 53,681 55,349 58,001 55,157 54,489 55,973

At fixed term or at notice > 1 year 29,952 29,743 29,153 29,105 28,310 28,561 28,919 29,165 29,127

Special deposits 5,842 5,468 6,125 6,233 5,548 5,712 5,681 5,694 6,519

Regulated savings deposits 123,741 124,792 125,110 126,372 126,992 127,169 127,452 128,102 127,933

Linked with mortgage loans 412 403 402 405 390 391 397 400 413

Deposit guarantee scheme 184 184 184 184 184 184 184 184 167

Other creditors 54,218 53,324 55,209 50,279 45,461 46,621 54,304 56,578 57,297

Debts represented by a security 74,113 70,271 72,411 70,774 71,229 70,650 71,604 72,659 70,977Certificates of deposit and similardebts 20,928 18,261 20,914 19,842 21,077 21,003 22,482 24,058 22,742

Notes 50,840 49,979 49,441 48,848 48,089 47,588 47,067 46,571 46,143

Bond loans 2,345 2,031 2,056 2,084 2,064 2,059 2,055 2,030 2,091

Write-downs, provisions, providentfunds and deferred taxes 7,223 7,123 7,081 6,985 6,948 6,923 6,783 6,707 6,446Other liabilities 60,700 81,020 92,423 65,092 78,913 75,738 70,962 65,766 65,557Subordonated debts 23,668 23,410 23,274 23,359 23,338 23,513 23,433 23,522 23,083Own ressources 32,581 32,314 32,590 32,905 33,184 33,342 33,525 33,723 33,651

of which: 2

Capital 13,367 11,382 11,379 11,382 11,385 11,389 11,395 11,324 11,237

Subscribed capital 13,367 11,383 11,379 11,382 11,385 11,389 11,396 11,324 11,240

Uncalled capital 0 0 0 0 0 0 0 0 3

Issue premiums 7,406 7,406 7,406 7,406 7,423 7,427 7,427 7,427 7,427

Capital gains on revaluation 12 12 12 12 13 13 13 13 13

Reserves 10,097 10,092 10,074 10,090 10,087 10,091 10,081 10,082 10,040

Statutory reserve 902 901 902 902 898 902 902 902 893

Unavailable reserves 119 119 119 119 119 124 119 119 119

Tax-exempt reserves 900 900 901 900 900 901 901 901 901

Available reserves 8,176 8,171 8,153 8,169 8,169 8,164 8,160 8,160 8,127

Profit brought forward (+) or lossbrought forward (-) 753 751 773 750 754 759 762 762 721

Profit on the year (+) or loss on theyear (-) 692 2,424 2,696 2,998 3,252 3,382 3,529 3,794 3,885

Total Liabilities 828,813 860,337 881,629 840,839 852,282 847,057 848,089 862,582 874,021

N.B.: Reporting on the company’s position for credit institutions governed by belgian law andon the territorial position for branches of credit institutions governed by foreign law establishedin Belgium.

1 Contains the investment portfolio and the commercial portfolio.

2 The breakdown is not know for the branches of credit institutions governed by the law ofanother Member State of the European Union or similar for branches.

Bibliographical reference: Bulletin de la Banque Nationale de Belgique, LXIXth year, num-ber 12, November 1994.


14.6.1 OFF-BALANCE-SHEET ITEMS OF CREDIT INSTITUTIONS AS A WHOLE

(millions of euro)

2003

March April May June July Aug. Sep. Oct. p Nov. p

Spot transactions in course of settle-ment

Spot foreign exchange transactions 42,646 49,550 51,027 46,897 49,559 30,908 55,206 45,678 33,079

Lendings and borrowingsAmounts to be received 28,454 44,915 17,182 31,660 30,856 22,208 51,239 31,447 38,374

Amounts to be delivered 21,284 23,738 20,285 29,879 20,351 18,356 24,420 25,133 24,185

Purchases and sales of securities andother negotiable instruments

Amounts to be received (sales) 6,643 6,422 5,732 9,953 7,039 4,890 8,409 6,088 6,116

Amounts to be delivered (purchases) 7,858 7,945 5,976 8,740 8,782 5,566 9,870 6,425 6,693

Forward transactionsForward transactions in currencies

Forward foreign exchange transac-tions 266,108 274,682 292,533 291,638 297,555 312,307 299,904 307,631 304,707

Currency and interest swaps 54,149 53,339 51,541 52,183 53,711 53,607 52,511 53,685 54,494

Currency futures transactions 0 14 14 6 0 16 25 25 13

Currency options 67,788 68,559 71,793 71,595 77,277 83,692 92,085 104,299 105,464

Forward exchange rate contracts 2,920 2,835 2,494 2,464 2,356 2,602 2,854 2,900 2,359

Forward interest rate transactionsForward deposit contracts

To be placed 251 563 1,574 961 1,565 1,710 2,327 3,018 2,306

To be entered into 736 1,717 4,970 2,980 3,779 5,255 1,901 2,628 4,970

Interest rate swaps 2,505,425 2,414,147 2,503,792 2,489,875 2,477,995 2,532,489 2,493,727 2,527,763 2,686,148

Interest futures transactionsPurchases 53,297 41,932 43,873 39,290 44,494 45,180 32,182 39,673 38,325

Sales 54,599 59,672 71,265 62,241 58,012 57,896 57,342 55,517 53,628

Forward interest rate contractsNotional lendings 84,716 88,411 86,373 88,815 88,284 88,436 93,381 102,374 101,730

Notional borrowings 87,582 90,148 87,918 86,959 83,647 91,787 95,344 109,258 112,247

Interest rate optionsOptions issued

Notional lendings 211,105 212,389 218,950 232,453 233,352 226,415 223,821 227,666 228,594


Options acquiredNotional lendings 209,106 207,375 211,957 218,928 232,257 235,582 243,934 251,787 258,838


OtherTo be paid 0 0 0 0 0 0 0 0 0

To be received 0 0 0 0 0 0 0 0 0

Other forward transactionsSecurities

Purchases 7,146 7,324 8,334 7,738 7,053 6,544 6,537 6,939 6,553

Sales 6,292 6,450 7,355 6,595 5,786 5,389 5,432 6,065 5,632

OptionsOptions issued

Values to be received 33,287 33,906 34,164 34,815 36,599 37,135 37,348 37,247 37,078

Values to be delivered 42,702 43,804 39,710 36,393 35,774 36,607 36,597 36,229 36,778

Options acquiredValues to be received 34,442 34,208 31,543 23,647 20,498 28,127 36,163 39,554 20,520

Values to be delivered 56,220 55,908 53,464 42,637 39,447 47,028 55,946 59,535 41,777

Futures transactionsPurchases 501 992 1,581 1,284 652 670 1,299 1,285 349

Sales 3,925 5,856 6,317 2,861 2,334 2,856 2,353 2,396 2,972

OtherValues purchased 120 120 120 119 119 119 119 412 407

Values sold 120 120 120 119 119 119 119 119 119


14.6.1 OFF-BALANCE-SHEET ITEMS OF CREDIT INSTITUTIONS AS A WHOLE (CONTINUED)

(millions of euro)

2003

Nov. pOct. pSep.Aug.JulyJuneMayAprilMarch

Proceeds and expenses covered inadvance

Proceeds receivable 1,466 1,396 1,310 1,443 1,539 1,558 1,582 1,726 1,663

Expenses payable 1,507 1,438 1,359 1,482 1,586 1,611 1,640 1,780 1,718

Commitment appropriations used 83,945 82,395 82,150 89,545 87,596 88,901 88,885 88,102 88,947

Credit lines grantedCredit lines obtained 8,614 11,151 8,883 9,006 9,188 9,261 9,148 9,237 8,817

Credit lines grantedTo credit institutions 16,852 16,812 16,352 16,803 16,417 15,952 16,380 16,174 16,107

To customersFor disbursement appropriations 207,481 197,070 178,767 185,995 186,378 188,975 203,005 200,645 201,196

For commitment appropriations 38,585 40,719 38,762 40,862 40,666 41,709 40,041 41,114 39,172

GuaranteesAssets encumbered by real securities 163,813 174,266 163,068 163,515 156,884 158,956 160,937 160,136 159,346

Guarantees obtained 1,348,555 1,327,501 1,330,384 1,367,439 1,339,859 1,354,286 1,355,032 1,407,017 1,391,554

Valuables and claims entrustedTo the institution

Without cover 6,020,088 6,074,963 6,062,510 6,217,827 6,309,123 6,444,392 6,408,428 6,592,951 6,625,104

On trustee basis 2,525 2,660 2,551 2,542 2,659 2,657 2,611 2,705 2,720

Other 6,874 7,108 7,205 7,204 10,158 10,061 9,779 9,932 9,801

By the institutionOn trustee basis 1,815 2,011 2,203 2,209 2,327 2,358 2,335 2,428 2,432

Other 6,020,337 6,068,969 6,021,670 6,206,911 6,304,574 6,421,361 6,371,700 6,508,440 6,545,538

Other rights and commitments 65,076 67,193 65,294 67,933 64,729 66,560 73,238 70,077 69,696

N.B.: Reporting based on the company’s position for credit institutions governed by Belgian law and on territorial position for branches of credit institutions governed by foreign law establishedin Belgium.

Bibliographical reference: Bulletin de la Banque Nationale de Belgique, LXIXth year, number 12, November 1994.


14.7.1 PROFIT AND LOSS ACCOUNT OF CREDIT INSTITUTIONS: QUARTERLY DATA

(millions of euro)

2001 2002 2003

III IV I II III IV I II III

ReceiptsOperating income 38,986 32,918 31,439 34,881 50,795 36,236 39,438 37,709 24,880Interest and similar proceeds 15,379 15,197 13,694 15,199 16,489 15,910 15,173 13,344 12,545

Interbank claims 2,392 2,585 1,728 1,655 1,731 1,672 1,475 1,317 1,119

Credits 3,981 3,789 3,575 3,603 3,631 3,587 3,464 3,440 3,381

Commercial bills 53 46 41 32 31 25 27 25 22

Own acceptances 10 10 9 8 8 6 6 6 4

Leasing and similar claims 12 13 13 12 13 12 14 13 13

Non-mortgage loans by instalment 228 219 222 233 230 227 225 232 231

Mortgage loans 846 874 864 880 905 920 928 946 959

Fixed-term loans 2,376 2,319 2,068 2,082 2,110 2,047 1,953 1,911 1,856

Other 457 309 357 356 333 349 313 307 296

Securities and negotiable instru-ments to be placed and to be reali-sed 288 282 318 296 297 313 318 309 317

Investments in securities and nego-tiable instruments 2,573 2,602 2,397 2,305 2,276 2,213 1,992 1,932 1,928

Forward hedging transactions 6,144 5,940 5,676 7,341 8,554 8,125 7,923 6,346 5,800

Currency hedging 1 428 355 320 345 324 154 238 225 135

Interest rate hedging 1 5,624 5,522 5,298 6,949 8,168 7,896 7,563 6,027 5,588

Incomes from shares and other vari-able-interest securities 10 12 12 75 29 0 14 38 10

Commission received for financial ser-vices provided 964 991 1,021 935 927 892 938 931 919

Other financial proceeds 22,182 15,451 16,115 17,279 32,730 18,566 22,686 22,276 10,843

Of foreign exchange activity 1,091 880 1,129 3,322 2,294 --3,625 659 443 467

Of trading in securities and otherfixed-interest negotiable instruments 361 527 574 45 1,036 222 531 658 477

Of trading in interest-rate transac-tions 19,894 13,251 13,505 13,190 28,039 21,270 19,981 19,796 9,561

Of trading in variable-interest securi-ties 638 430 289 529 841 391 690 1,005 245

Of precious metals 21 15 12 28 29 41 49 39 20

Capital gains on investment portfolioand similar operations 177 347 606 164 490 267 775 336 74

Proceeds of financial fixed assets 192 342 49 731 170 184 87 588 164

Release of write-downs and drawingson and use of provisions 138 732 420 363 214 517 388 390 277

Other operating income 121 193 127 298 236 168 154 141 121

Extraordinary proceeds 68 1,486 70 402 246 207 125 1,535 43Regularisations of tax and draw-ings from provisions for taxation 17 116 11 18 7 19 9 20 40Loss on the year 8 145 20 52 51 90 76 --4 16Drawings on deferred taxes and ontax-exempt reserves 2 7 2 2 2 8 1 1 1Loss on the year for appropriation 8 145 20 52 51 90 76 --4 16

Total Receipts 39,080 34,673 31,541 35,354 51,102 36,562 39,649 39,261 24,981


14.7.1 PROFIT AND LOSS ACCOUNT OF CREDIT INSTITUTIONS: QUARTERLY DATA (CONTINUED)

(millions of euro)

200320022001

IIIIIIIVIIIIIIIVIII

ExpenditureOperating expenditure 38,343 32,755 30,447 33,670 50,053 35,986 38,465 36,395 24,140Interest and similar charges 13,379 13,068 11,611 13,099 14,384 13,859 13,181 11,359 10,299

Interbank debts 3,050 3,181 2,159 2,028 2,035 1,920 1,635 1,475 1,325

Debts to customers 2,759 2,432 2,355 2,403 2,444 2,408 2,351 2,259 2,000

Sight deposits 410 325 303 297 312 298 267 272 221

Fixed-term deposits and specialdeposits 1,433 1,238 1,054 1,087 1,086 995 884 828 749

Regulated savings deposits 618 635 672 694 703 727 818 826 722

Deposits linked with mortgageloans 5 4 5 5 5 4 4 4 3

Other debts to customers 294 230 321 319 338 383 378 329 304

Debts represented by a security 1,007 966 884 865 847 805 743 695 641

Certificates of deposit and similardebts 280 256 194 177 168 161 132 109 98

Notes 672 651 631 629 626 597 568 536 504

Mortgage loans 54 60 59 59 54 47 43 50 39

Subordinated debts 367 396 369 354 352 339 338 336 333

Forward hedging transactions 6,196 6,093 5,844 7,449 8,706 8,387 8,114 6,595 6,000

Currency hedging 1 436 369 340 346 334 174 257 259 112

Interest-rate hedging 1 5,662 5,661 5,448 7,052 8,312 8,133 7,779 6,276 5,840

Commission paid for recourse to finan-cial services 413 436 437 407 449 419 411 411 414

Other financial costs 21,657 15,183 15,538 17,111 32,224 18,460 21,766 21,884 10,752

Of foreign exchange activity 1,048 840 968 3,286 2,373 --3,737 648 503 416

Of trading in fixed-interest securitiesand negotiable instruments 273 777 404 265 1,013 114 439 577 485

Of trading in interest-rate transac-tions 19,791 12,965 13,850 13,033 28,111 21,281 20,019 19,558 9,503

Of trading in variable-interest securi-ties 490 509 230 444 610 514 548 1,146 272

Of precious metals 22 15 11 30 29 41 50 40 18

Capitol lossess on investment portfo-lio and similar operations 33 77 74 54 88 246 63 60 58

Remunerations, social charges andpensions 1,275 1,347 1,332 1,288 1,283 1,275 1,289 1,254 1,273

Depreciation and write-downs on non-financial fixed assets 160 180 184 165 164 182 146 145 137

Other operating costs 996 1,184 969 939 885 1,000 921 881 914

Write-downs and provisions 463 1,358 376 661 664 791 750 460 350

Extraordinary expenditure 67 493 54 31 40 391 29 377 40Taxes 313 2 327 281 436 40 406 155 189Profit on the year 354 1,416 711 1,370 571 137 747 2,334 611Transfers to deferred taxes and totax-exempt reserves 2 9 1 13 1 60 2 1 2Profit on the year for appropriation 355 1,414 712 1,359 572 85 746 2,334 610

Total Expenditure 39,080 34,673 31,541 35,354 51,102 36,562 39,649 39,261 24,981

N.B.: Reporting based on the company’s position for credit institutions governed by Belgian law and on territorial position for branches of credit institutions governed by foreign law establishedin Belgium.

1 The breakdown is not known for the branches of the credit institutions governed by the law of another Member State of the European Union or for similar branches.Bibliographical reference: Bulletin de la Banque Nationale de Belgique, LXIXth year, No. 11, November 1994.


14.9 MONETARY FINANCIAL INSTITUTIONS’ MAIN BALANCE SHEET ITEMS ESTABLISHED INBELGIUM

(millions of euro)

2003

June July Aug. Sep. Oct. Nov.

AssetsCash 1,609 1,673 1,655 1,628 1,638 1,578e

Loans 493,131 483,184 475,734 481,460 489,620 497,276e

Belgium 254,720 254,670 254,338 251,541 248,274 250,029e

to monetary financial institutions 37,749 37,604 36,542 36,073 33,263 32,715e

to institutional units other than monetary financial institutions 216,971 217,066 217,796 215,468 215,011 217,314e

of which:general government 22,333 22,943 22,246 22,502 22,157 22,710e

other residents 194,638 194,123 195,550 192,966 192,854 194,604e

Other member states of the Monetary Union 117,803 118,214 116,262 120,029 115,639 122,809e

to monetary financial institutions 101,769 102,549 100,975 104,188 100,287 106,903e

to institutional units other than monetary financial institutions 16,034 15,665 15,287 15,841 15,352 15,906e

of which:general government 46 40 30 30 30 30e


Rest of the world 120,608 110,300 105,134 109,890 125,707 124,438e

Securities other than shares 213,689 208,797 213,488 217,558 217,992 223,353e

Belgium 76,822 78,020 81,194 79,988 80,516 84,599e

Euro 76,585 77,794 80,962 79,770 80,289 84,385e

of monetary financial institutions 1,794 2,070 2,069 2,066 1,984 1,954e

of institutional units other than monetary financial institutions 74,791 75,724 78,893 77,704 78,305 82,431e



Foreign currencies 237 226 232 218 227 214e

of monetary financial institutions 48 111 113 110 107 106e

of institutional units other than monetary financial institutions 189 115 119 108 120 108e


other residents 98 11 12 8 19 13e


Euro 106,611 103,283 102,904 107,195 108,116 109,944e





Foreign currencies 2,212 2,143 1,999 1,994 1,953 1,811e

of monetary financial institutions 841 779 761 780 825 767e



other residents 875 914 795 802 750 661e


Money market paperEuroForeign currencies

Shares and other equity 27,848 28,138 28,424 28,494 28,472 28,621e

Fixed assets 4,134 4,116 4,106 4,087 4,083 4,098e

Remaining assets 100,391 97,614 96,134 93,615 88,553 87,727e

Total assets 840,853 823,577 819,597 826,881 830,394 842,688e


14.9 MONETARY FINANCIAL INSTITUTIONS’ MAIN BALANCE SHEET ITEMS ESTABLISHED INBELGIUM (CONTINUED)

(millions of euro)

2003

Nov.Oct.Sep.Aug.JulyJune

LiabilitiesCurrency and coins in circulation 1 12,919 13,319 13,358 13,434 13,621 13,850Deposits 609,986 597,631 597,251 606,734 613,540 626,638e

Belgium 285,390 281,611 280,057 282,288 279,783 281,178e

Euro 275,947 271,696 270,188 272,241 269,992 270,455e











Euro 129,648 123,079 118,188 122,549 126,830 135,840e











Shares issued by monetary collective investment institutions 1,747 1,757 1,857 1,858 1,863 1,868e

Debt securities issued 69,222 67,787 67,054 66,561 67,030 65,907e

Euro 65,795 64,193 63,694 62,957 62,698 61,701e

up to 1 year 4,519 3,714 3,583 3,284 3,461 3,248e

over 1 and up to 2 years 2,775 2,760 2,727 2,692 2,634 2,657e

over 2 years 58,501 57,719 57,384 56,981 56,603 55,796e


up to 1 year 3,111 3,283 3,050 3,304 4,045 3,919e

over 1 and up to 2 years 105 106 121 114 114 129e

over 2 years 211 205 189 186 173 158e

Capital and reserves 39,027 39,403 39,863 39,655 39,776 39,666e

Remaining liabilities 107,952 103,681 100,216 98,638 94,560 94,757e

Total liabilities 840,853 823,577 819,597 826,881 830,394 842,688e

N.B.: These are the monetary financial institutions established in Belgium.

1 From 2002 onwards: According to the accounting regime chosen by the Eurosystem on the issue of euro banknotes, a share of 8 % of the total value of the euro banknotes in circulation is allocatedto the ECB on a monthly basis. The counterpart of this adjustment is disclosed as an ”Intra-Eurosystem liability related to banknote issue”.The remaining 92 % of the value of the euro banknotes in circulation are allocated to the NCBs on a monthly basis too, whereby each NCB shows in its balance sheet a share of the euro banknotesissued corresponding to its paid-up share in the ECB’s capital (Capital Share Mechanism or CSM).The difference between the value of the euro banknotes allocated to the NCB according to the aforementioned accounting regime, and the value of euro banknotes put into circulation, is alsodisclosed as an ”Intra-Eurosystem claim/liability related to banknote issue”.

Bibliographical reference: Statistical bulletin of the National Bank of Belgium, 1999-I, p 19.


14.10 CLAIMS ORIGINALLY GRANTED BY CREDIT INSTITUTIONS (FROM 1999 ONWARDS)14.10.1 CLAIMS ORIGINALLY GRANTED BY CREDIT INSTITUTIONS TO BELGIAN NON-FINANCIAL

CORPORATIONS - OUTSTANDING AMOUNTS (FROM 1999 ONWARDS)

(end of period, millions of euro)

Bills of ex-changeand ownacceptan-ces

Leasingand similarclaims

Non-mort-gage loansrepayableby instal-ments

Mortgageloans

Term loans Mobilisa-tion claims

Current ac-count ad-vances

Otherclaims

Total Total na-tional cur-rency 1

Total for-eign cur-rencies

2001 III 789 131 3,428 1,992 70,995 641 11,366 254 89,596 81,078 8,518

IV 875 162 3,435 2,018 70,056 2 9,574 1,094 87,216 79,761 7,455

2002 I 865 165 3,834 2,048 71,636 57 10,627 936 90,168 81,711 8,457

II 878 168 4,290 2,046 68,904 51 10,978 1,038 88,353 81,040 7,313

III 741 175 4,037 2,090 69,759 11 10,169 881 87,863 80,775 7,088

IV 759 170 3,718 1,610 68,971 17 8,347 994 84,586 78,797 5,789

2003 I 595 183 3,092 1,604 68,282 19 8,217 546 82,538 77,504 5,034

II 591 210 3,351 1,688 68,650 192 9,276 555 84,513 79,605 4,908

III p 518 168 3,112 1,793 68,753 54 7,872 504 82,774 77,886 4,888

1 The ”national currency” comprises all currencies of the EMU member states.Bibliographical reference: Statistical bulletin of the National Bank of Belgium, 2000-III, p. 26.

14.10.2 CLAIMS ORIGINALLY GRANTED BY CREDIT INSTITUTIONS TO BELGIAN NON-MONETARYFINANCIAL INSTITUTIONS - OUTSTANDING AMOUNTS (FROM 1999 ONWARDS)





Mortgageloans



Otherclaims



2001 III 24 32 137 121 15,583 756 1,060 436 18,149 16,532 1,617

IV 29 31 137 131 15,269 725 1,284 390 17,996 16,395 1,601

2002 I 36 32 140 133 15,375 1,298 1,818 6 18,838 16,846 1,992

II 34 31 148 132 16,072 1,437 986 9 18,849 16,757 2,092

III 21 30 140 133 15,580 1,452 930 9 18,295 16,853 1,442

IV 21 31 146 140 16,358 1,708 1,758 7 20,169 18,264 1,905

2003 I 11 30 602 164 17,286 1,567 1,802 8 21,470 18,865 2,605

II 13 0 612 168 17,229 1,570 1,273 5 20,870 17,818 3,052

III p 8 0 623 225 16,718 791 1,503 2 19,870 17,628 2,242

N.B.: The ”non-monetary financial institutions” sector comprises the ”other financial intermediaries”, the ”financial auxiliaries” an the ”insurance companies and pension funds”.



14.10.3 CLAIMS ORIGINALLY GRANTED BY CREDIT INSTITUTIONS TO BELGIAN GENERALGOVERNMENT - OUTSTANDING AMOUNTS (FROM 1999 ONWARDS)





Mortgageloans



Otherclaims



2001 III 32 558 7 12 21,657 138 1,298 2 23,705 23,611 94

IV 0 564 7 12 21,433 152 2,173 3 24,344 24,344 0

2002 I 0 550 7 12 20,400 133 1,214 3 22,319 22,318 1

II 0 548 7 11 20,419 108 1,071 2 22,166 22,142 24

III 0 546 5 11 20,182 108 976 3 21,831 21,763 68

IV 0 519 4 11 20,244 16 1,583 5 22,382 22,382 0

2003 I 0 514 8 11 20,272 5 1,949 6 22,765 22,757 8

II 1 512 10 12 20,042 6 1,742 7 22,332 22,329 3

III p 1 502 9 21 20,524 6 1,436 3 22,502 22,502 0


14.10.4 CLAIMS ORIGINALLY GRANTED BY CREDIT INSTITUTIONS TO BELGIAN HOUSEHOLDS(INCLUDING NON-PROFIT INSTITUTIONS SERVING HOUSEHOLDS) - OUTSTANDING AMOUNTS(FROM 1999 ONWARDS)





Mortgageloans



Otherclaims



2001 III 134 29 8,368 54,649 13,544 0 3,731 215 80,669 80,259 410

IV 93 26 8,332 55,446 13,381 0 4,238 92 81,608 81,446 162

2002 I 105 36 8,056 56,165 12,967 0 3,753 100 81,182 81,048 134

II 109 36 8,487 57,316 13,069 0 3,574 136 82,727 82,577 150

III 94 28 8,188 58,237 12,398 0 3,748 108 82,801 82,694 107

IV 94 18 8,453 59,839 12,304 1 3,962 248 84,919 84,778 141

2003 I 77 36 8,365 61,574 11,266 1 3,578 214 85,111 84,973 138

II 74 15 8,676 63,293 11,697 1 3,511 273 87,540 87,386 154

III p 54 35 8,602 64,928 11,688 1 3,428 120 88,856 88,723 133



14.10.5 CLAIMS ORIGINALLY GRANTED BY CREDIT INSTITUTIONS TO THE REST OF THE WORLD -OUTSTANDING AMOUNTS (FROM 1999 ONWARDS)





Mortgageloans



Otherclaims



2001 III 1,153 5 124 1,951 25,471 9,208 4,731 5,439 48,081 24,321 23,760

IV 1,293 4 126 2,204 24,993 18,083 2,919 718 50,340 24,477 25,863

2002 I 1,266 4 134 2,522 24,682 19,055 3,834 128 51,625 25,868 25,757

II 1,149 3 126 2,996 20,025 24,757 3,275 78 52,409 27,950 24,459

III 1,120 3 138 3,276 21,007 23,598 2,446 48 51,636 28,629 23,007

IV 1,006 14 127 3,355 18,675 39,712 2,131 55 65,075 36,687 28,388

2003 I 858 13 133 3,417 21,107 30,115 2,220 115 57,978 27,358 30,620

II 849 12 136 3,558 18,877 33,924 2,361 63 59,780 31,129 28,651

III p 761 12 150 3,813 40,168 14,811 3,074 63 62,852 26,094 36,758



14.11 DEPOSITS AND OTHER CREDITORS HELD WITH CREDIT INSTITUTIONS ESTABLISHED INBELGIUM (FROM 1999)

14.11.1 DEPOSITS AND OTHER CREDITORS HELD WITH CREDIT INSTITUTIONS ESTABLISHED INBELGIUM BY BELGIAN NON-FINANCIAL CORPORATIONS - OUTSTANDING AMOUNTS (FROM1999)


Sight de-posits

Time depo-sits

Deposits atnotice

Special de-posits

Regulatedsavingsdeposits

Depositslinked tomortgageloans

Debts fromborrowingwith se-cured gua-rantees

Otherdebts onaccount ofloansagainst se-curity



2001 III 20,204 19,207 0 1,630 3,144 7 4 0 44,197 40,250 3,947

IV 21,455 18,468 2 1,711 3,148 8 4 1 44,797 40,326 4,471

2002 I 21,319 18,754 1 1,668 3,309 9 335 0 45,395 40,512 4,883

II 21,744 18,119 1 1,772 3,328 10 147 0 45,121 41,391 3,730

III 22,335 18,187 1 1,777 3,489 10 104 0 45,903 41,906 3,997

IV 20,193 20,253 0 1,958 3,118 10 125 40 45,697 41,378 4,319

2003 I 21,408 16,601 1 2,004 4,233 11 116 0 44,374 41,680 2,694

II 23,646 16,053 0 2,189 4,268 12 38 0 46,206 43,008 3,198

III p 24,494 16,281 1 2,234 4,202 11 0 0 47,223 43,655 3,568

1 The ”national currency” includes the euro and the currencies of the countries joining EMU.Bibliographical reference: Statistical bulletin of the National Bank of Belgium, 2001 - IV, p. 18-20.

14.11.2 DEPOSITS AND OTHER CREDITORS HELD WITH CREDIT INSTITUTIONS ESTABLISHED INBELGIUM BY BELGIAN NON-MONETARY FINANCIAL INSTITUTIONS - OUTSTANDING AMOUNTS(FROM 1999)


Sight de-posits

Time de-posits

Depositsat notice

Specialdeposits



Depositprotectionscheme 1

Debtsfrom bor-rowingwith se-cured gua-rantees

Otherdebts onaccount ofloansagainstsecurity



2001 III 7,470 15,374 56 76 115 1 184 38 135 23,449 21,383 2,066

IV 6,812 20,502 47 87 144 0 184 40 122 27,938 26,053 1,885

2002 I 6,220 21,328 39 80 149 1 185 106 0 28,108 26,146 1,962

II 7,773 22,542 41 71 150 0 184 95 0 30,856 29,102 1,754

III 7,368 21,336 1 64 149 0 184 45 0 29,147 27,417 1,730

IV 7,547 20,003 0 66 183 0 185 292 1 28,277 26,865 1,412

2003 I 7,580 20,300 0 70 267 0 184 180 0 28,581 27,324 1,257

II 6,833 20,242 0 66 260 0 184 145 0 27,730 26,310 1,420

III p 5,989 20,618 0 64 222 0 184 59 1 27,137 25,849 1,288

N.B.: The ”non-monetary financial institutions” sector comprises the ”other financial intermediaries”, the ”financial auxiliaries” an the ”insurance corporations and pension funds”.

1 The ”deposit protection scheme” contains the institutions’ annual contributions within the framework of the deposit protection scheme. These contributions are paid to the account of the ”Protectionfund for deposits and financial instruments”, which is part of the ”insurance corporations and pension funds” sector.



14.11.3 DEPOSITS AND OTHER CREDITORS HELD WITH CREDIT INSTITUTIONS ESTABLISHED INBELGIUM BY THE BELGIAN GENERAL GOVERNMENT - OUTSTANDING AMOUNTS (FROM1999)


Sight de-posits

Time depo-sits

Deposits atnotice

Special de-posits







2001 III 2,980 2,662 0 56 69 0 20 0 5,787 5,686 100

IV 3,249 2,411 0 72 70 0 17 0 5,819 5,710 109

2002 I 3,532 3,309 0 75 76 0 16 0 7,008 6,946 62

II 4,153 2,926 0 76 70 0 16 0 7,241 7,179 62

III 3,668 2,745 0 77 74 0 16 0 6,580 6,429 151

IV 3,970 2,265 0 78 132 0 0 0 6,445 6,367 78

2003 I 4,085 3,817 0 99 260 0 33 0 8,294 8,244 50

II 4,968 2,869 0 99 197 0 45 0 8,178 8,148 30

III p 3,994 2,881 0 99 135 0 44 0 7,153 7,121 32


14.11.4 DEPOSITS AND OTHER CREDITORS HELD WITH CREDIT INSTITUTIONS ESTABLISHED INBELGIUM BY BELGIAN HOUSEHOLDS AND NON-PROFIT INSTITUTIONS SERVING HOUSEHOLDS -OUTSTANDING AMOUNTS (FROM 1999)


Sight de-posits

Time depo-sits

Deposits atnotice

Special de-posits







2001 III 24,370 26,561 18 2,508 87,339 341 0 10 141,147 139,519 1,628

IV 24,715 20,661 27 2,707 94,868 327 0 18 143,323 142,008 1,315

2002 I 26,086 18,731 28 2,728 97,006 326 0 27 144,932 143,739 1,193

II 27,964 18,166 23 2,349 97,832 342 0 59 146,735 145,661 1,074

III 25,459 17,838 15 2,320 97,888 346 0 22 143,888 142,855 1,033

IV 26,322 16,128 11 2,607 107,364 348 0 20 152,800 151,638 1,162

2003 I 28,150 13,307 10 2,665 115,751 351 0 18 160,252 159,265 987

II 29,022 12,660 10 2,169 118,399 355 0 17 162,632 161,513 1,119

III p 27,658 12,425 9 2,170 119,545 351 0 19 162,177 161,075 1,102



14.11.5 DEPOSITS AND OTHER CREDITORS HELD WITH CREDIT INSTITUTIONS ESTABLISHED INBELGIUM BY THE REST OF THE WORLD - OUTSTANDING AMOUNTS (FROM 1999)


Sight de-posits

Time depo-sits

Deposits atnotice

Special de-posits







2001 III 18,471 40,174 500 427 1,829 63 12,440 9,545 83,449 56,027 27,422

IV 19,490 41,043 466 382 2,150 67 16,584 12,410 92,592 64,891 27,701

2002 I 18,137 48,848 415 362 2,273 74 23,285 1,178 94,572 63,557 31,015

II 18,686 42,395 346 335 2,237 89 33,116 0 97,204 70,524 26,680

III 17,644 43,044 320 325 2,196 85 30,190 0 93,804 64,491 29,313

IV 17,908 40,955 305 353 2,740 63 39,173 541 102,038 70,728 31,310

2003 I 19,220 46,151 289 381 3,232 50 30,484 436 100,243 64,602 35,641

II 21,767 46,300 266 394 3,248 39 26,228 0 98,242 66,999 31,243

III p 19,402 43,497 242 396 3,348 35 27,995 2,331 97,246 65,034 32,212

N.B.: Excluding debts in relation to foreign credit institutions.



15 CHAPTER 15: FINANCIAL ASSETS HELD BY NON-FINANCIAL COMPANIES AND HOUSEHOLDS15.1 MONETARY AGGREGATES OF THE EURO AREA

(end of period, billions of euro)

Currency incirculation

Overnight de-posits

M1 Deposits withagreed matu-rity up to 2years

Deposits re-deemable atnotice up to 3months

M2 Repurchaseagreements

Money mar-ket fundshares / units

Money mar-ket paperand debt se-curities up to2 years

M3

(1) (2) (3) (4) (5) (6) (7) (8) (9) (10)

1997 321 1,304 1,625 899 1,162 3,686 205 245 130 4,266

1998 323 1,458 1,781 897 1,239 3,917 177 231 144 4,469

1999 351 1,615 1,965 883 1,288 4,136 143 280 143 4,702

2000 348 1,729 2,077 992 1,221 4,290 175 300 136 4,901

2001 240 1,968 2,208 1,089 1,368 4,665 219 398 146 5,427

2002 341 2,083 2,425 1,075 1,459 4,959 226 470 128 5,783

2001 III 310 1,815 2,125 1,071 1,300 4,495 226 381 148 5,250

IV 240 1,968 2,208 1,089 1,368 4,665 219 398 146 5,427

2002 I 254 1,914 2,169 1,089 1,398 4,655 230 431 137 5,453

II 286 1,992 2,278 1,075 1,400 4,753 230 439 133 5,554

III 307 1,984 2,291 1,074 1,411 4,776 238 460 131 5,606

IV 341 2,083 2,425 1,075 1,459 4,959 226 470 128 5,783

2003 I 327 2,067 2,395 1,073 1,513 4,980 223 551 101 5,855

II 351 2,150 2,501 1,061 1,546 5,108 215 571 96 5,990

III 367 2,172 2,539 1,050 1,579 5,168 216 583 91 6,058

2002 Nov. 321 2,021 2,342 1,086 1,429 4,857 230 477 131 5,695

Dec. 341 2,083 2,425 1,075 1,459 4,959 226 470 128 5,783

2003 Jan. 312 2,031 2,343 1,077 1,486 4,905 233 535 107 5,780

Feb. 319 2,029 2,348 1,079 1,501 4,929 234 547 108 5,818

March 327 2,067 2,395 1,073 1,513 4,980 223 551 101 5,855

April 336 2,089 2,425 1,080 1,522 5,027 231 563 125 5,946

May 344 2,115 2,459 1,097 1,530 5,086 231 571 105 5,993

June 351 2,150 2,501 1,061 1,546 5,108 215 571 96 5,990

July 361 2,122 2,484 1,064 1,556 5,104 220 585 90 5,999

Aug. 360 2,145 2,505 1,058 1,574 5,137 222 582 89 6,030

Sep. 367 2,172 2,539 1,050 1,579 5,168 216 583 91 6,058

Oct. 372 2,269 2,641 1,046 1,528 5,215 225 588 101 6,130

Nov. p 380 2,253 2,633 1,046 1,536 5,215 228 590 101 6,135

N.B.: Monetary aggregates comprise monetary liabilities of MFIs and central government (Post Office,Treasury) vis-à-vis non-MFI euro area residents excluding central government.

Bibliographical reference: Statistical bulletin of the National Bank of Belgium, 1999-I, p28.


15.2 BELGIAN CONTRIBUTION TO THE MONETARY AGGREGATES OF THE EUROZONE15.2.1 BELGIAN CONTRIBUTION TO THE MONETARY AGGREGATES OF THE EUROZONE (UNTIL

DECEMBER 2001)


Currency incirculation

Overnight de-posits

M1 Deposits withagreed matu-rity up to 2years

Deposits re-deemable atnotice up to 3months

M2 Repurchaseagreements

Money mar-ket fundshares andunits andmoney mar-ket paper

Debt securi-ties up to 2years

M3

(1) (2) (3) = (1) + (2) (4) (5) (6) = (3) + (4) +(5)

(7) (8) (9) (10) = (6) + (7)+ (8) + (9)

1996 11.0 38.8 49.8 44.4 85.4 179.5 1.5 1.9 14.0 197.0

1997 11.1 41.9 53.0 46.5 93.4 193.0 2.2 1.4 12.3 208.9

1998 11.2 48.0 59.2 61.5 99.4 220.1 1.4 1.2 12.4 235.1

1999 12.0 54.0 66.1 63.8 103.8 233.6 1.0 1.0 8.5 244.1

2000 11.9 59.0 70.8 60.7 98.5 230.0 1.1 0.6 14.6 246.3

2001 7.1 62.0 69.1 69.4 105.2 243.7 1.0 1.2 10.0 255.9

1999 IV 12.0 54.0 66.1 63.8 103.8 233.6 1.0 1.0 8.5 244.1

2000 I 11.2 58.7 69.8 63.6 101.5 234.9 1.2 0.8 7.8 244.7

II 11.6 62.8 74.4 68.1 100.2 242.7 1.0 0.6 10.5 254.8

III 11.4 58.7 70.1 68.7 97.7 236.5 1.2 0.6 11.4 249.7

IV 11.9 59.0 70.8 60.7 98.5 230.0 1.1 0.6 14.6 246.3

2001 I 10.9 60.2 71.1 68.9 95.6 235.6 1.1 0.8 11.1 248.6

II 11.2 67.5 78.7 68.8 96.4 243.9 0.9 0.9 11.5 257.2

III 10.1 59.9 70.0 69.6 97.1 236.7 0.9 1.0 11.2 249.8

IV 7.1 62.0 69.1 69.4 105.2 243.7 1.0 1.2 10.0 255.9

2000 Dec. 11.9 59.0 70.8 60.7 98.5 230.0 1.1 0.6 14.6 246.3

2001 Jan. 11.1 61.0 72.1 61.5 97.4 231.0 1.1 0.6 11.8 244.5

Feb. 11.0 59.5 70.5 66.4 96.3 233.2 1.8 0.7 11.5 247.2

March 10.9 60.2 71.1 68.9 95.6 235.6 1.1 0.8 11.1 248.6

April 11.0 59.6 70.6 70.4 95.2 236.2 1.0 0.8 11.2 249.2

May 11.1 64.6 75.7 68.2 96.0 239.9 1.0 0.8 10.9 252.6

June 11.2 67.5 78.7 68.8 96.4 243.9 0.9 0.9 11.5 257.2

July 10.8 62.1 72.9 69.9 96.6 239.4 1.0 0.9 10.3 251.6

Aug. 10.5 58.5 69.0 70.3 96.7 236.0 0.9 1.0 11.1 249.0

Sep. 10.1 59.9 70.0 69.6 97.1 236.7 0.9 1.0 11.2 249.8

Oct. 9.4 58.8 68.2 71.9 98.2 238.3 0.9 1.0 10.3 250.5

Nov. 8.9 62.0 70.9 70.4 100.3 241.6 1.3 1.1 10.6 254.6

Dec. 7.1 62.0 69.1 69.4 105.2 243.7 1.0 1.2 10.0 255.9

N.B.: As mentioned earlier, chapter 15 has been revised. Next to table 15.1 (before 15.1.1) ”Monetary aggregates of the eurozone”, a new table 15.2 ”Belgian contribution to the monetary aggregatesof the eurozone” has been inserted. This table presents the contribution of belgian components to monetary aggregates of the eurozone.


15.2.2 BELGIAN CONTRIBUTION TO THE MONETARY AGGREGATES OF THE EUROZONE (FROMJANUARY 2002 ONWARDS)


Overnight deposits Deposits withagreed maturity upto 2 years

Deposits redeem-able at notice up to3 months

Repurchaseagreements

Money market fundshares / units

Money market pa-per and debt secu-rities up to 2 years

M3 (excluding thecurrency in circula-tion)

2002 62.9 66.5 118.4 3.6 1.6 9.8 262.8

2002 I 61.9 71.1 107.6 2.6 1.3 10.7 255.1

II 65.9 68.7 108.1 7.2 1.4 9.8 261.1

III 62.8 67.8 108.3 3.0 1.4 10.6 253.9

IV 62.9 66.5 118.4 3.6 1.6 9.8 262.8

2003 I 66.1 61.4 128.6 3.2 1.7 8.2 269.2

II 68.6 61.5 130.9 2.9 1.7 7.5 273.0

III 67.5 58.8 132.0 1.7 1.8 6.3 268.2

2002 November 62.4 70.3 113.4 3.5 1.5 10.9 262.0

December 62.9 66.5 118.4 3.6 1.6 9.8 262.8

2003 January 63.5 63.5 122.6 3.4 1.6 8.5 263.3

February 61.3 62.1 126.3 3.1 1.7 7.9 262.4

March 66.1 61.4 128.6 3.2 1.7 8.2 269.2

April 66.3 63.0 129.3 3.2 1.7 7.4 270.9

May 68.3 63.9 129.5 3.0 1.7 7.7 274.1

June 68.6 61.5 130.9 2.9 1.7 7.5 273.0

July 66.0 58.7 131.5 3.0 1.7 6.4 267.3

August 63.7 60.8 131.7 3.0 1.8 6.1 267.1

September 67.5 58.8 132.0 1.7 1.8 6.3 268.2

October 64.7 62.2 132.7 1.8 1.8 7.0 270.2

November p 66.3 61.7 132.9 1.6 1.8 6.8 271.1

N.B.: From january 2002 onwards, the Belgian contribution to the monetary aggregates of the eurozone excludes currency in circulation

116S


NationalB

ankofB

elgium(2003--IV

)

15.3 FORMATION OF FINANCIAL ASSETS BY INDIVIDUALS

(changes in millions of euro)

Currency and deposits Fixed-interest securities Shares and other equity Mutualfunds sha-

Insurancetechnical re-

Other andstatistical

Grand total

Notes andcoins

Sight depo-sits

Savings de-posits

Other de-posits at upto one year

Deposits atover oneyear

Total Short-termsecurities 2

Long-termsecurities 3

Total Quoted sha-res

Unquotedshares andother equity

Total

Mutualfunds sha-res

Insurancetechnical re-serves

Other andstatisticaladjust-ments 1

Grand total

1994 --723 1,036 11,052 --2,647 948 9,665 --9,636 13,238 3,602 250 807 1,058 2,486 3,789 3,704 24,304

1995 731 --165 9,987 --7,976 1,528 4,106 --4,135 11,007 6,872 --519 1,068 549 52 4,336 4,875 20,789

1996 450 --196 10,719 294 167 11,433 --2,344 5,617 3,273 559 2,030 2,589 3,826 5,474 1,533 28,128

1997 77 1,213 7,881 1,053 271 10,493 --853 --877 --1,730 --221 2,972 2,751 7,137 7,178 2,708 28,538

1998 --106 1,343 4,520 300 --279 5,777 --484 1,501 1,017 6,396 506 6,902 15,924 8,172 --9,433 28,359

1999 1,219 2,556 3,422 --3,240 --238 3,719 --135 5,066 4,932 --2,369 2,476 106 9,683 11,607 --4,274 25,772

2000 --182 2,299 --5,129 11,076 --461 7,603 252 --1,972 --1,721 --2,913 3,472 560 11,233 9,246 --7,000 19,922

2001 --4,569 963 5,554 8,555 226 10,728 575 3,972 4,547 --215 292 78 11,041 13,249 --20,217 19,425

2002 2,408 1,710 11,543 --5,477 --504 9,681 --1,258 --2,266 --3,525 --134 1,082 949 5,971 12,658 --547 25,187

2001 II 326 2,510 376 1,175 --218 4,169 102 --1,594 --1,492 --978 700 --278 251 3,662 --1,716 4,596

III --1,189 --1,936 325 --627 470 --2,957 63 4,026 4,089 1,209 498 1,707 4,277 2,684 --4,535 5,264

IV --2,716 328 7,529 3,476 --34 8,582 --151 2,397 2,246 --548 --458 --1,006 4,891 4,192 --14,013 4,893

2002 I --418 1,215 2,139 --1,454 --148 1,333 --702 2,342 1,640 496 369 865 2,916 1,262 --437 7,579

II 1,102 1,814 825 --3,083 --61 598 --289 563 274 --241 903 662 2,163 3,544 1,120 8,360

III 819 --2,229 56 --81 --239 --1,674 --191 --1,982 --2,173 --2,136 687 --1,449 497 4,575 1,120 897

IV 905 910 8,523 --859 --55 9,424 --76 --3,189 --3,266 1,748 --877 871 395 3,277 --2,351 8,350

2003 I 272 1,819 8,340 --834 --187 9,410 --32 --4,217 --4,249 414 --889 --475 --1,974 5,524 --951 7,285

II --272 902 2,649 226 --205 3,300 --90 --5,359 --5,450 78 29 107 2,986 4,597 --653 4,888

Source: NBB

N.B.: The individuals sector encompasses the households and non-profit institutions serving households.

1 This item encompasses, insofar as it has been possible to record them, the financial derivatives and various claims on the financialinstitutions, among which the interests accrued and not yet due, as well as the part attributed to individuals of the errors and omis-sions of the estimated Belgium’s balance of payments.

2 Securities the initial term of which is up to one year.3 Securities the initial term of which exceeds one year.

117S


NationalB

ankofB

elgium(2003--IV

)

15.4 FINANCIAL ASSETS HELD BY INDIVIDUALS

(outstanding amounts at the end of period in millions of euro)

Currency and deposits Fixed-interest securities Shares and other equity Mutualfunds sha-

Insurancetechnical re-

Other andstatistical

Grand total

Notes andcoins

Sight depo-sits

Savings de-posits

Other de-posits at upto one year






Total

Mutualfunds sha-res


Other andstatisticaladjust-ments 1

Grand total

1993 9,953 15,449 47,557 60,015 3,023 135,998 19,076 125,552 144,628 29,145 63,462 92,607 44,717 41,709 24,985 484,644

1994 9,230 16,465 58,609 56,801 3,960 145,065 9,440 139,339 148,780 25,328 64,784 90,112 42,374 45,071 29,724 501,125

1995 9,962 16,362 68,596 48,554 5,484 148,957 5,306 146,095 151,400 25,808 69,775 95,583 44,698 50,998 31,605 523,242

1996 10,411 16,187 79,315 49,464 5,652 161,029 2,962 152,904 155,866 30,299 74,373 104,672 51,815 57,299 32,148 562,828

1997 10,488 17,436 87,196 52,176 5,925 173,222 2,109 153,839 155,948 37,098 86,437 123,535 64,830 65,949 31,656 615,140

1998 10,381 18,786 91,690 48,119 5,624 174,600 1,675 152,550 154,225 65,307 109,270 174,578 87,370 76,844 16,146 683,763

1999 11,601 21,433 95,112 46,689 5,389 180,224 1,540 160,957 162,497 79,280 102,153 181,433 104,591 91,276 19,818 739,840

2000 11,418 23,761 89,984 58,782 4,928 188,875 1,792 159,905 161,697 72,953 92,116 165,069 112,226 100,017 13,737 741,621

2001 6,849 24,752 94,868 64,108 5,154 195,732 2,367 164,581 166,949 54,814 81,411 136,225 114,141 109,802 --146 722,702

2002 9,258 26,415 107,411 55,130 4,650 202,864 1,109 159,589 160,698 29,696 57,669 87,366 100,853 115,027 --851 665,956

2001 II 10,755 26,374 87,683 66,379 4,719 195,910 2,455 158,593 161,048 62,934 96,362 159,296 110,816 104,725 12,473 744,268

III 9,566 24,406 87,339 64,215 5,188 190,714 2,518 161,300 163,818 50,028 97,226 147,254 103,622 103,953 9,756 719,116

IV 6,849 24,752 94,868 64,108 5,154 195,732 2,367 164,581 166,949 54,814 81,411 136,225 114,141 109,802 --146 722,702

2002 I 6,431 26,005 97,006 62,808 5,006 197,257 1,665 167,226 168,892 57,194 73,837 131,031 117,055 110,941 --1,018 724,158

II 7,534 27,758 97,832 56,968 4,945 195,036 1,376 164,299 165,675 45,416 69,114 114,530 107,647 111,269 151 694,308

III 8,352 25,534 97,888 57,177 4,706 193,658 1,185 163,321 164,506 25,875 68,537 94,412 99,596 110,667 1,741 664,579

IV 9,258 26,415 107,411 55,130 4,650 202,864 1,109 159,589 160,698 29,696 57,669 87,366 100,853 115,027 --851 665,956

2003 I 9,530 28,217 115,751 53,387 4,464 211,348 1,077 152,552 153,629 25,149 58,405 83,554 93,818 117,794 --1,602 658,541

II 9,258 29,101 118,399 52,343 4,259 213,360 986 145,940 146,927 30,970 52,085 83,055 100,594 124,949 --5,020 663,865

Source: NBB


1 This item encompasses, insofar as it has been possible to record them, the financial derivatives and various claims on the financialinstitutions, among which the interests accrued and not yet due, as well as the part attributed to individuals of the cumulative flowsof errors and omissions of the estimated Belgium’s balance of payments.


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15.5 FORMATION OF FINANCIAL ASSETS BY NON-FINANCIAL CORPORATIONS


Currency and deposits Fixed-interest securities Shares and other equity Insurancetechnical re-

Loans Trade credits Other andstatistical ad-

Grand total

Notes, coinsand sight de-posits

Other depos-its at up toone year






Total


Loans Trade credits Other andstatistical ad-justments 1

Grand total

1994 --405 670 56 320 260 --211 49 --100 --949 --1,049 215 --453 --153 7,501 6,431

1995 2,110 2,069 61 4,239 221 --333 --112 --1,399 1,479 80 118 5,407 --103 4,870 14,499

1996 2,016 3,971 320 6,308 1,146 135 1,281 --580 1,349 769 263 256 366 5,066 14,308

1997 1,658 165 56 1,878 465 1,526 1,991 --1,555 --47 --1,602 218 2,198 1 11,302 15,987

1998 3,437 5,086 134 8,657 2,212 1,067 3,280 1,620 3,051 4,671 230 9,568 --350 --9,273 16,783

1999 1,676 9,274 380 11,330 --1,422 507 --915 --3,334 2,447 --887 190 10,728 682 2,571 23,699

2000 22 --4,761 44 --4,695 356 --949 --593 11,306 4,759 16,065 64 26,904 1,290 --5,864 33,172

2001 1,526 660 --88 2,098 257 3,205 3,461 2,087 --3,768 --1,681 481 17,814 --430 --142 21,601

2002 --537 5,570 --773 4,261 --811 1,127 316 --1,400 2,258 858 --178 8,131 --941 3,945 16,392

2001 II 2,288 --479 677 2,485 634 --764 --130 2,489 1,999 4,488 --36 6,115 19 --3,207 9,733

III --2,762 --621 --977 --4,360 --940 909 --31 --1,413 --1,367 --2,780 67 4,639 --898 5,986 2,622

IV 1,231 --615 --20 596 350 1,771 2,121 --82 --2,022 --2,104 461 2,697 --206 1,127 4,692

2002 I --883 --2,365 --591 --3,839 --890 609 --281 --276 714 437 --551 1,756 285 5,952 3,759

II 1,584 23 345 1,952 440 --66 374 227 2,294 2,521 219 --239 --609 --676 3,543

III 238 1,915 --184 1,969 543 --528 14 --439 2,253 1,814 6 2,671 1,168 --257 7,384

IV --1,475 5,997 --343 4,179 --904 1,113 209 --911 --3,004 --3,915 148 3,943 --1,784 --1,074 1,705

2003 I --358 1,531 390 1,563 244 --813 --569 90 --3,637 --3,547 442 7,877 420 --4,710 1,476

II 1,366 1,637 --171 2,832 --995 599 --395 1,378 --495 883 --10 6,809 --234 --6,730 3,154

Source: NBB

1 This item encompasses, insofar as it has been possible to record them, the financial derivatives and various claims on the financialinstitutions, among which the interests accrued and not yet due, as well as the part attributed to companies of the errors and omis-sions of the estimated Belgium’s balance of payments.


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15.6 FINANCIAL ASSETS HELD BY NON-FINANCIAL CORPORATIONS


Currency and deposits Fixed-interest securities Shares and other equity Insurancetechnical re-

Loans Trade credits Other andstatistical ad-

Grand total

Notes, coinsand sight de-posits

Other depos-its at up toone year






Total


Loans Trade credits Other andstatistical ad-justments 1

Grand total

1993 12,463 22,778 335 35,577 1,377 4,312 5,689 42,385 66,362 108,748 3,901 16,952 3,449 32,966 207,281

1994 11,917 23,228 390 35,536 1,637 4,104 5,741 40,138 75,578 115,717 4,116 16,055 3,296 39,070 219,529

1995 13,804 24,754 452 39,010 1,858 4,442 6,300 44,938 84,790 129,728 4,234 21,141 3,893 40,214 244,520

1996 15,930 28,889 768 45,588 3,004 4,570 7,574 59,750 92,414 152,164 4,497 21,735 4,368 34,033 269,959

1997 17,748 29,275 825 47,849 3,469 6,090 9,559 79,866 108,540 188,406 4,715 24,171 4,446 32,642 311,788

1998 19,192 24,826 686 44,704 5,204 6,904 12,109 113,790 135,685 249,475 4,945 34,108 3,986 --28,822 320,506

1999 21,085 34,075 1,109 56,270 3,793 7,396 11,189 114,729 141,085 255,814 5,136 45,392 4,678 --4,277 374,202

2000 21,450 29,714 1,170 52,334 4,149 6,445 10,595 124,891 202,785 327,677 5,200 72,320 5,969 --7,626 466,469

2001 23,184 35,945 1,452 60,581 4,764 9,398 14,162 107,697 223,808 331,504 5,681 90,616 5,535 --4,567 503,512

2002 22,289 40,455 885 63,629 3,953 10,597 14,550 63,125 260,004 323,129 5,503 97,033 4,594 9,150 517,588

2001 II 24,813 32,001 2,293 59,108 5,355 6,701 12,056 115,617 212,947 328,564 5,153 83,733 6,643 --8,802 486,455

III 21,946 32,319 1,700 55,965 4,414 7,623 12,038 96,964 210,091 307,055 5,219 87,407 5,744 --1,724 471,704

IV 23,184 35,945 1,452 60,581 4,764 9,398 14,162 107,697 223,808 331,504 5,681 90,616 5,535 --4,567 503,512

2002 I 22,304 33,711 981 56,995 3,874 10,009 13,883 90,083 231,950 322,033 5,130 92,566 5,820 3,538 499,966

II 23,769 34,023 1,367 59,159 4,314 9,996 14,310 76,674 241,140 317,814 5,350 91,029 5,211 2,633 495,507

III 24,007 35,847 1,189 61,043 4,857 9,449 14,306 62,409 250,347 312,757 5,355 93,790 6,378 13,811 507,440

IV 22,289 40,455 885 63,629 3,953 10,597 14,550 63,125 260,004 323,129 5,503 97,033 4,594 9,150 517,588

2003 I 21,845 42,010 1,313 65,169 4,193 9,807 14,000 57,106 264,686 321,792 5,945 105,048 5,014 9,831 526,798

II 23,120 43,095 1,196 67,411 3,198 10,416 13,615 67,587 263,070 330,657 5,935 111,075 4,780 --3,926 529,546

Source: NBB

1 This item encompasses, insofar as it has been possible to record them, the financial derivatives and various claims on the financialinstitutions, among which the interests accrued and not yet due, as well as the part attributed to companies of the cumulative flowsof errors and omissions of the estimated Belgium’s balance of payments.


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16 CHAPTER 16: LIABILITIES OF HOUSEHOLDS AND NON-FINANCIAL COMPANIES16.1 SUMMARY TABLES16.1.1 NEW FINANCIAL LIABILITIES OF INDIVIDUALS


Loans at up to one year Loans at over one year Miscellaneous 1 Grand totalLoans at up to one year

Mortgage loans Consumer credits Other Total

Miscellaneous Grand total

1994 97 3,523 84 931 4,537 --527 4,107

1995 --245 2,115 --102 154 2,168 500 2,422

1996 362 2,916 414 689 4,019 784 5,165

1997 --35 3,636 593 1,372 5,601 1,599 7,165

1998 573 2,874 1,258 1,174 5,305 58 5,936

1999 1,585 5,532 139 --2,763 2,907 702 5,195

2000 --698 2,632 328 263 3,223 --416 2,109

2001 --1,224 621 248 --162 707 --1,449 --1,966

2002 241 4,415 59 --944 3,530 --534 3,237

2001 II 112 1,028 166 257 1,451 --5 1,557

III --941 --437 --177 --826 --1,440 --1,576 --3,957

IV 343 --51 71 --260 --240 553 656

2002 I --246 565 --284 --195 86 149 --11

II 335 1,716 91 141 1,948 1,100 3,383

III --10 786 --84 --646 56 --2,195 --2,149

IV 163 1,347 336 --244 1,440 411 2,014

2003 I --694 1,691 --49 25 1,668 600 1,574

II 615 1,278 --129 74 1,224 768 2,606

Source: NBB


1 This item encompasses the other accounts payable according to ESA 95.

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16.1.2 FINANCIAL LIABILITIES OF INDIVIDUALS


Loans at up to one year Loans at over one year Miscellaneous 1 Grand totalLoans at up to one year

Mortgage loans Consumer credits Other Total


1993 6,165 43,307 7,600 12,736 63,644 11,080 80,889

1994 5,880 46,827 7,313 11,927 66,067 10,516 82,463

1995 5,605 48,938 7,211 13,151 69,300 11,017 85,922

1996 5,964 51,857 7,625 13,825 73,307 11,802 91,073

1997 5,932 55,488 8,223 15,197 78,909 13,400 98,241

1998 6,726 61,106 8,404 15,720 85,229 7,732 99,687

1999 8,354 66,637 8,543 12,964 88,145 8,438 104,937

2000 7,676 70,991 8,871 11,514 91,375 8,022 107,073

2001 6,378 70,420 8,489 12,382 91,290 8,374 106,042

2002 5,963 75,334 8,548 11,717 95,599 7,841 109,403

2001 II 7,064 71,477 8,751 13,471 93,699 7,597 108,360

III 6,097 70,470 8,418 12,641 91,530 7,821 105,448

IV 6,378 70,420 8,489 12,382 91,290 8,374 106,042

2002 I 5,686 70,985 8,205 12,187 91,376 8,524 105,586

II 5,814 72,701 8,296 12,327 93,324 9,624 108,762

III 5,805 73,487 8,212 11,681 93,380 7,429 106,615

IV 5,963 75,334 8,548 11,717 95,599 7,841 109,403

2003 I 4,884 77,851 8,879 10,915 97,645 8,441 110,970

II 5,497 79,129 8,750 10,988 98,867 9,209 113,573

Source: NBB


1 This item encompasses the other accounts payable according to ESA 95.

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16.1.3 NEW FINANCIAL LIABILITIES OF NON-FINANCIAL CORPORATIONS


At up to one year At over one year Miscellaneous 1 Grand total

Loans Fixed-interest secu-rities

Total Loans Quoted shares Unquoted sharesand other equity

Fixed-interest secu-rities

Total


1994 441 805 1,246 733 573 5,377 --1,205 5,478 226 6,951

1995 2,916 --140 2,775 3,853 102 5,812 1,330 11,098 260 14,134

1996 3,421 253 3,674 5,287 1,065 3,683 2,043 12,078 2,715 18,467

1997 1,636 292 1,928 7,789 1,155 7,063 222 16,230 2,264 20,421

1998 5,573 706 6,279 6,696 1,244 8,846 1,271 18,057 1,050 25,386

1999 7,152 1,408 8,560 6,280 2,888 9,236 1,201 19,605 2,673 30,837

2000 577 3,151 3,728 12,240 4,954 19,896 --700 36,390 779 40,898

2001 --1,081 1,565 484 --419 2,257 23,978 5,649 31,465 1,134 33,084

2002 --705 2,228 1,523 11,939 144 8,543 1,941 22,567 1,528 25,618

2001 II --245 84 --162 6,375 2,087 3,932 --12 12,383 1,038 13,259

III --1,361 1,242 --119 --11,699 15 15,891 3,528 7,734 --369 7,246

IV --988 508 --479 1,453 138 3,831 2,098 7,520 698 7,739

2002 I --535 --98 --633 1,580 21 2,990 779 5,371 980 5,717

II 661 --164 497 3,093 31 1,258 909 5,291 1,357 7,146

III --1,028 1,106 79 3,974 54 2,868 76 6,972 --1,105 5,946

IV 197 1,383 1,580 3,291 39 1,428 176 4,933 296 6,809

2003 I 587 94 681 --2,510 49 1,276 682 --502 771 949

II 1,086 11 1,097 2,083 251 --511 421 2,244 560 3,901

Source: NBB

1 This item encompasses the derivatives and the other accounts payable according to ESA 95.

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16.1.4 FINANCIAL LIABILITIES OF NON-FINANCIAL CORPORATIONS


At up to one year At over one year Miscellaneous 1 Grand total

Loans Fixed-interest secu-rities

Total Loans Quoted shares Unquoted sharesand other equity

Fixed-interest secu-rities

Total


1993 35,082 787 35,869 66,132 51,709 144,691 8,796 271,328 35,251 342,449

1994 35,258 1,593 36,850 67,756 50,929 158,329 7,627 284,641 34,164 355,656

1995 37,733 1,452 39,185 70,220 54,884 174,295 8,931 308,329 36,914 384,428

1996 41,529 1,706 43,234 76,268 67,619 186,197 10,948 341,032 41,347 425,613

1997 44,089 1,999 46,087 85,047 85,375 208,687 11,126 390,234 50,624 486,946

1998 48,642 1,741 50,384 89,896 127,352 253,678 9,482 480,408 36,474 567,266

1999 57,148 3,137 60,285 97,410 109,429 291,754 10,860 509,452 32,775 602,512

2000 58,407 6,317 64,724 110,234 112,671 360,042 10,230 593,178 31,803 689,705

2001 58,161 7,971 66,133 110,180 104,931 403,336 15,941 634,388 28,144 728,665

2002 55,661 9,732 65,392 118,611 66,056 424,067 17,845 626,580 25,510 717,481

2001 II 60,854 6,283 67,137 120,411 103,737 383,690 10,385 618,224 30,891 716,252

III 58,516 7,375 65,892 108,340 95,820 401,029 13,816 619,006 28,024 712,921

IV 58,161 7,971 66,133 110,180 104,931 403,336 15,941 634,388 28,144 728,665

2002 I 58,210 7,905 66,115 111,818 89,495 406,560 16,729 624,603 28,661 719,379

II 57,130 7,378 64,508 112,987 80,229 410,007 17,599 620,821 29,266 714,595

III 56,278 8,516 64,794 117,120 65,124 417,695 17,673 617,611 24,880 707,285

IV 55,661 9,732 65,392 118,611 66,056 424,067 17,845 626,580 25,510 717,481

2003 I 55,655 9,719 65,374 115,536 56,891 436,281 18,522 627,229 24,820 717,422

II 55,998 9,526 65,524 117,114 64,024 428,949 18,937 629,023 27,045 721,593

Source: NBB

1 This item encompasses the derivatives and the other accounts payable according to ESA 95.

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16.2 CONSUMER CREDIT: HIRE-PURCHASE, INSTALMENT-PAYMENT LOANS, LEASING AND OPENING OF CREDITS16.2.1 CONSUMER CREDIT: GENERAL RESULTS

Number of contracts at end of half-year (thousands) 1 Outstanding amounts of credit at end of half-year (millions of euro) 1 Credit granted during the half-year (millions of euro)

Hire-purcha-se

Instalment-paymentloans 2

Leasing Opening ofcredit

Total Hire-purcha-se

Instalment-paymentloans 2


Total Hire-purcha-se

Instalment-paymentloans


Total

(1) (2) (3) (4) (5) = (1) + (2) +(3) + (4)

(6) (7) (8) (9) (10) = (6) + (7)+ (8) + (9)

(11) (12) (13) (14) (15) = (11) +(12) + (13) +

(14)

1991 I 1,719 1,046 2,765 4,641 5,156 9,797 1,324 2,467 3,790

II 1,748 1,039 2,787 4,608 4,970 9,579 1,168 1,544 2,712

1992 I 1,806 1,088 2,894 4,884 5,773 10,657 1,537 2,682 4,219

II 1,769 1,075 2,844 4,621 5,464 10,084 1,150 1,589 2,739

1993 I 1,508 1,082 2,590 4,611 6,029 10,640 1,386 2,457 3,842

II 1,485 1,015 2,500 4,474 5,592 10,067 1,153 1,547 2,700

1994 I 725 1,235 65 2,130 4,155 1,336 6,284 62 1,542 9,224 439 1,899 25 424 2,786

II 564 1,162 62 1,953 3,741 1,200 6,178 42 1,557 8,976 302 1,423 20 456 2,201

1995 I 543 1,151 63 1,950 3,707 1,232 6,554 22 1,579 9,388 384 1,584 7 540 2,516

II 472 1,206 56 2,039 3,773 840 6,708 15 1,758 9,321 240 1,569 7 555 2,372

1996 I 456 1,212 51 2,099 3,818 897 7,001 15 1,728 9,641 305 1,916 7 466 2,695

II 460 1,210 55 2,161 3,886 860 6,730 12 1,929 9,532 223 1,629 10 508 2,370

1997 I 465 1,213 48 2,217 3,943 892 7,256 12 1,792 9,953 300 1,909 10 426 2,645

II 472 1,224 56 2,232 3,984 870 7,281 15 1,983 10,149 248 1,758 12 506 2,524

1998 I 483 1,264 58 2,389 4,194 964 7,781 15 1,983 10,744 342 2,035 15 493 2,885

II 475 1,289 62 2,499 4,325 964 8,076 20 2,119 11,180 288 1,948 17 518 2,771

1999 I 473 1,293 66 2,552 4,384 1,051 8,468 20 2,122 11,661 374 2,318 17 488 3,198

II 472 1,316 72 2,279 4,139 1,061 8,634 22 2,241 11,958 335 2,115 17 538 3,004

2000 I 488 1,349 70 2,365 4,272 1,259 9,103 22 2,281 12,665 478 2,457 17 493 3,446

II 492 1,355 40 2,449 4,336 1,120 9,043 32 2,543 12,739 280 2,040 10 538 2,868

2001 I 492 1,376 20 2,487 4,375 1,155 9,512 40 2,467 13,173 357 2,372 12 555 3,297

II 481 1,389 15 2,584 4,469 1,146 9,521 42 2,522 13,231 320 2,129 10 498 2,957

2002 I 486 1,380 14 2,793 4,673 1,273 9,709 43 2,431 13,456 463 2,344 11 538 3,356

II 475 1,366 14 2,905 4,760 1,317 9,536 43 2,609 13,505 278 2,089 9 596 2,972

2003 I 455 1,351 14 2,988 4,808 1,333 9,768 42 2,571 13,714 431 2,465 7 551 3,454

1 Until 1993, excluding payments; from 1994 onwards, including the claims which are recorded under the heading ”doubtful debtors”with creditors, but excluding transfers to credit insurance companies.

2 Until December 1993 inclusive, only personal loans are included.

Bibliographical reference: Bulletin de la Banque Nationale de Belgique, LXVIth year, number 9, September 1991.


16.2.2 CONSUMER CREDIT: CONTRACTS NOT HONOURED

Number of persons re-corded (units)

Number of contracts re-corded (units)

Contracts recorded andnot regularised (units)

Arrears or amount due oncontracts recorded andnot regularised (thou-sands of euro) 1

P.N.: Index of number ofconsultations (year 1993= 100) 2

1993 305,750 355,778 277,104 701,117 100

1994 322,303 391,590 309,052 785,004 111

1995 322,091 395,889 311,030 881,336 117

1996 327,596 412,086 329,405 967,454 123

1997 329,418 423,973 347,934 1,056,448 136

1998 333,754 438,569 363,375 1,118,025 143

1999 341,054 456,616 386,775 1,189,127 169

2000 350,479 476,326 401,262 1,271,779 183

2001 360,535 497,587 423,672 1,244,815 177

2002 363,769 506,500 428,396 1,248,116 168

2001 I 353,288 482,225 403,343 1,287,375 190

II 357,463 490,477 411,988 1,226,678 179

III 359,784 495,315 416,290 1,231,900 168

IV 360,535 497,587 423,672 1,244,815 169

2002 I 362,350 500,954 423,811 1,249,177 186

II 364,171 504,352 427,194 1,252,227 170

III 364,231 506,289 427,621 1,272,605 159

IV 363,769 506,500 428,396 1,248,116 158

2003 I 366,365 511,908 437,873 1,274,302 178

2002 May 364,504 504,450 427,921 1,262,998 175

June 364,171 504,352 427,194 1,252,227 159

July 363,927 504,622 427,233 1,284,142 154

August 365,147 506,730 427,830 1,277,790 147

September 364,231 506,289 427,621 1,272,605 177

October 361,918 502,953 427,240 1,271,959 172

November 363,006 505,173 428,668 1,259,878 164

December 363,769 506,500 428,396 1,248,116 138

2003 January 364,323 507,766 429,948 1,252,086 174

February 364,981 509,248 436,464 1,267,664 178

March 366,365 511,908 437,873 1,274,302 183

April 366,125 511,724 437,188 1,277,592 179

May 361,923 3 506,980 3 435,178 3 1,270,390 3 181 3

Source: CCCO (NBB)

1 For contracts not due, the amount is that of arrears; for contracts due, the amount is theamount due.

2 Daily average of the number of consultations during working days, excluding Saturday.This daily average is calculated on the basis of a typical month of 22 working days.

3 Due to changes resulting from the coming into operation of the positive Credit Central, thestatistical series with regard to not honoured contracts are in preparation.

Bibliographical reference: Bulletin de la Banque Nationale de Belgique, LXIXth year, num-ber 9, September 1994.


16.3 MORTGAGE CREDIT16.3.1 MORTGAGE CREDIT: APPLICATIONS SUBMITTED

Number of applications (thousands) Amount of applications (millions of euro)

Purchase Building Conver-sion

Purchaseand con-version

Total Otherreal-es-tate pur-pose

Refinan-cing ofan exist-ing credit





(1) (2) (3) (4) (5) = (1) +(2) + (3) +

(4)

(6) (7) (8) (9) (10) (11) (12) = (8) +(9) + (10) +

(11)

(13) (14)

1993 74.7 29.2 17.3 11.0 132.2 4,455 2,055 647 706 7,863

1994 78.9 35.2 18.7 18.0 150.8 4,881 2,553 647 1,160 9,241

1995 66.7 22.7 14.2 13.3 116.9 10.2 9.5 3,922 1,549 439 860 6,770 441 538

1996 76.2 37.9 20.6 15.8 150.5 16.5 38.9 4,871 2,784 679 1,111 9,445 885 2,419

1997 80.1 32.8 24.3 16.9 154.1 25.1 70.5 5,473 2,467 801 1,252 9,993 1,644 4,405

1998 82.3 28.4 25.7 18.1 154.5 24.5 65.0 5,897 2,251 870 1,430 10,449 1,577 3,904

1999 91.9 37.0 33.5 19.4 181.8 29.0 93.4 7,075 3,104 1,141 1,619 12,939 1,963 5,825

2000 87.2 26.6 21.8 17.1 152.7 14.5 14.2 6,870 2,319 737 1,441 11,367 952 911

2001 86.3 26.1 23.0 15.0 150.4 13.4 13.8 7,366 2,419 825 1,467 12,077 880 1,032

2002 96.5 27.5 26.3 17.4 167.7 12.3 14.7 8,752 2,653 979 1,765 14,149 832 1,155

2001 III 20.1 5.3 5.1 3.2 33.7 3.1 2.8 1,770 494 181 311 2,756 207 209

IV 20.9 6.4 5.5 3.8 36.6 3.2 3.7 1,818 606 200 401 3,025 209 305

2002 I 24.1 8.0 6.7 4.5 43.3 3.4 3.7 2,099 759 256 455 3,569 242 289

II 24.4 6.8 6.9 4.4 42.5 2.9 2.9 2,206 644 253 440 3,543 187 229

III 23.3 6.0 6.4 4.1 39.8 2.9 3.3 2,138 585 229 414 3,366 194 255

IV 24.7 6.7 6.3 4.4 42.1 3.1 4.8 2,309 665 241 456 3,671 209 382

2003 I 27.3 9.5 9.6 5.0 51.4 3.9 12.0 2,608 947 370 528 4,453 271 1,015

II 28.4 9.4 11.1 5.2 54.1 4.4 16.5 2,824 972 422 577 4,795 328 1,453

III p 29.2 9.5 11.4 5.0 55.1 5.1 21.6 2,955 1,016 439 576 4,986 360 1,894

2002 Nov. 7.9 2.1 2.0 1.4 13.4 1.0 1.6 741 204 76 147 1,168 69 122

Dec. 7.2 1.9 1.8 1.3 12.2 0.9 1.4 687 189 71 139 1,086 61 111

2003 Jan. 8.3 2.4 2.2 1.5 14.4 1.1 1.8 784 240 83 155 1,262 74 156

Feb. 8.1 2.4 2.7 1.6 14.8 1.2 2.6 761 243 107 171 1,282 84 219

March 10.9 4.7 4.7 1.9 22.2 1.6 7.6 1,063 464 180 202 1,909 113 640

April 9.5 3.7 4.2 1.8 19.2 1.6 7.1 947 378 158 195 1,678 119 635

May 9.1 2.9 3.6 1.7 17.3 1.4 4.6 887 301 136 189 1,513 101 408

June 9.8 2.8 3.3 1.7 17.6 1.4 4.8 990 293 128 193 1,604 108 410

July 10.4 3.0 3.8 1.9 19.1 1.7 8.0 1,069 319 146 213 1,747 139 709

Aug. 8.8 3.1 3.6 1.4 16.9 1.7 7.2 888 325 138 165 1,516 103 630

Sep. p 10.0 3.4 4.0 1.7 19.1 1.7 6.4 998 372 155 198 1,723 118 555

Oct. p 10.6 3.0 3.5 1.8 18.9 1.8 6.7 1,079 337 139 205 1,760 132 498

Nov. p 7.7 1.9 2.3 1.5 13.4 1.2 3.9 790 204 89 180 1,263 83 290

N.B.: According to a survey conducted among credit institutions, insurance companies and mortgage companies.The data indicate a trend and do not reflect all applications for mortgage credit or the outstanding amount of these loans. From 1995 onwards the concept of ”mortgage credit” refers to the Lawof 4th August 1992 concerning mortgage credit , and excludes all mortgage credit contracted for commercial purposes. Two new items are therefore added in order to cover the entire market.

Bibliographical reference: Bulletin de la Banque Nationale de Belgique, LXIXth year, number 9, September 1994.


16.3.2 MORTGAGE CREDIT: MORTGAGE CONTRACTS DRAWN UP

Number (thousands) Amount (millions of euro)









(1) (2) (3) (4) (5) = (1) +(2) + (3) +

(4)

(6) (7) (8) (9) (10) (11) (12) = (8) +(9) + (10) +

(11)

(13) (14)

1995 53.6 18.3 11.3 11.3 94.5 5.7 5.6 2,980 1,180 347 664 5,171 231 288

1996 64.4 33.3 17.7 14.1 129.5 10.1 30.0 3,956 2,246 555 927 7,685 511 1,770

1997 70.6 31.6 21.2 16.3 139.7 13.5 69.8 4,512 2,179 645 1,098 8,433 729 4,251

1998 69.1 25.8 23.2 15.6 133.7 15.6 54.1 4,616 1,874 736 1,128 8,354 900 3,086

1999 78.3 34.0 32.1 16.8 161.2 23.0 91.3 5,625 2,621 1,036 1,310 10,592 1,527 5,503

2000 70.6 22.2 18.7 13.8 125.3 7.8 10.4 5,109 1,724 579 1,073 8,485 411 617

2001 68.0 20.6 18.9 12.3 119.8 6.6 9.5 5,313 1,695 599 1,049 8,656 361 605

2002 76.7 23.0 22.0 13.7 135.4 7.3 10.5 6,414 2,053 760 1,270 10,497 438 753

2001 III 17.8 5.6 4.8 3.1 31.3 1.7 2.2 1,409 460 157 264 2,290 85 143

IV 17.0 4.9 4.7 3.1 29.7 1.7 2.7 1,373 433 146 279 2,231 96 173

2002 I 17.0 5.3 4.4 3.1 29.8 1.8 2.4 1,386 459 151 284 2,280 111 179

II 20.7 7.1 6.4 3.7 37.9 1.8 2.8 1,711 638 221 345 2,915 101 200

III 19.0 5.3 5.5 3.3 33.1 1.6 2.3 1,615 484 193 305 2,597 100 157

IV 20.0 5.3 5.7 3.6 34.6 2.1 3.0 1,702 472 195 336 2,705 126 217

2003 I 18.3 5.1 5.4 3.1 31.9 1.8 4.5 1,593 461 186 304 2,544 110 335

II 22.0 8.0 9.6 4.2 43.8 2.3 12.3 1,975 736 334 385 3,430 154 982

III p 22.4 7.4 9.2 4.2 43.2 2.4 14.2 2,118 722 324 410 3,574 158 1,166

2002 Nov. 5.9 1.5 1.7 1.1 10.2 0.6 0.8 499 138 58 100 795 39 55

Dec. 7.3 2.0 1.9 1.3 12.5 0.8 1.2 615 179 68 125 987 47 93

2003 Jan. 6.0 1.7 1.5 1.0 10.2 0.6 1.0 519 151 52 92 814 34 82

Feb. 6.3 1.7 1.7 1.1 10.8 0.6 1.3 547 149 60 109 865 39 96

March 6.0 1.7 2.2 1.0 10.9 0.6 2.2 527 161 74 103 865 37 157

April 6.6 2.2 2.8 1.3 12.9 0.7 3.6 582 200 92 120 994 47 259

May 7.0 2.7 3.3 1.3 14.3 0.7 4.0 621 250 113 121 1,105 48 315

June 8.4 3.1 3.5 1.6 16.6 0.9 4.7 772 286 129 144 1,331 59 408

July 7.7 2.4 3.0 1.5 14.6 0.8 4.6 728 224 103 145 1,200 55 384

Aug. 6.6 2.1 2.8 1.2 12.7 0.7 4.2 632 208 98 117 1,055 48 336

Sep. p 8.1 2.9 3.4 1.5 15.9 0.9 5.4 758 290 123 148 1,319 55 446

Oct. p 8.1 2.8 3.5 1.4 15.8 0.9 5.8 770 282 123 144 1,319 57 483

Nov. p 6.8 2.4 2.7 1.2 13.1 0.8 5.1 656 239 101 113 1,109 51 429

N.B.: According to a survey conducted among credit institutions, insurance companies and mortgage companies. The concept of ”mortgage credit” refers to the Law of 4th August 1992 concerningmortgage credit, and excludes all mortgage credit for commercial purposes. In order to cover the entire market, and for purposes of comparison, the items of Table 16.3.1 are maintained.

Bibliographical reference: Bulletin statistique de la Banque Nationale de Belgique, 1996-I, p. 27-30.


16.3.3 MORTGAGE CREDIT: MORTGAGE REGISTRATIONS

Mortgage registra-tions 1

1993 979

1994 1,133

1995 781

1996 1,108

1997 1,296

1998 1,182

1999 1,517

2000 1,039

2001 1,093

2002 1,331

2001 III 1,200

IV 1,148

2002 I 1,113

II 1,342

III 1,452

IV 1,419

2003 I 1,254

II 1,476

III 1,774

Source: BS/MB Berekeningen: NBB

1 Amounts estimated according to the registration fees received,including renewals after 15 years, which amount to about 1.5p.c. of the total, but not including statutory mortgages.


16.3.4 MORTGAGE CREDIT: CONTRACTS NOT HONOURED

Mortgage credit: contracts not honoured

Number of persons recorded(units)

Number of contracts recorded(units) 1

Contracts recorded and not re-gularised (units)

Arrears or amount due on thecontracts recorded and not re-gularised (thousands of euro) 2

1994 40,954 25,884 18,822 233,069

1995 54,066 34,512 22,676 331,111

1996 57,349 37,026 24,971 357,165

1997 59,149 38,305 25,954 400,100

1998 60,394 39,238 27,449 440,680

1999 60,152 39,220 27,892 439,592

2000 63,630 41,364 30,479 492,833

2001 67,144 43,749 32,509 600,775

2002 70,161 45,530 33,127 641,725

2001 I 63,792 41,608 31,182 502,266

II 65,235 42,659 31,839 553,472

III 66,482 43,360 32,080 604,087

IV 67,144 43,749 32,509 600,775

2002 I 68,218 44,544 33,184 619,578

II 69,175 45,209 33,394 627,092

III 69,566 45,466 33,143 637,923

IV 70,161 45,530 33,127 641,725

2003 I 71,222 46,173 33,852 665,105

2002 May 69,509 45,391 33,809 625,610

June 69,175 45,209 33,394 627,092

July 68,927 44,971 33,195 629,320

August 69,493 45,359 33,111 641,040

September 69,566 45,466 33,143 637,923

October 69,447 45,086 32,829 626,742

November 69,967 45,377 33,188 636,060

December 70,161 45,530 33,127 641,725

2003 January 70,726 45,905 33,469 644,130

February 71,039 46,138 33,853 650,987

March 71,222 46,173 33,852 665,105

April 71,580 46,404 34,115 670,698

May 70,460 3 45,769 3 33,944 3 671,784 3

Source: CCCO (NBB)

1 The records are kept for one year from the date of regularisation in the case of a contractwith payment arrears, and for two years from the date of regularisation in the case of a con-tract which is due.

2 For contracts not due, the amount is the arrears ; for contracts due the figure is the amountimmediately due.

3 Due to changes resulting from the coming into operation of the positive Credit Central, thestatistical series with regard to not honoured contracts are in preparation.

Bibliographical reference: Bulletin de la Banque Nationale de Belgique, LXIXth year, num-ber 9, September 1994.

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16.4 CREDITS REGISTERED AT THE CENTRAL OFFICE FOR CREDITS TO COMPANIES16.4.1 CREDITS OF 25,000 EUR AND OVER OF WHICH THE BENEFICIARY IS A BELGIAN RESIDENT: BREAKDOWN BY BRANCH OF ACTIVITY OF THE

BENEFICIARY


1999 2000 2001 2002 2001 2002 20031999 2000 2001 2002


Outstanding amounts openedAgriculture, hunting, forestry and fishing 7,320 7,847 7,046 6,827 7,717 7,046 7,000 7,015 6,985 6,827 6,864 6,856 6,853

Mining and quarrying 1,196 951 952 1,075 990 952 1,091 1,057 1,044 1,075 986 870 867

Manufacturing industries 41,729 40,133 40,366 32,233 39,160 40,366 37,255 34,307 33,396 32,233 31,825 30,872 29,634

Electricity, gas and water supply 2,038 2,356 2,206 3,659 2,088 2,206 2,956 3,834 3,874 3,659 3,601 3,517 3,836

Construction 7,805 8,366 8,269 7,893 8,520 8,269 8,081 7,973 7,830 7,893 8,003 8,108 8,160

Sale, maintenance and repair of motor vehicles and motorcy-cles; retail sale of automotive fuel 5,978 6,485 6,167 5,669 6,145 6,167 5,771 5,422 5,631 5,669 5,758 5,730 5,695

Wholesale trade and commission trade, except of motor ve-hicles and motorcycles 25,826 25,071 23,037 19,837 23,617 23,037 22,535 20,773 20,691 19,837 19,519 19,364 19,176

Retail trade, except of motor vehicles and motorcycles 7,562 7,841 7,237 6,759 7,569 7,237 7,172 6,943 6,813 6,759 6,893 7,038 6,955

Hotels and restaurants 3,011 2,806 2,744 2,738 3,170 2,744 2,691 2,658 2,667 2,738 2,784 2,835 2,821

Transport, storage and communications 10,639 10,118 9,112 8,619 9,577 9,112 8,937 8,787 8,608 8,619 8,511 8,273 7,974

Financial intermediation 22,786 24,162 25,979 26,115 24,986 25,979 26,090 26,068 25,494 26,115 26,722 22,667 21,661

Real estate, renting and business activities 34,482 37,016 35,009 35,241 37,753 35,009 35,141 34,680 35,791 35,241 36,654 36,687 37,024

Public administration 34,102 32,822 33,254 32,747 34,028 33,254 32,147 32,262 32,593 32,747 32,777 30,744 32,106

Education 1,306 1,333 1,266 1,344 1,334 1,266 1,287 1,282 1,342 1,344 1,380 1,383 1,364

Health and social work 7,745 8,464 8,255 8,403 8,419 8,255 8,273 8,341 8,250 8,403 8,481 8,702 8,946

Community services: sewage and refuse disposal, sanitationand similar activities 1,421 1,475 1,571 1,550 1,502 1,571 1,524 1,497 1,534 1,550 1,605 1,616 1,653

Social activities: membership organizations 353 443 439 582 421 439 453 462 526 582 628 616 615

Social activities: recreational, cultural and sporting activities 1,459 1,439 1,520 1,406 1,735 1,520 1,375 1,358 1,360 1,406 1,348 1,354 1,364

Personal service activities and private households withemployed persons 704 765 745 730 761 745 737 734 729 730 742 749 751

Individuals, natural persons 2,084 2,125 2,178 1,925 2,108 2,178 1,840 1,824 1,833 1,925 1,953 1,860 1,833

Extra-territorial organizations and bodies 112 10 10 34 10 10 9 8 9 34 33 33 33

Companies for which we have not enough information 35 74 151 109 142 151 114 138 155 109 83 82 56

Total 219,693 222,102 217,513 205,495 221,752 217,513 212,479 207,423 207,155 205,495 207,150 199,956 199,377

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16.4.1 CREDITS OF 25,000 EUR AND OVER OF WHICH THE BENEFICIARY IS A BELGIAN RESIDENT: BREAKDOWN BY BRANCH OF ACTIVITY OF THEBENEFICIARY (CONTINUED)


2003200220012002200120001999

IIIIIIIVIIIIIIIVIII

2002200120001999

Outstanding amounts usedAgriculture, hunting, forestry and fishing 5,514 5,657 5,475 5,440 5,632 5,475 5,431 5,559 5,540 5,440 5,443 5,430 5,425

Mining and quarrying 587 610 564 582 514 564 659 603 586 582 550 534 470

Manufacturing industries 22,165 22,812 21,943 18,062 21,000 21,943 21,392 19,802 19,163 18,062 17,848 18,594 18,152

Electricity, gas and water supply 1,295 1,550 1,499 2,962 1,459 1,499 1,824 2,084 2,088 2,962 3,158 3,343 3,277

Construction 4,953 5,253 5,268 5,198 5,310 5,268 5,236 5,379 5,369 5,198 5,306 5,443 5,313

Sale, maintenance and repair of motor vehicles and motorcy-cles; retail sale of automotive fuel 3,270 3,499 3,385 3,401 3,317 3,385 3,348 3,329 3,386 3,401 3,492 3,462 3,436

Wholesale trade and commission trade, except of motor ve-hicles and motorcycles 13,472 14,529 13,580 12,182 13,615 13,580 13,336 13,265 13,408 12,182 12,881 12,595 12,483

Retail trade, except of motor vehicles and motorcycles 5,408 5,610 5,509 5,636 5,469 5,509 5,450 5,695 5,493 5,636 5,667 5,839 5,757

Hotels and restaurants 2,327 2,341 2,364 2,482 2,361 2,364 2,347 2,439 2,491 2,482 2,537 2,658 2,579

Transport, storage and communications 6,777 7,156 6,332 5,933 6,354 6,332 6,314 6,461 6,276 5,933 6,067 5,953 5,740

Financial intermediation 13,431 13,860 15,183 14,136 15,122 15,183 15,643 16,217 15,370 14,136 14,745 13,703 13,361

Real estate, renting and business activities 22,387 26,112 25,976 26,360 26,236 25,976 26,345 26,742 26,607 26,360 26,309 27,087 27,118

Public administration 23,187 25,578 24,873 24,146 25,275 24,873 23,128 23,629 24,851 24,146 25,062 23,427 24,965

Education 1,062 1,094 976 1,029 1,018 976 985 1,046 1,019 1,029 1,118 1,134 1,169

Health and social work 5,891 6,197 6,269 6,268 6,040 6,269 6,198 6,259 6,188 6,268 6,265 6,504 6,636

Community services: sewage and refuse disposal, sanitationand similar activities 864 1,048 1,053 1,100 1,088 1,053 1,131 1,134 1,122 1,100 1,131 1,198 1,145

Social activities: membership organizations 236 280 306 403 286 306 316 317 366 403 429 454 442

Social activities: recreational, cultural and sporting activities 1,100 1,118 1,017 1,118 1,035 1,017 1,100 1,130 1,055 1,118 1,101 1,101 1,100

Personal service activities and private households withemployed persons 552 630 615 604 654 615 610 639 618 604 625 638 625

Individuals, natural persons 1,573 1,592 1,850 1,644 1,594 1,850 1,603 1,669 1,653 1,644 1,674 1,598 1,601

Extra-territorial organizations and bodies 3 3 2 2 3 2 2 1 2 2 2 2 2

Companies for which we have not enough information 5 28 89 61 72 89 116 77 102 61 39 56 46

Total 136,059 146,557 144,128 138,749 143,454 144,128 142,514 143,476 142,753 138,749 141,449 140,753 140,842

Sources: National Bank of Belgium, Central Office for Credits to Companies

N.B.: Is considered to be the beneficiary, the enterprise or individual that has been granted the credit to, and which consequently is in the position to have the right of initiative to use it. He can exercise this right by contracting debts with financial institutions or by handing overcommercial credits to third parties. The beneficial enterprises include the public but not financial institutions.

Bibliographical reference: Statistical bulletin of the National Bank of Belgium, 1999-IV, p. 13-18. Statistical bulletin of the National Bank of Belgium, 2003-III, p. 16.


16.4.2 CREDITS OF 25,000 EUR AND OVER OF WHICH THE BENEFICIARY IS A NON-RESIDENT:BREAKDOWN BY GEOGRAPHICAL AREA OF RESIDENCE OF THE BENEFICIARY - OUTSTANDINGAMOUNTS OPENED


1999 2000 2001 2002 2001 2002 20031999 2000 2001 2002


Economic zones 77,223 77,874 86,067 67,132 82,146 86,067 80,406 69,775 72,126 67,132 65,981 69,883 70,535

European Union 48,313 47,042 54,280 42,065 51,905 54,280 50,103 44,132 44,047 42,065 40,952 47,261 49,892

MUMS 33,781 32,300 36,382 28,455 37,269 36,382 33,331 29,589 29,469 28,455 27,820 34,476 36,748

Austria 9 8 143 116 98 143 143 149 132 116 128 178 177

Germany 2,760 2,385 2,418 2,247 2,345 2,418 2,183 2,070 2,080 2,247 2,230 2,103 2,146

Spain 2,605 1,760 3,254 3,599 2,356 3,254 3,449 3,002 3,192 3,599 3,759 3,621 3,348

Finland 470 489 473 368 600 473 371 367 386 368 619 616 639

France 10,541 9,754 10,576 7,977 11,009 10,576 9,257 8,295 8,293 7,977 7,876 8,235 7,780

Greece 131 175 65 32 92 65 48 40 34 32 23 16 11

Ireland 950 1,025 3,532 2,798 3,541 3,532 3,491 2,905 2,948 2,798 2,694 2,575 4,446

Italy 848 664 1,344 1,394 593 1,344 1,281 1,365 1,355 1,394 1,339 1,389 1,724

Luxembourg 3,709 3,462 3,229 2,524 3,264 3,229 3,218 3,043 2,773 2,524 2,327 2,993 3,130

Netherlands 11,337 11,960 10,113 6,395 12,746 10,113 8,903 7,369 7,260 6,395 5,789 11,719 12,308

Portugal 421 618 1,235 1,005 625 1,235 987 984 1,016 1,005 1,036 1,031 1,039

Other countries of theEuropean Union 14,532 14,742 17,898 13,610 14,636 17,898 16,772 14,543 14,578 13,610 13,132 12,785 13,144

Denmark 573 547 675 948 616 675 825 840 946 948 770 823 811

United Kingdom 12,158 12,488 15,758 11,620 12,387 15,758 14,757 12,619 12,550 11,620 11,301 11,001 11,241

Sweden 1,801 1,707 1,465 1,042 1,633 1,465 1,190 1,084 1,082 1,042 1,061 961 1,092

NAFTA 24,826 26,434 28,001 23,868 26,498 28,001 26,919 23,307 26,277 23,868 23,882 21,527 19,634

Canada 927 1,329 1,020 1,122 1,050 1,020 1,132 774 911 1,122 1,321 1,170 1,188

Mexico 547 554 611 460 646 611 529 451 465 460 473 472 440

United States of America 23,352 24,551 26,370 22,286 24,802 26,370 25,258 22,082 24,901 22,286 22,088 19,885 18,006

MERCOSUR 4,084 4,398 3,786 1,199 3,743 3,786 3,384 2,336 1,802 1,199 1,147 1,095 1,009

Argentina 1,797 1,759 1,863 434 1,620 1,863 1,479 666 547 434 394 408 419

Bolivia 0 0 0 0 0 0 0 0 0 0 0 0 0

Brazil 1,713 2,019 1,545 518 1,756 1,545 1,559 1,368 960 518 543 513 442

Chile 520 544 345 220 358 345 314 264 251 220 190 159 133

Paraguay 0 0 0 0 0 0 0 0 0 0 9 9 9

Uruguay 54 76 33 27 9 33 32 38 44 27 11 6 6

Other countries 21,256 21,916 15,898 13,373 19,219 15,898 14,652 12,930 13,920 13,373 15,248 19,368 33,374

Netherlands Antilles 4,282 3,971 212 297 3,932 212 279 235 316 297 278 6,417 6,381

Australia 1,620 1,369 1,608 70 1,399 1,608 195 181 213 70 42 42 1

Switzerland 2,093 1,787 1,545 1,879 1,459 1,545 1,973 1,736 1,788 1,879 1,698 1,213 1,621

CIS 267 278 92 234 275 92 122 265 294 234 292 287 249

Hong Kong 829 784 630 338 656 630 458 344 382 338 318 259 413

Indonesia 1,078 870 463 147 707 463 447 349 179 147 101 99 91

India 280 378 305 214 310 305 255 175 175 214 249 207 209

Cayman Islands 1,071 1,158 1,187 869 1,179 1,187 1,152 905 917 869 2,601 2,450 2,797

Turkey 612 767 401 472 428 401 535 494 553 472 488 420 414

Taiwan 1,219 1,394 1,146 832 1,241 1,146 1,106 918 904 832 772 702 825

Total zones and other coun-tries 98,479 99,790 101,965 80,505 101,365 101,965 95,058 82,705 86,046 80,505 81,229 89,251 103,909

Sources: National Bank of Belgium, Central Office for Credits to Companies

N.B.: Is considered to be the beneficiary , the enterprise or individual that has been granted the credit to, and which consequently is in the position to have the right of initiative to use it. He canexercise this right by contracting debts with the financial institutions or by handing over commercial credits to third parties.

Bibliographical reference: Statistical bulletin of the National Bank of Belgium, 1999-IV, p. 13-18. Statistical bulletin of the National Bank of Belgium, 2003-III, p. 16.


17 CHAPTER 17: CAPITAL MARKET17.1 FIXED INTEREST SECURITIES OF MORE THAN ONE YEAR PER CREDITOR SECTOR

(millions of euro)

Non-financial cor-porations

General govern-ment

of which: Financial institu-tions 1

Rest of the world 2 Total of which:Non-financial cor-porations

General govern-ment

Federal govern-ment

Financial institu-tions 1

Rest of the world Total

Securities denomi-nated in euro

Net issues

1993 1,052 8,706 8,285 --3,461 6,229 12,526 7,990

1994 --1,205 --551 --517 12,728 5,295 16,266 11,977

1995 1,330 24,768 23,308 4,142 9,868 40,108 35,157

1996 2,043 3,786 4,000 5,426 18,269 29,525 16,977

1997 222 5,296 4,272 --5,999 16,764 16,284 6,272

1998 1,271 7,509 7,656 --10,635 9,080 7,224 439

1999 1,201 7,565 8,224 --4,587 28,673 32,851 32,727

2000 --700 7,040 7,365 --317 21,174 27,196 22,522

2001 5,649 4,500 4,574 --3,017 49,120 56,252 51,154

2002 1,941 4,532 4,027 --2,592 4,023 7,903 13,235

2001 II --12 1,708 1,712 --1,567 7,196 7,325 7,438

III 3,528 4,180 4,138 92 22,161 29,960 23,089

IV 2,098 --4,746 --4,756 --549 16,288 13,091 16,390

2002 I 779 3,584 3,244 --858 816 4,322 9,479

II 909 --5,812 --5,914 793 2,399 --1,711 --3,360

III 76 2,318 2,271 --206 --948 1,241 2,006

IV 176 4,441 4,427 --2,321 1,755 4,051 5,109

2003 I 682 --8,932 --8,735 --2,687 5,856 --5,081 --3,635

II 421 6,619 6,526 --2,939 5,403 9,505 14,280

Outstanding amounts at end of period

1993 8,796 166,700 162,595 76,262 77,219 328,977 248,911

1994 7,627 166,123 163,341 88,990 80,072 342,812 261,128

1995 8,931 191,015 187,888 93,149 86,289 379,384 295,799

1996 10,948 194,195 191,282 98,575 107,801 411,519 312,573

1997 11,126 199,243 195,305 92,576 128,829 431,774 317,789

1998 9,482 204,601 200,798 83,649 144,554 442,286 375,773

1999 10,860 212,225 209,082 79,070 180,415 482,570 407,444

2000 10,230 219,625 216,807 78,721 204,060 512,636 429,897

2001 15,941 224,674 221,929 74,590 255,048 570,253 480,334

2002 17,845 229,005 225,755 71,988 251,192 570,029 494,321

2001 II 10,385 225,368 222,675 75,052 218,234 529,039 440,950

III 13,816 229,540 226,806 75,136 236,845 555,338 464,002

IV 15,941 224,674 221,929 74,590 255,048 570,253 480,334

2002 I 16,729 228,264 225,179 73,733 256,439 575,166 489,781

II 17,599 222,347 219,160 74,518 251,063 565,527 487,143

III 17,673 224,642 221,408 74,312 251,796 568,423 489,287

IV 17,845 229,005 225,755 71,988 251,192 570,029 494,321

2003 I 18,522 219,955 216,904 69,298 253,266 561,042 490,649

II 18,937 226,361 223,216 66,357 256,374 568,028 504,861

Source: NBB Berekeningen: NBB

1 This sector encompasses the monetary authorities, credit institutions, monetary and non-monetary undertakings for collective investment, insurance corporations and pensionfunds, the Postal Cheque Office (up to the creation of the Postbank in April 1998), the Re-

discount and Guarantee Institute (up to its dissolution in 1999), the Fund for the Protectionof Deposits and Financial Instruments, securities dealers, mortgage companies, regionalsocial housing companies and financial holding corporations.

2 Securities issued by the Rest of the world and acquired by domestic sectors of the econo-my.


17.2 FIXED-INTEREST SECURITIES OF MORE THAN ONE YEAR HELD BY INDIVIDUALS

(millions of euro)

Non-financial corpora-tions

General government Financial institutions 1 Rest of the world 2 Total of which:Non-financial corpora-tions

General government Financial institutions Rest of the world Total

Securities denomi-nated in euro

Net acquisitions

1993 1,080 --6,652 --1,265 864 --5,973 --5,879

1994 --995 --3,622 12,423 5,432 13,238 11,397

1995 180 1,497 4,215 5,115 11,007 12,868

1996 1,484 --4,836 --1,101 10,070 5,617 --1,150

1997 1,431 --504 --7,782 5,978 --877 822

1998 999 5,428 --6,847 1,921 1,501 546

1999 2,484 --533 --3,900 7,016 5,066 --406

2000 --1,105 162 --1,527 498 --1,972 --3,831

2001 4,742 462 --2,692 1,460 3,972 2,967

2002 1,797 --501 --2,415 --1,148 --2,266 157

2001 II --277 529 --1,518 --328 --1,594 --2,333

III 3,724 165 596 --459 4,026 3,750

IV 1,171 --323 --544 2,093 2,397 5,184

2002 I 1,077 --318 --363 1,945 2,342 2,538

II 498 --181 87 160 563 35

III 4 --29 --508 --1,450 --1,982 --782

IV 219 27 --1,631 --1,804 --3,189 --1,634

2003 I --164 --1,954 --1,783 --316 --4,217 --3,724

II --689 --203 --2,421 --2,046 --5,359 --3,581

Outstanding amounts at end of period

1993 2,555 13,499 68,295 41,202 125,552 99,298

1994 1,586 10,358 80,719 46,677 139,339 111,202

1995 1,694 11,099 84,198 49,103 146,095 121,735

1996 3,149 5,895 83,096 60,764 152,904 120,188

1997 4,566 5,082 75,314 68,877 153,839 120,687

1998 3,921 12,770 69,514 66,345 152,550 130,408

1999 6,544 12,183 65,615 76,616 160,957 130,169

2000 5,452 12,350 64,088 78,015 159,905 126,355

2001 10,204 12,804 61,395 80,178 164,581 129,335

2002 13,264 12,297 58,981 75,047 159,589 130,745

2001 II 5,309 12,968 61,344 78,972 158,593 120,400

III 9,032 13,131 61,940 77,198 161,300 124,141

IV 10,204 12,804 61,395 80,178 164,581 129,335

2002 I 11,284 12,484 61,033 82,425 167,226 131,883

II 13,043 12,302 61,120 77,835 164,299 133,171

III 13,044 12,271 60,612 77,394 163,321 132,381

IV 13,264 12,297 58,981 75,047 159,589 130,745

2003 I 12,953 10,341 57,198 72,061 152,552 126,873

II 12,118 10,137 54,776 68,909 145,940 123,133


1 This sector encompasses the monetary authorities, credit institutions, monetary and non-monetary undertakings for collective investment, insurance corporations and pensionfunds, the Postal Cheque Office (up to the creation of the Postbank in April 1998), the Re-discount and Guarantee Institute (up to its dissolution in 1999), the Fund for the Protection

of Deposits and Financial Instruments, securities dealers, mortgage companies, regionalsocial housing companies and financial holding corporations.



17.3 FIXED-INTEREST SECURITIES OF MORE THAN ONE YEAR : BREAKDOWN BY ISSUER SECTORAND BY HOLDER SECTOR

(end of period outstanding amounts, millions of euros)

Holders of which

Individuals Non-finan-cial corpora-tions

Generalgovernment

Monetary fi-nancial insti-tutions 1

Insurancecorporationsand pensionfunds 2


Rest of theworld

Total Securitiesdenomi-nated in eu-ro

1999Issuers

Non-financial corporations 6,544 96 7 2,657 938 148 470 10,860 9,516

Federal government 12,183 3,443 3,231 99,476 29,788 5,197 55,764 209,082 201,448

Communities and regions - 165 191 1,976 - 13 483 2,827 2,827

Local authorities - - 0 2 - 0 - 2 2

Social security funds - - - 314 - 0 - 314 314

Financial institutions 65,615 1,911 58 3,901 1,152 324 6,108 79,070 78,586

Rest of the world 4 76,616 1,781 0 81,324 13,186 7,507 - 180,415 114,751

Total Issuers 160,957 7,396 3,488 189,651 45,064 13,189 62,825 482,570 407,444

2000Issuers

Non-financial corporations 5,452 6 3 3,129 831 280 529 10,230 8,459





Financial institutions 64,088 2,342 26 3,645 958 292 7,370 78,721 78,196

Rest of the world 4 78,015 547 0 97,784 17,995 9,719 - 204,060 130,073

Total Issuers 159,905 6,445 4,842 190,462 46,895 17,355 86,732 512,636 429,897

2001Issuers

Non-financial corporations 10,204 159 7 2,768 955 123 1,726 15,941 14,846






Rest of the world 4 80,178 3,725 0 136,619 23,135 11,391 - 255,048 171,638

Total Issuers 164,581 9,398 5,659 220,787 50,990 20,025 98,812 570,253 480,334

2002Issuers

Non-financial corporations 13,264 151 6 763 1,094 206 2,362 17,845 17,723






Rest of the world 4 75,047 4,512 0 131,701 27,080 12,853 - 251,192 179,929

Total Issuers 159,589 10,597 7,003 205,454 55,561 20,823 111,002 570,029 494,321

2003 IIIssuers

Non-financial corporations 12,118 49 6 1,501 1,300 314 3,649 18,937 18,827






Rest of the world 4 68,909 4,817 0 135,482 35,796 11,370 - 256,374 197,014

Total Issuers 145,940 10,416 7,494 203,864 63,582 18,888 117,843 568,028 504,861



2 Including the Fund for the Protection of Deposits and Financial instruments.3 Non-monetary undertakings for collective investment, the postal Cheque Office (up to the

creation of the Postbank in April 1998), the Rediscount and Guarantee Institute (up to its

dissolution in 1999), securities dealers, mortgage companies, regional social housingcompanies and financial holding corporations.


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17.4 PUBLIC ISSUES, BY THE PUBLIC SECTOR, OF BONDS IN NATIONAL CURRENCY

Issuers 1 Period Nominal interestrate (p.c.)

Issue price (p.c.) Duration of loan Amounts issued(millions of euro) 2

Yield for bearer (p.c.) 3Issuers

Issue Maturity

Nominal interestrate (p.c.)

Issue price (p.c.)

Years Months

Amounts issued(millions of euro) 2

At interim maturitydate

At final maturity da-te

1998 23 Feb. EB/BES 4 1998 2003/05 4.5 100.00 5/7 247 4.50 4.50

24 Feb. EB/BES 4 1998 01/03/05 4.1 5 100.00 3/5/7 162 4.10 6 4.44 7

25 May EB/BES 4 1998 2003/05 4.6 100.00 5/7 260 4.60 4.60

26 May EB/BES 4 1998 01/03/05 4.2 8 100.00 3/5/7 155 4.20 9 4.52 7

26 Aug. EB/BES 4 1998 2003/05 4.2 100.00 5/7 206 4.20 4.20

27 Aug. EB/BES 4 1998 01/03/05 4 10 100.00 3/5/7 304 4.00 11 4.18 7

25 Nov. EB/BES 4 1998 2003/05 3.75 100.00 5/7 113 3.75 3.75

26 Nov. EB/BES 4 1998 01/03/05 3.5 12 100.00 3/5/7 147 3.50 13 3.69 7

1999 15 Jan. RW/WG 1999 2004 3.6 14 100.00 5 124 3.60 15 -

23 Feb. EB/BES 4 1999 2004/06 3.35 99.75 5/7 129 3.41 3.39

24 Feb. EB/BES 4 1999 02/04/06 3 16 99.75 3/5/7 117 3.09 17 3.27 7

26 May EB/BES 4 1999 2004/06 3,30 100.00 5/7 115 3.30 3.30

27 May EB/BES 4 1999 02/04/06 2,90 18 100.00 3/5/7 65 2.90 19 3.22 7

26 Aug. EB/BES 4 1999 2004/06 4,35 100.25 5/7 222 4.29 4.31

27 Aug. EB/BES 4 1999 02/04/06 3,8 20 100.00 3/5/7 128 3.80 21 4.22 7

25 Nov. EB/BES 4 1999 2004/06 4,55 100.00 5/7 128 4.55 4.55

26 Nov. EB/BES 4 1999 2007 5,05 100.00 8 131 - 5.05

2000 24 Feb. EB/BES 4 2000 2005/07 5,1 100.00 5/7 272 5.10 5.10

25 Feb. EB/BES 4 2000 2008 5,5 100.00 8 141 - 5.50

23 May EB/BES 4 2000 2005/07 5,2 100.00 5/7 253 5.20 5.20

24 May EB/BES 4 2000 2008 5,5 100.00 8 94 - 5.50

24 Aug. EB/BES 4 2000 2005/07 5,25 100.00 5/7 200 5.25 5.25

25 Aug. EB/BES 4 2000 2008 5,45 100.00 8 54 - 5.45

23 Nov. EB/BES 4 2000 2005/07 5,05 100.00 5/7 141 5.05 5.05

24 Nov. EB/BES 4 2000 2008 5,30 100.00 8 64 - 5.30

2001 22 Feb. EB/BES 4 2001 2006/08 4,55 100.00 5/7 207 4.55 4.55

23 Feb. EB/BES 4 2001 2009 4,75 100.00 8 69 - 4.75

22 May EB/BES 4 2001 2006/08 4,65 100.00 5/7 166 4.65 4.65

23 May EB/BES 4 2001 2009 4,9 100.00 8 74 - 4.90

24 Aug. EB/BES 4 2001 2006/08 4,35 100.00 5/7 150 4.35 4.35

25 Aug. EB/BES 4 2001 2009 4,75 100.00 8 122 - 4.75

23 Nov. EB/BES 4 2001 2006/08 3,65 99.00 5/7 118 3.87 3.82

24 Nov. EB/BES 4 2001 2009 4,15 99.00 8 133 - 4.30

2002 21 Feb. EB/BES 4 2002 2007/09 4,4 100.00 5/7 299 4.40 4.40

22 Feb. EB/BES 4 2002 2010 4,7 100.00 8 162 - 4.70

24 May EB/BES 4 2002 2007/09 4,6 100.00 5/7 216 4.60 4.60

25 May EB/BES 4 2002 2010 4,95 100.00 8 180 - 4.95

26 Aug. EB/BES 4 2002 2007/09 3.85 99.50 5/7 112 3.96 3.93

27 Aug. EB/BES 4 2002 2010 4.2 99.50 8 117 - 4.28

25 Nov. EB/BES 4 2002 2007/09 3.6 100.00 5/7 99 3.60 3.60

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17.4 PUBLIC ISSUES, BY THE PUBLIC SECTOR, OF BONDS IN NATIONAL CURRENCY (CONTINUED)

Yield for bearer (p.c.) 3Amounts issued(millions of euro) 2

Duration of loanIssue price (p.c.)Nominal interestrate (p.c.)

PeriodIssuers 1

At final maturity da-te

At interim maturitydate

Amounts issued(millions of euro) 2

MonthsYears

Issue price (p.c.)Nominal interestrate (p.c.)

MaturityIssue

Issuers 1

26 Nov. EB/BES 4 2002 2010 4.05 100.00 8 113 - 4.05

2003 21 Feb. EB/BES 2003 2008/10 3.05 100.00 5/7 116 3.05 3.05

22 Feb. EB/BES 2003 2011 3.6 100.00 8 160 - 3.60

22 May EB/BES 2003 2008 2.8 100.00 5 86 - 2.80

23 May EB/BES 2003 2011 3.4 100.00 8 181 - 3.40

26 Aug. EB/BES 2003 2008 3.2 100.00 5 179 - 3.20

27 Aug. EB/BES 2003 2011 3.7 100.00 8 141 - 3.70

Source: NBB

N.B.: Loans which are subject to a Decree in the ”Belgisch Staatsblad/Moniteur belge”, excluding tap issues.

1 EB/BES: Belgian StateFR/WF: Road FundFARFC: Assistance Fund for the Financial Recovery of MunicipalitiesRW/WG: Walloon Region

2 Nominal values.3 Yields calculated before retentions of tax at source.4 State note.5 Nominal interest rate for the first three years. Guaranteed minimum rate at the interim maturity date, 3th March 2003: 4.50 and at

the final maturity date, 3th March 2005: 5.00.6 Yield for the first three years. Guaranteed minimum yield at the interim maturity date, 3th March 2003: 4.25.7 Guaranteed minimum yield.8 Nominal interest rate for the first three years. Guaranteed minimum rate at the interim maturity date, 3th June 2003: 4.60 and at

the final maturity date, 3th June 2005: 5.00.9 Yield for the first three years. Guaranteed minimum yield at the interim maturity date, 3th June 2003: 4.35.

10 Nominal interest rate for the first three years. Guaranteed minimum rate at the interim maturity date, 3th September 2003: 4.20 andat the final maturity date, 3th September 2005: 4.50.

11 Yield for the first three years. Guaranteed minimum yield at the interim maturity date, 3th September 2003: 4.08.12 Nominal interest rate for the first three years. Guaranteed minimum rate at the interim maturity date, 3th December 2003: 3.70 and

at the final maturity date, 3th December 2005: 4.00.13 Yield for the first three years. Guaranteed minimum yield at the interim maturity date, 3th December 2003: 3.58.14 Nominal interest rate for the first four years. This loan does not provide any interest during the fifth year. At the maturity date of

the fifth year, 5 february 2004, the investors are only entitled to the repayment of the capital and possibly to a redemption premiumlinked to the Wall 21 - index.

15 Yield for the first four years.16 Nominal interest rate for the first three years. Guaranteed minimum rate at the interim maturity date, 3th March 2004: 3.35 and at

the final maturity date, 3th March 2006: 3.50.17 Yield for the first three years. Guaranteed minimum yield at the interim maturity date, 3th March 2004: 3.19.18 Nominal interest rate for the first three years. Guaranteed minimum rate at the interim maturity date, 3th June 2004: 3.25 and at

the final maturity date, 3th June 2006: 3.75.19 Yield for the first three years. Guaranteed minimum yield at the interim maturity date, 3th June 2004: 3.03.20 Nominal interest rate for the first three years. Guaranteed minimum rate at the interim maturity date, 3th September 2004: 4.30 and

at the final maturity date, 3th September 2006: 4.90.21 Yield for the first three years. Guaranteed minimum yield at the interim maturity date, 3th September 2004: 3.99.


17.5 HOLDERSHIP OF DEMATERIALISED LINEAR BONDS


Belgium Foreign countries Grand to-tal

MFI Other fi-nancial

Generalgovern-

Other Total European Union, excluding Belgium Rest of the world Total

Grand to-tal

Creditinstitu-

Other 1

Other fi-nancialinstitu-tions

Generalgovern-ment

Other Total

MUMS Other member-states Banks Otherclients

Total

Creditinstitu-tions

Other institu-tions

ment

MFI Otherclients

MFI Otherclients

Banks Otherclients

1993 36,882 12,256 1,125 5,870 56,133 24,160 80,293

1994 50,360 16,941 2,186 10,711 80,199 23,057 103,255

1995 59,606 18,247 2,722 11,351 91,926 27,640 119,566

1996 60,769 18,704 3,042 13,334 95,848 31,792 127,640

1997 59,031 22,186 3,295 13,597 98,109 33,364 131,473

1998 64,128 24,028 3,701 14,834 106,691 33,833 140,523

1999 38,181 6,410 28,396 2,172 7,216 82,375 51,228 5,682 18,073 689 75,672 158,047

2000 39,169 8,169 23,331 2,309 7,123 80,101 53,556 4,549 34,757 193 93,055 173,156

2001 32,184 2,776 27,634 4,732 5,811 73,137 64,190 5,796 17,324 1,250 22,732 1,298 112,590 185,727

2002 29,621 2,392 26,478 7,650 2,905 69,046 67,556 5,784 23,014 1,378 28,789 1,788 128,309 197,355

2001 III 35,237 3,117 27,272 5,191 5,437 76,254 56,969 5,905 16,028 1,447 28,101 1,263 109,713 185,967

IV 32,184 2,776 27,634 4,732 5,811 73,137 64,190 5,796 17,324 1,250 22,732 1,298 112,590 185,727

2002 I 32,886 3,044 27,272 5,208 6,239 74,649 60,732 5,424 25,600 1,257 24,193 2,088 119,294 193,943

II 30,546 2,946 26,548 5,284 5,728 71,052 63,529 4,991 19,541 1,417 27,798 2,220 119,496 190,548

III 28,804 2,725 27,210 6,742 3,116 68,597 63,823 5,685 25,081 2,473 25,063 2,212 124,337 192,934

IV 29,621 2,392 26,478 7,650 2,905 69,046 67,556 5,784 23,014 1,378 28,789 1,788 128,309 197,355

2003 I 25,543 2,345 24,755 7,644 2,935 63,222 64,518 5,239 26,495 395 31,963 1,796 130,406 193,628

II 26,348 2,093 25,400 7,887 2,779 64,507 69,897 4,448 28,550 371 29,899 2,513 13,568 200,186

III p 27,578 1,998 26,124 7,974 2,517 66,191 73,440 1,013 28,541 147 29,551 1,002 136,694 202,885

N.B.: Based on the compulsory reporting by credit institutions which have obtained permission to keep accounts for dematerialised securities of the public debt (Art. 49 of the Royal Decree of 23January 1991 amended by Art. 1 of the Royal Decree of 11 June 2001).

1 National Bank of Belgium and the monetary collective investment institutions . Up to and including December 1998, those MFI were included in ’Other financial institutions’.Bibliographical reference: Bulletin de la Banque Nationale de Belgique, LXVIIth year, number 4, April 1992. Statistical bulletin of the National Bank of Belgium, 1999-III, p.13. Statistical bulletinof the National Bank of Belgium, 2001-IV, p.21.

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17.6 OUTSTANDING AMOUNT OF LINEAR BONDS


1999 2000 2001 2002 20031999 2000 2001 2002

year Sep. Oct. Nov. Dec.

Issue Maturity date Code Nominal interest rate(p.c.)1989 01/06/99 239 8.251990 05/04/96 245 10.001990 02/08/00 247 10.00 4,642

1991 02/01/98 248 9.251991 28/02/94 249 9.501991 28/03/03 251 9.00 12,441 12,626 12,626 9,321 0

1991 27/06/01 252 9.00 8,192 7,172

1991 29/08/97 254 9.251992 01/10/07 257 8.50 8,166 8,306 8,306 8,413 8,413 8,413 8,413 8,413 8,413

1992 25/06/02 259 8.75 10,979 10,979 8,688

1992 30/07/98 260 9.001992 24/12/12 262 8.00 6,682 8,432 8,700 8,825 8,547 8,825 8,547 8,547 8,547

1993 29/04/99 264 7.001993 29/04/04 265 7.25 10,747 10,747 10,747 10,747 8,444 9,487 8,670 8,542 8,444

1993 25/05/97 266 6.751993 29/07/08 268 7.50 8,326 8,506 8,657 8,682 7,966 7,966 7,966 7,966 7,966

1993 25/11/96 270 6.251994 16/03/99 272 VAR1994 31/03/05 273 6.50 9,614 10,113 10,178 10,178 10,178 10,178 10,178 10,178 10,178

1994 15/10/04 275 7.75 5,457 5,447 5,447 5,463 4,477 5,463 4,583 4,517 4,477

1994 22/12/00 278 7.75 6,904

1995 26/01/97 279 7.501995 28/03/15 282 8.00 5,247 6,181 7,228 7,000 6,220 7,011 6,220 6,220 6,220

1995 15/05/06 283 7.00 8,184 8,319 8,405 8,465 8,465 8,465 8,465 8,465 8,465

1996 28/03/01 285 5.00 7,908 3,930

1996 28/03/07 286 6.25 8,308 9,646 9,732 13,477 13,492 13,492 13,492 13,492 13,492

1997 22/01/00 287 4.00 480

1997 28/03/08 288 5.75 1 12,074 13,271 13,424 13,479 12,387 12,387 12,387 12,387 12,387

1997 28/03/08 289 5.75 2

1997 28/03/08 290 5.75 2

1998 28/03/28 291 5.50 6,234 9,444 10,199 10,199 10,576 10,576 10,576 10,576 10,576

1999 28/03/09 292 3.75 11,294 15,070 16,398 16,430 16,463 16,463 16,463 16,463 16,463

1999 22/04/02 293 VAR 2,000 2,000 2,000

1999 28/09/05 294 4.75 4,205 9,944 11,673 11,901 11,901 11,901 11,901 11,901 11,901

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17.6 OUTSTANDING AMOUNT OF LINEAR BONDS (CONTINUED)


20032002200120001999

Dec.Nov.Oct.Sep.year

2002200120001999

2000 28/09/10 295 5.75 13,024 15,480 15,844 15,844 15,844 15,844 15,844 15,844

2001 28/09/11 296 5.00 10,226 10,259 10,546 10,546 10,546 10,546 10,546

2001 28/09/06 297 4.75 7,612 9,595 9,611 9,611 9,611 9,611 9,611

2002 28/09/12 298 5.00 11,417 11,417 11,417 11,417 11,417 11,417

2002 24/04/06 299 VAR 2,000 2,000 2,000 2,000 2,000 2,000

2002 28/09/17 300 5.50 5,660 6,723 6,723 6,723 6,723 6,723

2003 28/09/13 301 4,25 12,975 9,496 11,960 12,975 12,975

TOTAL 158,085 173,157 185,727 197,355 205,146 202,885 203,962 205,283 205,146

Source: NBB

1 Merging of two OLO lines issued in FRF and in DEM and fungible in euro, with the present line, on 1 January 1999.

2 Since 1 January 1999, the outstanding amount of this OLO line is recorded with the data of the OLO line with an identical maturityand coupon (code 288) with whom it was on this date fungible in euro.


17.8 ISSUES SHARES

(millions of euro)

Company formations Capital increases Capitalreduc-tions

Total of issues bymeans of contribu-tions in cash

Con-tribu-tions incash

Con-tribu-tions inkind

Amountto bepaid up

Not bro-kendown

Total Con-tribu-tions incash

Con-tribu-tions inkind

Amountto bepaid up

Conver-sions ofequity

Conver-sions ofdebts

Not bro-kendown

Total

tions

Total of which: Publicissues

1993 810 2,117 255 128 3,314 6,198 3,101 633 441 1,243 635 12,252 4,971 7,007 567

1994 844 862 557 74 2,339 6,045 2,851 449 718 960 18 11,045 4,201 6,890 1,017

1995 783 1,285 346 96 2,516 6,151 2,304 313 463 1,475 71 10,782 2,911 6,934 268

1996 909 1,321 257 48 2,542 7,163 7,701 1,072 610 999 162 17,709 5,874 8,075 2,959

1997 1,347 1,909 489 20 3,769 9,546 3,762 2,820 1,019 1,800 199 19,146 4,749 10,893 2,357

1998 1,013 6,508 437 85 8,044 9,036 21,631 923 495 2,404 41 34,532 3,940 10,047 12,504

1999 1,084 3,095 356 20 4,555 15,603 15,373 1,311 1,262 2,808 569 36,926 4,469 16,687 9,367

2000 1,345 2,925 578 16 4,864 21,605 30,793 1,436 781 2,102 78 56,795 5,800 22,950 7,940

2001 955 22,431 454 1 23,841 13,123 32,262 214 1,027 4,038 99 50,763 9,790 14,078 5,711

2002 717 3,201 284 2 4,204 12,683 32,420 620 1,195 2,627 28 49,573 8,215 13,400 1,049

2002 June 60 333 19 0 412 1,538 1,818 40 54 357 2 3,809 624 1,598 521

July 74 232 31 0 337 1,147 4,751 78 14 103 3 6,096 456 1,221 59

Aug. 35 386 9 0 430 1,457 4,057 3 4 115 0 5,636 248 1,492 101

Sep. 44 102 23 0 169 373 893 15 16 123 2 1,422 200 417 2

Oct. 53 52 28 0 133 178 2,231 13 11 152 1 2,586 2,261 231 22

Nov. 42 17 17 0 76 1,445 1,821 5 29 68 0 3,368 640 1,487 14

Dec. 128 165 35 0 328 2,869 9,876 297 129 442 3 13,616 1,952 2,997 82

2003 Jan. 50 105 19 0 175 1,339 7,181 2 3 25 0 8,549 215 1,389 33

Feb. 95 31 41 3 171 155 33 7 14 7 0 216 209 250 140

March 76 68 20 1 165 391 725 8 130 240 0 1,496 444 467 183

April 36 84 20 1 141 988 1,596 426 7 369 6 3,390 2,942 1,023 6

May 48 27 17 0 92 599 429 14 163 92 0 1,297 840 647 0

June 31 81 4 1 118 457 281 2 57 124 0 921 13,403 488 281

N.B.: Including shares issued by the financial intermediaries.


17.9 STOCK EXCHANGE ACTIVITY

Belgian values Foreign securities 1

Prices of shares (indices year 1985= 100) 1 2

Stock exchangecapitalisation ofshares at end of

Capital traded:average persession (thou-

General yieldrate of shares(p.c.) 4 5

Price/earningsratio 4

Forward shareprices (indexyear 1985 =

Capital traded:average persession (thou-

Price index (divi-dends not rein-vested)

Return index (re-invested divi-dends)

capitalisation ofshares at end ofperiod (millionsof euro) 1

average persession (thou-sands ofeuro) 1 3

rate of shares(p.c.) 4 5

ratio prices (indexyear 1985 =100) (reinvesteddividends) 2

average persession (thou-sands of euro) 3

1993 206.9 269.1 69,881.2 38,419 2.9 15.2 139.4 10,609.8

1994 230.7 310.4 66,378.5 42,871 2.7 17.9 158.8 12,481.4

1995 225.6 313.8 73,991.3 44,906 2.9 16.7 160.5 9,303.4

1996 271.9 390.0 94,358.2 68,947 2.8 15.8 209.8 11,246.9

1997 363.8 537.1 126,480.2 105,935 2.3 19.2 314.0 16,440.3

1998 504.7 759.7 208,419.0 202,318 384.4 20,064.5

1999 521.6 797.1 184,508.7 202,146 455.8 18,319.7

2000 470.7 732.8 196,657.8 166,441 591.1 24,783.6

2001 442.1 702.9 186,258.3 169,821 562.4 12,621.0

2002 393.9 640.3 122,454.3 149,452 472.7 9,448.8

2000 November 490.9 770.1 182,166.5 160,622 632.9 18,109.0

December 477.7 749.6 196,657.6 223,239 603.4 17,189.0

2001 January 463.9 728.3 176,794.5 182,988 577.9 14,021.0

February 470.3 739.1 178,830.4 170,289 593.2 23,709.0

March 448.3 704.7 168,934.5 218,207 559.5 16,812.0

April 447.8 704.2 167,902.6 158,237 580.7 12,579.0

May 442.1 699.3 166,530.3 181,355 627.9 15,446.0

June 449.5 718.6 169,323.4 203,054 628.6 12,964.0

July 456.3 731.2 175,184.6 149,025 589.0 7,915.0

August 452.7 725.4 172,493.7 120,790 553.8 6,813.0

September 415.8 666.3 158,829.4 193,055 479.9 8,733.0

October 408.7 655.5 156,139.6 137,544 500.5 7,112.0

November 423.3 679.0 162,112.3 160,255 528.0 11,248.0

December 425.9 683.6 186,258.3 170,457 529.6 15,889.0

2002 January 437.4 702.5 167,201.2 144,699 539.4 13,947.0

February 439.3 705.8 165,990.2 143,690 538.8 10,202.0

March 441.4 709.1 165,731.8 159,786 565.6 15,691.0

April 454.6 730.6 168,118.1 151,811 550.7 11,738.0

May 452.7 731.7 162,460.8 176,291 530.9 15,375.0

June 417.9 683.9 151,526.9 195,952 488.3 12,449.0

July 378.9 621.6 136,480.9 172,546 431.8 7,989.0

August 365.4 599.5 135,780.2 120,049 433.9 5,455.0

September 342.8 562.5 114,973.3 146,031 407.3 5,700.0

October 323.9 531.7 121,127.6 133,467 389.9 5,249.0

November 340.0 558.5 124,920.1 132,434 402.5 4,343.0

December 332.5 546.2 122,454.3 117,232 393.0 5,782.0

2003 January 325.1 534.4 114,088.9 111,961 384.3 6,123.0

February 297.3 488.8 106,266.2 102,111 350.8 4,080.0

March 279.5 459.6 104,412.0 133,336 349.9 5,803.0

April 311.2 512.2 117,742.8 290,814 363.1 8,858.0

May 323.7 537.9 121,798.2 139,350 359.5 4,476.0

June 334.2 564.3 122,644.1 148,073 378.0 4,146.0

July 335.2 567.5 127,011.6 116,616 380.9 3,557.0

August 350.1 592.8 129,469.6 114,927 392.5 3,966.0

September 356.2 577.8 129,579.3 152,824 - 5,818.0

October 359.5 609.4 135,693.2 123,781 - 4,144.0

November 368.4 624.7 136,320.4 159,987 - 4,390.0

1 Source: Brussels Stock Exchange.2 Average index number for the period.3 Debentures and shares.

4 Source: Kredietbank.5 Ratio of the last net dividend paid to the end-of-month price on the Brussels Stock Exchan-

ge.


17.11 NUMBER AND INVENTORY VALUE OF COLLECTIVE INVESTMENT INSTITUTIONS GOVERNED BYBELGIAN LAW

Number (end of period) Inventory value (end of period, millions of euro)

Funds R.D. Nr.15 of 9 March1982

Pension sav-ings funds

Other unittrusts

Investmentcompanies

Total Funds R.D. Nr.15 of 9 March1982

Pension sav-ings funds

Other unittrusts

Investmentcompanies

Total

1991 0 13 4 30 47 0 2,112 357 2,395 4,864

1992 0 14 4 41 59 0 2,416 292 4,924 7,632

1993 0 14 4 48 66 0 3,117 371 10,490 13,978

1994 0 14 6 59 79 0 3,173 488 12,204 15,865

1995 0 14 6 62 82 0 3,774 759 14,182 18,715

1996 0 13 7 64 84 0 4,608 913 17,900 23,421

1997 0 13 6 79 98 0 5,825 866 26,443 33,134

1998 0 12 12 90 114 0 8,065 1,057 42,682 51,804

1999 0 12 12 96 120 0 7,960 1,948 60,434 70,342

2000 0 11 14 103 128 0 7,680 3,011 72,823 83,514

Source: CBF

N.B.: Collective investment institutions which make public issues in Belgium.


18 CHAPTER 18: MONEY MARKET18.6 ISSUING OF THREE-MONTH TREASURY CERTIFICATES

Tender date Competitive tendering Non-competi-tive subscrip-tions (millions

Outstandingamount of de-materialised

Amount of-fered (millionsof euro)

Interest rates proposed Amountawarded (mil-lions of euro)

Maximum in-terest rateadopted

Percentagesawarded ontenders pre-

Weighted ave-rage interestrate of the ten-

tive subscrip-tions (millionsof euro) 1

amount of de-materialisedcertificates is-sued since29th Januaryof euro)

Minimum Maximumlions of euro) adopted tenders pre-

sented at themaximum rateadopted

rate of the ten-dering session

29th January1991 (in mil-lions of euro) 2

2003 28 Jan. 4,110.0 2.66 2.72 700.3 2.68 25 2.67 0.0 4,662.5

4 Feb. 4,060.0 2.63 2.70 600.4 2.65 10 2.64 0.0 5,262.9

11 Feb. 3,850.0 2.57 2.63 650.6 2.59 32 2.58 0.0 4,392.6

18 Feb. 3,900.0 2.55 2.60 300.3 2.55 56 2.55 0.0 4,692.9

25 Feb. 5,445.0 2.42 2.49 650.3 2.42 71 2.42 0.0 5,343.2

4 March 4,960.0 2.34 2.40 690.3 2.35 51 2.35 0.0 6,033.5

11 March 4,225.0 2.38 2.44 751.0 2.39 63 2.39 0.0 5,443.8

18 March 3,585.0 2.42 2.50 640.7 2.43 12 2.42 0.0 6,084.5

25 March 3,995.0 2.39 2.45 875.4 2.40 74 2.40 75.4 7,035.3

1 April 5,335.0 2.43 2.38 701.0 2.39 13 2.38 0.0 7,736.3

8 April 4,800.0 2.37 2.42 701.0 2.38 9 2.37 0.0 8,437.3

15 April 4,025.0 2.42 2.49 400.4 2.43 22 2.42 0.0 7,036.8

22 April 4,590.0 2.41 2.48 450.1 2.42 28 2.41 0.0 7,486.9

29 April 3,350.0 2.38 2.44 590.0 2.39 100 2.39 0.0 8,076.9

6 May 4,615.0 2.33 2.38 500.2 2.34 63 2.34 4.5 8,581.6

13 May 3,760.0 2.30 2.37 350.1 2.32 28 2.31 0.0 6,730.1

20 May 3,025.0 2.24 2.30 400.4 2.25 16 2.24 0.0 7,130.5

27 May 3,384.0 2.16 2.21 400.5 2.18 9 2.17 0.0 7,531.0

3 June 3,920.0 2.08 2.13 500.4 2.09 35 2.09 94.8 8,126.2

10 June 6,260.0 2.01 2.04 610.3 2.02 7 2.01 1.0 8,737.5

17 June 3,090.0 2.00 2.05 300.3 2.01 43 2.01 0.0 5,304.0

24 June 3,770.0 2.00 2.05 300.3 2.01 16 2.01 0.0 5,604.3

1 July 3,220.0 1.98 2.03 550.4 1.99 33 1.98 0.0 6,154.7

8 July 4,305.0 2.00 2.04 400.2 2.00 28 2.00 0.0 6,554.9

15 July 4,330.0 1.98 2.05 200.0 1.98 100 1.98 0.0 4,613.4

22 July 3,140.0 1.99 2.04 300.1 1.99 34 1.99 0.0 4,913.5

29 July 2,960.0 1.97 2.03 300.6 1.99 17 1.98 0.0 5,214.1

5 Aug. 4,055.0 1.99 2.05 485.0 2.00 100 2.00 0.0 5,699.1

12 Aug. 2,995.0 1.99 2.05 500.2 2.00 22 1.99 0.0 4,543.6

19 Aug. 3,425.0 1.99 2.05 220.0 1.99 100 1.99 0.0 4,763.6

26 Aug. 2,450.0 1.99 2.05 200.0 1.99 40 1.99 0.0 4,963.6

2 Sep. 3,435.0 2.01 2.07 470.0 2.01 100 2.01 0.0 5,433.6

9 Sep. 2,305.0 1.99 2.14 500.2 2.00 74 2.00 0.0 5,933.8

16 Sep. 4,040.0 1.99 2.06 300.4 2.00 32 2.00 0.0 4,427.1

23 Sep. 3,545.0 1.96 2.04 310.0 1.98 100 1.97 0.0 4,737.1

30 Sep. 2,830.0 1.95 2.02 400.2 1.97 42 1.96 0.0 5,137.3

7 Oct. 2,710.0 1.96 2.04 375.0 1.97 100 1.97 0.0 5,512.3

14 Oct. 2,240.0 1.96 2.04 300.2 1.98 70 1.97 0.0 4,061.2

21 Oct. 2,380.0 1.97 2.04 250.4 1.98 44 1.97 0.0 4,311.6

28 Oct. 1,945.0 1.96 2.04 530.3 1.98 84 1.98 0.0 4,841.9

4 Nov. 2,390.0 1.97 2.06 385.0 1.99 100 1.98 0.0 5,226.9

18 Nov. 2,270.0 1.95 2.03 140.0 1.96 100 1.96 0.0 3,961.7

25 Nov. 1,670.0 1.97 2.05 330.0 1.98 100 1.97 0.0 4,291.7

9 Dec. 1,205.0 1.97 2.05 380.0 2.00 100 1.98 0.0 4,671.7

16 Dec. 2,135.0 1.98 2.05 235.0 1.99 100 1.98 105.5 3,031.4

2004 6 Jan. 2,135.0 1.97 2.02 508.0 1.99 29 1.98 0.0 3,539.4

N.B.: This table relates solely to the dematerialised certificates which have been issued since29th January 1991 in accordance with the Ministerial Decree of 24th January 1991 either bycompetitive tendering or by non-competitive subscriptions. In the competitive tendering, allthe securities are allotted at the interest rates proposed by the subscribers (”American” meth-od). All the tenders submitted at rates below the maximum rate adopted by the Treasury are

accepted in full. Tenders submitted at the maximum rate adopted may be scaled down.

1 By means of these non-competitive subscriptions the primary dealers can subscribe, withincertain limits, for Treasury certificates at the average rate of the tendering session.

2 On the payment date.


18.7 ISSUING OF SIX-MONTH TREASURY CERTIFICATES

Auction date Competitive tendering Non-competi-tive subscrip-tions (millions













2003 28 Jan. 3,465.0 2.59 2.64 600.4 2.59 0 2.59 50.6 4,629.6

11 Feb. 3,645.0 2.48 2.52 650.5 2.48 65 2.48 96.2 4,549.5

4 March 2,790.0 2.28 2.35 805.0 2.30 100 2.30 2.6 5,357.1

11 March 2,520.0 2.28 2.33 750.0 2.29 80 2.29 0.0 5,431.3

1 April 3,325.0 2.29 2.34 801.0 2.31 14 2.30 25.0 6,257.3

8 April 2,845.0 2.32 2.36 700.4 2.33 67 2.33 66.9 7,024.6

29 April 3,400.0 2.32 2.37 700.3 2.34 39 2.33 0.0 6,900.3

6 May 3,035.0 2.27 2.30 800.9 2.28 35 2.28 16.5 7,717.7

27 May 4,513.0 2.09 2.13 600.6 2.10 9 2.09 0.0 7,527.4

10 June 3,575.0 1.95 2.05 395.0 1.95 100 1.95 150.3 8,072.7

1 July 3,405.0 1.93 1.97 410.0 1.93 100 1.93 100.8 8,133.5

8 July 3,125.0 1.94 1.97 400.0 1.94 100 1.94 0.0 8,533.5

29 July 2,495.0 1.96 2.00 685.0 1.97 100 1.97 25.2 8,182.2

12 Aug. 2,560.0 2.03 2.06 300.7 2.04 17 2.04 5.4 6,934.0

2 Sep. 2,820.0 2.07 2.11 350.0 2.07 78 2.07 0.0 7,284.0

9 Sep. 2,155.0 2.05 2.17 400.3 2.06 37 2.06 0.0 7,684.3

30 Sep. 2,600.0 1.97 2.01 425.0 1.97 100 1.97 30.3 6,563.6

7 Oct. 2,805.0 2.00 2.04 450.0 2.04 100 2.01 0.0 7,013.6

28 Oct. 2,880.0 2.04 2.09 270.0 2.06 100 2.05 90.8 5,906.8

9 Dec. 1,885.0 2.06 2.11 420.5 2.07 44 2.07 0.0 4,909.3

2004 6 Jan. 3,850.0 1.98 2.02 1,209.0 2.00 36 2.00 0.0 5,062.2






18.8 ISSUING OF TWELVE-MONTH TREASURY CERTIFICATES

Tender date Competitive tendering Non-competi-tive subscrip-tions (millions













2003 14 Jan. 2,950.0 2.54 2.60 500.4 2.55 36 2.55 100.1 17,495.2

21 Jan. 2,665.0 2.52 2.58 800.2 2.54 63 2.53 72.2 18,367.6

4 Feb. 2,622.0 2.47 2.52 700.4 2.49 18 2.48 92.8 19,160.8

18 Feb. 2,606.5 2.33 2.40 974.5 2.34 100 2.33 0.0 19,023.3

25 Feb. 2,427.5 2.22 2.28 650.2 2.23 27 2.22 0.0 19,673.5

18 March 2,390.0 2.36 2.43 860.0 2.37 100 2.37 196.5 18,086.2

25 March 3,025.0 2.33 2.37 625.0 2.33 100 2.33 0.0 18,711.2

15 April 2,560.0 2.39 2.44 900.3 2.42 33 2.41 0.0 17,963.6

22 April 2,270.0 2.36 2.40 850.3 2.37 61 2.37 26.3 18,840.2

13 May 3,020.0 2.15 2.20 930.0 2.17 100 2.17 174.2 17,908.8

20 May 3,054.5 2.09 2.14 687.5 2.10 100 2.10 41.4 18,637.7

3 June 3,035.0 1.99 2.04 500.9 2.00 32 2.00 375.4 19,514.0

17 June 2,017.5 1.84 1.87 700.7 1.85 20 1.84 0.0 18,835.0

24 June 2,327.0 1.85 1.88 700.7 1.86 47 1.86 225.0 19,760.7

15 July 3,175.0 1.93 1.97 680.5 1.93 41 1.93 0.0 18,798.0

22 July 2,830.0 2.00 2.04 500.6 2.01 64 2.01 76.8 19,375.4

5 Aug. 2,432.5 2.14 2.17 350.8 2.15 29 2.15 15.5 19,741.7

19 Aug. 2,454.0 2.18 2.23 700.4 2.19 21 2.18 150.9 19,075.3

26 Aug. 2,312.5 2.17 2.24 900.1 2.19 94 2.18 65.1 20,040.5

16 Sep. 2,347.5 2.12 2.17 650.2 2.14 67 2.13 0.0 19,486.6

23 Sep. 2,425.0 2.00 2.07 750.4 2.04 55 2.03 0.0 20,237.0

14 Oct. 2,462.5 2.16 2.23 700.5 2.19 33 2.18 0.0 19,761.0

21 Oct. 2,210.0 2.22 2.26 550.0 2.23 50 2.23 32.0 20,343.0

4 Nov. 2,020.0 2.24 2.29 415.5 2.26 67 2.26 0.0 20,758.5

18 Nov. 1,790.0 2.22 2.27 660.3 2.24 47 2.23 86.5 19,955.5

25 Nov. 2,145.0 2.28 2.34 500.6 2.30 21 2.29 0.0 20,456.1

16 Dec. 1,570.0 2.20 2.24 566.0 2.23 16 2.22 21.4 20,059.1






18.10 TRANSACTIONS ON THE SECONDARY MARKET IN DEMATERIALISED SECURITIES RECORDED BYTHE NATIONAL BANK OF BELGIUM’S SECURITIES CLEARING SYSTEM

(averages per period of the daily data)

Treasury certificates Linear bonds 1 Treasury bills and certificates of cre-dit

Total

Number of trans-actions

Amount (millionsof euro)







(1) (2) (3) (4) (5) (6) (7) = (1) + (3) + (5) (8) = (2) + (4) + (6)

1994 116 1,765 642 4,836 7 42 765 6,644

1995 110 1,889 620 6,329 14 89 743 8,307

1996 67 1,418 578 6,894 22 124 667 8,436

1997 115 2,407 471 7,112 39 409 625 9,926

1998 107 1,715 340 8,272 48 585 495 10,573

1999 84 1,784 287 6,831 50 363 421 8,978

2000 61 1,490 327 7,738 71 504 459 9,731

2001 77 1,720 444 9,201 77 508 598 11,428

2002 82 1,897 553 9,435 82 526 718 11,858

2003 90 2,725 583 11,507 89 448 762 14,680

2002 December 86 3,036 592 12,226 77 481 755 15,742

2003 January 87 2,414 592 12,652 71 436 750 15,502

February 91 2,097 621 11,369 87 491 799 13,957

March 90 2,705 688 15,160 92 483 870 18,347

April 81 2,431 631 12,041 100 467 812 14,940

May 97 4,192 595 11,101 96 464 788 15,757

June 102 3,990 609 12,276 98 499 809 16,765

July 86 2,854 590 11,462 90 410 766 14,725

August 94 1,966 500 8,948 83 390 678 11,304

September 94 2,431 544 11,273 92 452 730 14,156

October 99 2,763 579 11,635 86 429 764 14,827

November 97 2,831 546 10,676 83 423 726 13,929

December 62 2,023 503 9,488 84 434 649 11,946

N.B.: Excluding the National Bank of Belgium’s open-market transactions.

1 Including, from 19 October 1992, transactions in ”corpus” and ”coupons” of split linear bonds.


18.11 HOLDERSHIP OF DEMATERIALISED TREASURY CERTIFICATES


Belgium Foreign countries Grand to-tal


Generalgovern-


Grand to-tal

Creditinstitu-

Other 1


Generalgovern-ment

Other Total


Total

Creditinstitu-tions

Other institu-tions

ment

MFI Otherclients

MFI Otherclients

Banks Otherclients

1993 16,091 3,937 2,454 1,081 23,562 13,642 37,204

1994 24,762 2,442 1,502 880 29,586 18,334 47,920

1995 19,807 3,225 1,220 1,257 25,508 12,705 38,213

1996 21,418 2,856 2,925 1,683 28,882 14,291 43,173

1997 16,443 3,580 4,995 1,044 26,061 16,458 42,519

1998 14,509 1,269 2,533 1,815 20,126 16,527 36,654

1999 10,594 476 386 2,661 2,117 16,234 9,745 70 3,267 341 13,423 29,657

2000 9,119 274 1,651 1,753 938 13,735 7,700 97 4,938 7 12,742 26,477

2001 6,643 399 412 4,745 837 13,036 7,568 184 1,920 389 4,651 7 14,719 27,755

2002 6,216 270 281 6,384 618 13,769 7,450 151 2,681 165 3,467 23 13,937 27,706

2001 III 11,313 157 316 3,267 588 15,641 6,795 144 1,324 76 6,084 11 14,434 30,075

IV 6,643 399 412 4,745 837 13,036 7,568 184 1,920 389 4,651 7 14,719 27,755

2002 I 7,891 175 260 3,040 825 12,191 7,361 246 3,570 369 5,415 55 17,016 29,207

II 6,850 223 322 2,606 946 10,948 9,614 317 2,518 379 8,398 74 21,298 32,247

III 6,775 197 419 3,672 1,053 12,117 7,719 483 4,602 398 5,683 144 19,029 31,146

IV 6,216 270 281 6,384 618 13,769 7,450 151 2,681 165 3,467 23 13,937 27,706

2003 I 7,416 141 871 2,441 930 11,798 8,604 319 5,461 95 4,877 29 19,384 31,182

II 7,120 85 645 1,161 398 9,409 11,015 541 5,084 19 6,703 35 23,398 32,807

III p 7,429 37 1,003 1,700 390 10,558 9,563 253 4,831 28 5,705 5 20,386 30,945

N.B.: Based on the compulsory reporting by credit institutions which have obtained permission to keep accounts for dematerialised securities of the public debt (Art. 49 of the Royal Decree of 23January 1991 amended by Art. 1 of the Royal Decree of 11 June 2001).

1 National Bank of Belgium and the monetary collective investment institutions . Up to and including December 1998, those MFI were included in ’Other financial institutions’.Bibliographical reference: Bulletin de la Banque Nationale de Belgique, LXVIth year, number 6, juni 1991. Statistical bulletin of the National Bank of Belgium, 1999-III, p.13. Statistical bulletinof the National Bank of Belgium, 2001-IV, p.21.


18.12 HOLDERSHIP OF DEMATERIALISED TREASURY BILLS AND CERTIFICATES OF DEPOSIT ISSUEDIN EURO

18.12.1 HOLDERSHIP OF DEMATERIALISED TREASURY BILLS ISSUED IN EURO


Belgium Foreign countries Total


Generalgovern-


Total

Creditinstitu-

Other 1


Generalgovern-ment

Other Total


Total

Creditinstitu-tions

Other institu-tions

ment

MFI Otherclients

MFI Otherclients

Banks Otherclients

1998 3,669 731 984 1,644 7,028 3,286 10,314

1999 4,455 183 2,295 1,103 1,128 9,164 3,689 101 785 224 4,799 13,963

2000 4,074 348 2,320 1,489 2,206 10,437 4,583 607 1,077 134 6,402 16,839

2001 3,067 226 2,504 1,740 1,933 9,470 4,097 2,168 1,517 88 191 113 8,174 17,644

2002 2,394 378 2,484 2,103 1,689 9,048 5,731 1,354 546 13 1,954 324 9,922 18,970

2001 III 2,914 321 2,618 1,572 2,230 9,655 4,105 2,025 471 16 1,143 176 7,936 17,591

IV 3,067 226 2,504 1,740 1,933 9,470 4,097 2,168 1,517 88 191 113 8,174 17,644

2002 I 2,800 226 2,038 1,751 1,493 8,308 4,017 1,281 1,580 0 747 266 7,891 16,199

II 3,360 240 1,831 1,439 1,750 8,621 4,672 488 625 717 961 221 7,685 16,306

III 2,831 334 1,936 1,987 1,629 8,717 5,365 1,481 942 3 1,451 237 9,479 18,196

IV 2,394 378 2,484 2,103 1,689 9,048 5,731 1,354 546 13 1,954 324 9,922 18,970

2003 I 1,978 286 2,233 2,136 1,710 8,343 5,387 1,539 649 0 1,957 703 10,235 18,578

II 2,246 259 2,486 2,256 1,544 8,791 5,341 1,275 653 5 1,891 675 9,841 18,632

III 1,870 304 2,214 2,792 1,659 8,839 5,335 1,154 791 600 2,183 244 10,307 19,146

N.B.: Based on the compulsory reporting to the National Bank of Belgium by the credit institutions which obtained permission to keep accounts for dematerialised treasury bills and certificates ofcredit (Art. 8 of the Royal Decree of 14 Octobre 1991 amended by Art. 1 of the Royal Decree of 11 June 2001).

1 National Bank of Belgium and the monetary collective investment institutions . Up to and including December 1998, those MFI were included in ’Other financial institutions’.Bibliographical reference: Statistical bulletin of the National Bank of Belgium, 2001-IV, p.21.

18.12.2 HOLDERSHIP OF DEMATERIALISED CERTIFICATES OF DEPOSIT ISSUED IN EURO



Generalgovern-


Total

Creditinstitu-

Other 1


Generalgovern-ment

Other Total


Total

Creditinstitu-tions

Other institu-tions

ment

MFI Otherclients

MFI Otherclients

Banks Otherclients

1998 563 200 5 551 1,319 1,788 3,107

1999 2,319 5 126 9 244 2,703 1,355 2 1,087 0 2,444 5,147

2000 2,200 7 145 10 201 2,563 3,411 11 1,861 1 5,284 7,847

2001 1,567 8 234 14 308 2,131 801 78 577 6 612 0 2,075 4,206

2002 1,896 22 86 10 243 2,257 898 866 200 10 530 0 2,504 4,761

2001 III 1,896 25 184 8 190 2,303 826 28 279 0 374 0 1,507 3,810

IV 1,567 8 234 14 308 2,131 801 78 577 6 612 0 2,075 4,206

2002 I 1,671 6 153 29 359 2,218 1,434 575 416 0 655 0 3,080 5,298

II 1,381 15 123 1 387 1,907 1,013 17 506 699 654 5 2,895 4,802

III 1,964 14 135 7 409 2,529 1,207 869 413 0 564 2 3,055 5,584

IV 1,896 22 86 10 243 2,257 898 866 200 10 530 0 2,504 4,761

2003 I 1,788 0 87 8 286 2,169 893 1,093 665 0 448 0 3,099 5,268

II 1,507 0 83 8 207 1,805 611 704 667 0 324 5 2,311 4,116

III 1,519 3 90 7 369 1,988 226 395 62 0 156 0 839 2,827

N.B.: Based on the compulsory reporting to the National Bank of Belgium by the credit institutions which obtained permission to keep accounts for dematerialised treasury bills and certificates ofcredit (Art. 8 of the Royal Decree of 14 Octobre 1991 amended by Art. 1 of the Royal Decree of 11 June 2001).

1 National Bank of Belgium and the monetary collective investment institutions . Up to and including December 1998, those MFI were included in ’Other financial institutions’.Bibliographical reference: Statistical bulletin of the National Bank of Belgium, 2001-IV, p.21.


18.13 HOLDERSHIP OF DEMATERIALISED TREASURY BILLS AND CERTIFICATES OF DEPOSIT ISSUEDIN CURRENCIES OTHER THAN THE EURO

18.13.1 HOLDERSHIP OF DEMATERIALISED TREASURY BILLS ISSUED IN CURRENCIES OTHER THANTHE EURO




Generalgovern-


Total

Creditinstitu-

Other 1


Generalgovern-ment

Other Total


Total

Creditinstitu-tions

Other institu-tions

ment

MFI Otherclients

MFI Otherclients

Banks Otherclients

1998 10 0 0 12 22 478 478 500

1999 70 0 7 0 2 79 203 0 1,130 0 1,333 1,412

2000 214 0 107 0 1 322 769 0 2,005 0 2,774 3,096

2001 14 0 0 0 102 116 1,322 0 1,631 0 2,305 8 5,266 5,382

2002 64 0 0 0 50 114 1,395 0 1,594 0 2,088 405 5,482 5,596

2001 III 335 0 0 0 2 337 937 0 901 0 1,525 4 3,367 3,704

IV 14 0 0 0 102 116 1,322 0 1,631 0 2,305 8 5,266 5,382

2002 I 22 0 0 0 86 108 1,306 0 1,447 0 2,569 224 5,546 5,654

II 40 0 0 0 82 122 1,685 0 769 0 3,014 52 5,519 5,641

III 156 0 0 0 54 210 1,366 0 1,231 0 2,500 143 5,240 5,450

IV 64 0 0 0 50 114 1,395 0 1,594 0 2,088 405 5,482 5,596

2003 I 36 0 0 0 7 43 1,826 0 1,782 0 2,596 521 6,725 6,768

II 83 0 1 0 113 198 1,640 22 1,980 0 2,937 530 7,109 7,307

III 392 0 4 0 172 568 2,086 82 2,478 0 2,708 0 7,354 7,922

N.B.: Based on the compulsory reporting to the National Bank of Belgium by the credit institutions which obtained permission to keep accounts for dematerialised treasury bills and certificates ofcredit (Art. 8 of the Royal Decree of 14 Octobre 1991amended by Art. 1 of the Royal Decree of 11 June 2001).

1 National Bank of Belgium and the monetary collective investment institutions . Up to and including December 1998, those MFI were included in ’Other financial institutions’.

Bibliographical reference: Statistical bulletin of the National Bank of Belgium, 2001-IV, p.21.

18.13.2 HOLDERSHIP OF DEMATERIALISED CERTIFICATES OF DEPOSIT ISSUED IN CURRENCIES OTHERTHAN THE EURO




Generalgovern-


Total

Creditinstitu-

Other 1


Generalgovern-ment

Other Total


Total

Creditinstitu-tions

Other institu-tions

ment

MFI Otherclients

MFI Otherclients

Banks Otherclients

1998 1 0 0 5 6 255 261

1999 14 0 0 0 100 114 840 0 463 16 1,319 1,433

2000 10 0 0 0 127 137 1,521 0 1,923 12 3,456 3,593

2001 28 0 0 0 166 194 782 0 759 0 2,959 37 4,537 4,731

2002 64 0 6 0 21 91 344 0 1,167 0 2,905 24 4,440 4,531

2001 III 60 0 0 0 221 281 842 49 954 0 2,404 12 4,261 4,542

IV 28 0 0 0 166 194 782 0 759 0 2,959 37 4,537 4,731

2002 I 30 0 4 0 131 165 842 0 386 0 2,730 22 3,980 4,145

II 3 0 0 0 11 14 280 0 235 0 3,143 16 3,674 3,688

III 25 0 0 0 18 43 269 0 397 0 2,616 30 3,312 3,355

IV 64 0 6 0 21 91 344 0 1,167 0 2,905 24 4,440 4,531

2003 I 13 0 2 0 0 15 284 0 714 0 2,239 19 3,256 3,271

II 22 0 2 0 10 35 312 0 504 0 2,309 12 3,137 3,172

III 4 0 2 0 0 6 252 0 434 0 2,650 12 3,349 3,355

N.B.: Based on the compulsory reporting to the National Bank of Belgium by the credit institutions which obtained permission to keep accounts for dematerialised treasury bills and certificates ofcredit (Art. 8 of the Royal Decree of 14 Octobre 1991amended by Art. 1 of the Royal Decree of11 June 2001).

1 National Bank of Belgium and the monetary collective investment institutions . Up to and including December 1998, those MFI were included in ’Other financial institutions’.

Bibliographical reference: Statistical bulletin of the National Bank of Belgium, 2001-IV, p.21.


19 CHAPTER 19: INTEREST RATES19.1 OFFICIAL INTEREST RATES19.1.2 MAIN INTEREST RATES OF THE MONETARY POLICY OF THE EUROSYSTEM

(yearly percentages, dates of change)

Interest rate of themain refinancing ope-rations 1

Interest rate of the lon-ger-term refinancingoperations 2

Interest rate of themarginal lending facili-ties

Interest rate of the de-posit facilities

p.m. 2003 7 January 2.84 - 3.75 1.75

14 January 2.81 - 3.75 1.75

29 January - 2.80 3.75 1.75

4 February 2.79 - 3.75 1.75

11 February 2.78 - 3.75 1.75

25 February 2.76 - 3.75 1.75

26 February - 2.51 3.75 1.75

3 March 2.75 - 3.75 1.75

7 March - - 3.50 1.50

11 March 2.63 - 3.50 1.50

18 March 2.59 - 3.50 1.50

24 March 2.55 - 3.50 1.50

1 April 2.54 - 3.50 1.50

8 April 2.53 - 3.50 1.50

15 April 2.54 - 3.50 1.50

22 April 2.55 - 3.50 1.50

6 May 2.54 - 3.50 1.50

20 May 2.58 - 3.50 1.50

27 May 2.61 - 3.50 1.50

28 May - 2.27 3.50 1.50

3 June 2.50 - 3.50 1.50

6 June 2.11 - 3.00 1.00

17 June 2.12 - 3.00 1.00

25 June - 2.12 3.00 1.00

1 July 2.11 - 3.00 1.00

8 July 2.10 - 3.00 1.00

15 July 2.09 - 3.00 1.00

22 July 2.08 - 3.00 1.00

29 July 2.07 - 3.00 1.00

30 July - 2.10 3.00 1.00

5 August 2.06 - 3.00 1.00

26 August 2.08 - 3.00 1.00

27 August - 2.13 3.00 1.00

23 September 2.07 - 3.00 1.00

24 September - 2.12 3.00 1.00

30 September 2.06 - 3.00 1.00

14 October 2.05 - 3.00 1.00

29 October - 2.14 3.00 1.00

10 November 2.04 - 3.00 1.00

17 November 2.02 - 3.00 1.00

26 November - 2.13 3.00 1.00

2 December 2.03 - 3.00 1.00

9 December 2.01 - 3.00 1.00

16 December 2.02 - 3.00 1.00

17 December - 2.14 3.00 1.00

22 December 2.08 - 3.00 1.00

30 December 2.09 - 3.00 1.00

2004 5 January 2.04 - 3.00 1.00

1 It is the rate of the weekly tender with a maturity of two weeks.For the variable tender rate is it the weighted average rate. Thedates mentioned correspond to the data of the allocations.

2 It is the rate of the monthly tender with a maturity of three months.The dates mentioned correspond to the dates of the allocations.

Bibliographical reference: Statistical bulletin of the National Bankof Belgium, 1999-I, p 29.


19.2 REFERENCE INTEREST RATES ON THE SECONDARY MARKET FOR TREASURY CERTIFICATESISSUED BY THE BELGIAN GOVERNMENT

(yearly percentages, daily averages)

1 month 2 months 3 months 4 months 1 6 months 12 months

1994 5.57 5.64 5.68 5.73 5.80 6.02

1995 4.69 4.74 4.78 4.83 4.90 5.14

1996 3.20 3.20 3.21 3.23 3.25 3.33

1997 3.38 3.41 3.43 3.45 3.49 3.60

1998 3.50 3.52 3.55 3.56 3.58 3.69

1999 2.72 2.75 2.78 2.82 2.87 3.03

2000 4.01 4.13 4.24 4.30 4.41 4.65

2001 4.17 4.17 4.15 4.11 4.05 3.98

2002 3.17 3.20 3.21 3.22 3.24 3.36

2003 2.23 2.23 2.22 2.21 2.19 2.21

2002 December 2.75 2.79 2.79 2.78 2.75 2.73

2003 January 2.73 2.74 2.72 2.69 2.64 2.54

February 2.69 2.63 2.57 2.52 2.45 2.37

March 2.46 2.44 2.42 2.39 2.34 2.29

April 2.43 2.44 2.43 2.40 2.36 2.33

May 2.44 2.36 2.31 2.26 2.21 2.15

June 2.08 2.07 2.05 2.02 1.96 1.90

July 2.04 2.02 2.02 2.01 1.98 1.97

August 2.00 2.03 2.04 2.05 2.06 2.15

September 2.02 2.04 2.04 2.05 2.06 2.09

October 1.98 2.00 2.03 2.03 2.06 2.17

November 1.95 2.01 2.03 2.04 2.09 2.28

December 1.98 2.00 2.02 2.03 2.06 2.25

1 The certificates of deposit issued by the National Bank of Belgium bear an interest rate which, depending on the series, is revised every two or every four months in accordance with the indicativeinterest rates on the secondary market for Treasury certificates. Consequently, the interest rate on the Treasury certificates whose remaining period until the maturity date is closest to 120 calendardays is shown at the reference interest rates of the secondary market for Treasury certificates.

Bibliographical reference: Bulletin de la Banque Nationale de Belgique, LXVIth year, number 5, May 1991.


19.3 EONIA AND EURIBOR

(yearly percentages, daily data, daily averages)

EONIA EURIBOR 1EONIA

1 week 1 month 2 months 3 months 4 months 5 months 6 months 7 months 8 months 9 months 10months

11months

12months

1999 2.74 2.820 2.866 2.917 2.966 3.006 3.038 3.059 3.079 3.099 3.120 3.142 3.166 3.189

2000 4.12 4.171 4.239 4.321 4.397 4.453 4.507 4.555 4.595 4.638 4.682 4.718 4.753 4.789

2001 4.39 4.370 4.335 4.297 4.267 4.225 4.191 4.159 4.135 4.116 4.101 4.093 4.089 4.086

2002 3.29 3.302 3.306 3.313 3.320 3.329 3.340 3.354 3.370 3.390 3.413 3.437 3.465 3.494

2002 Dec. 3.09 3.016 2.980 2.955 2.941 2.919 2.905 2.892 2.882 2.875 2.870 2.870 2.870 2.872

2003 Jan. 2.79 2.854 2.855 2.846 2.832 2.808 2.783 2.758 2.746 2.735 2.723 2.715 2.708 2.705

Feb. 2.76 2.818 2.781 2.728 2.693 2.655 2.614 2.583 2.567 2.552 2.535 2.524 2.516 2.509

March 2.75 2.665 2.601 2.560 2.530 2.496 2.473 2.451 2.440 2.431 2.422 2.418 2.414 2.411

April 2.56 2.574 2.576 2.556 2.533 2.506 2.487 2.469 2.459 2.452 2.448 2.446 2.445 2.447

May 2.56 2.614 2.520 2.439 2.401 2.361 2.333 2.308 2.295 2.283 2.272 2.262 2.255 2.252

June 2.21 2.217 2.177 2.164 2.152 2.126 2.103 2.084 2.066 2.051 2.038 2.027 2.019 2.014

July 2.08 2.120 2.131 2.132 2.130 2.118 2.106 2.093 2.083 2.077 2.074 2.073 2.074 2.076

Aug. 2.10 2.108 2.125 2.135 2.143 2.154 2.167 2.174 2.183 2.199 2.217 2.237 2.259 2.280

Sep. 2.02 2.106 2.126 2.138 2.147 2.163 2.172 2.178 2.186 2.195 2.205 2.221 2.239 2.258

Oct. 2.01 2.083 2.100 2.117 2.144 2.155 2.163 2.173 2.190 2.209 2.232 2.258 2.281 2.303

Nov. 1.97 2.062 2.087 2.156 2.159 2.181 2.204 2.224 2.252 2.283 2.314 2.347 2.377 2.410

Dec. 2.06 2.082 2.131 2.139 2.146 2.164 2.179 2.200 2.223 2.250 2.278 2.311 2.345 2.381

2003 1 Dec. 2.05 2.083 2.155 2.154 2.160 2.188 2.217 2.243 2.286 2.329 2.373 2.417 2.457 2.503

2 Dec. 2.05 2.079 2.153 2.153 2.159 2.187 2.217 2.243 2.283 2.329 2.375 2.418 2.455 2.503

3 Dec. 2.04 2.067 2.149 2.153 2.159 2.178 2.207 2.231 2.266 2.312 2.355 2.397 2.437 2.483

4 Dec. 2.04 2.065 2.148 2.153 2.159 2.184 2.212 2.235 2.274 2.320 2.359 2.399 2.445 2.488

5 Dec. 2.04 2.064 2.146 2.151 2.154 2.174 2.194 2.214 2.247 2.288 2.319 2.362 2.402 2.444

8 Dec. 2.03 2.063 2.142 2.148 2.152 2.163 2.175 2.192 2.216 2.248 2.278 2.311 2.347 2.385

9 Dec. 2.03 2.058 2.138 2.141 2.149 2.163 2.174 2.193 2.216 2.248 2.276 2.309 2.346 2.382

10 Dec. 2.04 2.058 2.136 2.143 2.149 2.168 2.183 2.204 2.228 2.263 2.299 2.334 2.373 2.410

11 Dec. 2.04 2.059 2.135 2.142 2.150 2.172 2.187 2.205 2.238 2.269 2.306 2.343 2.376 2.415

12 Dec. 2.05 2.063 2.135 2.142 2.148 2.164 2.181 2.202 2.222 2.244 2.273 2.304 2.331 2.373

15 Dec. 2.04 2.064 2.132 2.139 2.146 2.166 2.183 2.206 2.225 2.247 2.276 2.307 2.336 2.371

16 Dec. 2.03 2.068 2.132 2.139 2.145 2.161 2.174 2.194 2.212 2.232 2.259 2.286 2.320 2.353

17 Dec. 1.88 2.001 2.123 2.134 2.144 2.161 2.173 2.195 2.210 2.229 2.255 2.283 2.317 2.349

18 Dec. 1.71 2.010 2.119 2.131 2.141 2.155 2.165 2.184 2.200 2.213 2.231 2.257 2.290 2.312

19 Dec. 1.62 2.048 2.117 2.132 2.142 2.156 2.164 2.183 2.201 2.219 2.234 2.263 2.297 2.322

22 Dec. 1.89 2.103 2.121 2.132 2.140 2.157 2.164 2.183 2.200 2.219 2.236 2.264 2.296 2.326

23 Dec. 2.46 2.103 2.121 2.132 2.140 2.157 2.164 2.183 2.200 2.219 2.236 2.264 2.296 2.326

24 Dec. 2.28 2.220 2.126 2.133 2.142 2.154 2.165 2.181 2.199 2.220 2.240 2.270 2.303 2.330

25 Dec. - - - - - - - - - - - - - -

26 Dec. - - - - - - - - - - - - - -

29 Dec. 2.33 2.245 2.124 2.132 2.142 2.152 2.163 2.177 2.192 2.205 2.219 2.245 2.274 2.304

30 Dec. 2.22 2.104 2.105 2.116 2.126 2.143 2.154 2.174 2.191 2.204 2.225 2.250 2.280 2.311

31 Dec. 2.32 2.093 2.101 2.114 2.124 2.139 2.149 2.168 2.182 2.201 2.217 2.244 2.273 2.305

1 EURIBOR is an acronym for EURo Inter Bank Offered Rate. It is constituted of a simpleaverage of the offered prime rate, corrected for the extreme values, from a panel of 57banks inside the eurozone. This average is computed at 11 AM (Brussels time).

Bibliographical reference: Statistical bulletin of the National Bank of Belgium, 1999-I, p29-30.


19.4 DEBTOR INTEREST RATES IN NATIONAL CURRENCY OF BELGIAN CREDITINSTITUTIONS

(weighted yearly percentages, end of period)

Short-term credit Long-term credit

Overdrafts 1 Fixed-term advan-ces

Loans subject toflat-rate charges 1

Investment cre-dits 1

Mortgage loans 1

1994 8.79 6.26 12.55 9.24 8.81

1995 7.75 4.54 10.66 7.34 6.63

1996 7.02 4.01 7.48 6.29 5.64

1997 7.26 4.76 7.59 6.49 5.88

1998 7.27 4.05 6.67 5.12 5.01

1999 6.95 4.32 7.28 6.51 6.09

2000 8.76 5.60 7.81 6.56 6.79

2001 7.78 4.13 7.05 6.36 5.93

2002 7.54 3.74 7.10 6.00 5.41

2003 6.81 3.02 6.65 6.34 5.12

2002 December 7.54 3.74 7.10 6.00 5.41

2003 January 7.53 3.69 6.93 5.91 5.18

February 7.42 3.34 6.85 5.88 5.16

March 7.10 3.24 6.76 6.01 5.08

April 7.09 3.34 6.75 5.95 5.08

May 7.10 3.05 6.74 5.80 5.07

June 6.81 2.90 6.73 5.58 4.74

July 6.81 2.94 6.75 6.06 4.67

August 6.79 3.02 6.75 6.12 4.70

September 6.80 2.90 6.74 6.03 5.09

October 6.80 3.01 6.74 6.36 5.10

November 6.82 3.07 6.73 6.40 5.12

December 6.81 3.02 6.65 6.34 5.12

N.B.: Weighted averages of the interest rates on the basis of a survey carried out among themain credit institutions. The weighting is based on the outstanding amount of the balance-sheet heading from the bookkeeping statement (Presentation A) submitted by the credit insti-tutions, showing the reference contract for each of the interest rates mentioned.

1 As a result of an adjustment of the reference contract, the interest rate mentioned is no lon-ger entirely comparable from January 1996 onwards.

Bibliographical references: Bulletin de la Banque Nationale de Belgique, LXIXth year, num-ber 9, September 1994. Bulletin statistique de la Banque Nationale de Belgique, 1996-II.


2

3

4

5

6

7

8

9

2000 20012

3

4

5

6

7

8

9

2000 2001

2

3

4

5

6

7

8

9

2000 2001

2

3

4

5

6

7

8

9

2000 20012

3

4

5

6

7

8

9

2000 2001

2

3

4

5

6

7

8

9

2002 20032

3

4

5

6

7

8

9

2002 2003

2

3

4

5

6

7

8

9

2002 2003

2

3

4

5

6

7

8

9

2002 20032

3

4

5

6

7

8

9

2002 2003


OVERDRAFTS LOANS SUBJECT TO FLAT-RATE CHARGES

FIXED-TERM ADVANCES INVESTMENT CREDITS

MORTGAGE LOANS

19.4 DEBTOR INTEREST RATES IN NATIONAL CURRENCY OF BELGIAN CREDIT INSTITUTIONS

N.B.: Weighted averages of the interest rates on the basis of a surveycarried out among the main credit institutions. The weighting is based on the outstanding amount of the balance-sheet heading from the bookkeeping statement (Scheme A) submitted by the credit institutions,showing the reference contract for each of the interest rates mentioned.

Bibliographical references: Bulletin de la Banque Nationale de Belgique,LXIXth year, number 9, September 1994. Bulletin statistique de la Banque Nationale de Belgique, 1996-II, p. 11-12.


19.5 CREDITOR INTEREST RATES IN NATIONAL CURRENCY OF BELGIAN CREDITINSTITUTIONS


Sight deposits Regulated sav-ings deposits 1

Time deposits NotesSight deposits Regulated sav-ings deposits 1

at 15 days at 3 months at 3 years at 1 year at 5 years

1994 0.81 4.62 4.31 4.52 7.06 5.51 7.50

1995 0.72 3.82 3.00 3.16 4.63 3.63 5.50

1996 0.61 2.84 2.31 2.51 3.83 2.84 4.72

1997 0.58 2.84 2.85 3.03 4.36 3.51 4.67

1998 0.56 2.65 2.61 2.75 3.12 2.92 3.38

1999 0.53 2.58 2.41 2.71 4.42 3.50 4.70

2000 0.54 2.64 3.80 3.99 4.52 4.32 4.58

2001 0.53 2.64 2.44 2.61 3.72 2.85 4.00

2002 0.54 2.66 2.07 2.18 3.06 2.57 3.54

2003 0.33 2.13 1.21 1.46 2.67 1.90 3.24

2002 December 0.54 2.66 2.07 2.18 3.06 2.57 3.54

2003 January 0.54 2.66 2.02 2.14 2.76 2.32 3.19

February 0.53 2.61 1.94 1.93 2.43 2.12 2.91

March 0.53 2.59 1.72 1.87 2.40 2.05 2.87

April 0.53 2.39 1.73 1.87 2.65 2.05 3.10

May 0.53 2.36 1.58 1.60 2.07 1.81 2.60

June 0.52 2.35 1.34 1.49 1.81 1.58 2.33

July 0.34 2.13 1.31 1.44 2.05 1.57 2.62

August 0.34 2.13 1.29 1.48 2.59 1.76 3.05

September 0.34 2.13 1.23 1.48 2.59 1.76 3.05

October 0.34 2.13 1.21 1.51 2.69 1.89 3.22

November 0.34 2.13 1.20 1.50 2.69 1.90 3.24

December 0.33 2.13 1.21 1.46 2.67 1.90 3.24

N.B.: Weighted averages of the interest rates on the basis of a survey carried out among themain credit institutions. The weighting is based on the outstanding amount of the balance-sheet heading from the bookkeeping statement (Presentation A) submitted by the credit insti-tutions, showing the reference contract for each of the interest rates mentioned.

1 As a result of an adjustment of the reference contract, the interest rate mentioned is no lon-ger entirely comparable from January 1996 onwards.

Bibliographical references: Bulletin de la Banque Nationale de Belgique, LXIXth year, num-ber 9, September 1994. Bulletin statistique de la Banque Nationale de Belgique, 1996-II.


0

1

2

3

4

5

6

7

2000 20010

1

2

3

4

5

6

7

2002 20030

1

2

3

4

5

6

7

2000 20010

1

2

3

4

5

6

7

2002 2003

0

1

2

3

4

5

6

7

2000 20010

1

2

3

4

5

6

7

2002 2003

0

1

2

3

4

5

6

7

2000 20010

1

2

3

4

5

6

7

2002 2003

0

1

2

3

4

5

6

7

2000 20010

1

2

3

4

5

6

7

2002 2003

0

1

2

3

4

5

6

7

2000 20010

1

2

3

4

5

6

7

2002 2003

0

1

2

3

4

5

6

7

2000 20010

1

2

3

4

5

6

7

2002 2003

19.5 CREDIT INTEREST RATES IN NATIONAL CURRENCY OF BELGIAN CREDIT INSTITUTIONS(weighted yearly percentages, end of period)

SIGHT DEPOSITS TIME DEPOSITS AT 15 DAYS

REGULATED SAVINGS DEPOSITS TIME DEPOSITS AT 3 MONTHS

NOTES AT 1 YEAR TIME DEPOSITS AT 3 YEARS

NOTES AT 5 YEARSN.B.: Weighted averages of the interest rates on the basis of a surveycarried out among the main credit institutions. The weighting is based on the outstanding amount of the balance-sheet heading from the bookkeeping statement (Scheme A) submitted by the credit institutions,showing the reference contract for each of the interest rates mentioned.

Bibliographical references: Bulletin de la Banque Nationale de Belgique,LXIXth year, number 9, September 1994. Bulletin statistique de la Banque Nationale de Belgique, 1996-II, p. 11-12.


19.6 LONG-TERM YIELD RATES ON THE BELGIAN SECONDARY MARKET FOR BONDS ISSUED BY THEBELGIAN PUBLIC SECTOR


Reference rates by maturity Gross interestrate of reference

1 year 2 years 3 years 4 years 5 years 10 years 20 years

Gross interestrate of referenceloan 1

1998 3.69 3.86 4.02 4.16 4.29 4.77 5.18 4.75

1999 3.03 3.39 3.70 3.92 4.10 4.80 5.36 4.75

2000 4.65 4.88 5.07 5.21 5.30 5.59 5.85 5.59

2001 3.98 4.13 4.30 4.46 4.61 5.11 5.60 5.13

2002 3.36 3.72 4.03 4.25 4.43 4.98 5.35 4.98

2003 2.21 2.53 2.84 3.12 3.37 4.17 4.79 4.18

2002 December 2.73 2.96 3.22 3.51 3.75 4.48 4.97 4.46

2003 January 2.54 2.74 2.98 3.27 3.51 4.30 4.81 4.28

February 2.37 2.56 2.76 2.99 3.23 4.06 4.71 4.11

March 2.29 2.53 2.77 3.03 3.28 4.10 4.75 4.15

April 2.33 2.60 2.88 3.15 3.41 4.24 4.86 4.29

May 2.15 2.35 2.57 2.82 3.07 3.92 4.61 3.95

June 1.90 2.10 2.31 2.56 2.81 3.72 4.47 3.74

July 1.97 2.28 2.58 2.88 3.16 4.04 4.75 4.06

August 2.15 2.58 2.97 3.27 3.50 4.21 4.81 4.22

September 2.09 2.53 2.92 3.24 3.49 4.24 4.86 4.25

October 2.17 2.61 3.00 3.32 3.57 4.32 4.91 4.31

November 2.28 2.74 3.15 3.48 3.73 4.45 4.97 4.43

December 2.25 2.69 3.09 3.42 3.67 4.40 4.91 4.38

1 Benchmarks:OLO 9.00 % 1991/2003 from 23/03/93 to 11/01/94OLO 7.25 % 1993/2004 from 12/01/94 to 17/11/94OLO 7.75 % 1994/2004 from 18/11/94 to 24/04/95OLO 6.50 % 1994/2005 from 25/04/95 to 09/02/96OLO 7.00 % 1995/2006 from 10/02/96 to 09/01/97OLO 6.25 % 1996/2007 from 10/01/97 to 21/01/98OLO 5.75 % 1997/2008 from 22/01/98 to 31/01/99OLO 3.75 % 1999/2009 from 01/02/99 to 20/01/00OLO 5.75 % 2000/2010 from 21/01/00 to 21/01/01OLO 5.00 % 2001/2011 from 22/01/01 to 17/01/02OLO 5.00 % 2002/2012 from 18/01/02 to 27/01/02OLO 4.25 % 2003-2013 onwards 28/01/03


19.7 INTEREST RATES ON THREE-MONTH EURO-CURRENCY DEPOSITS


US dollar Euro Pound ster-ling 1

Swiss franc Danishcrown

Japaneseyen

Canadiandollar

Swedishcrown

Norwegiancrown

Australiandollar

1994 4.63 5.44 4.04 6.07 2.22 5.28 - -

1995 5.93 6.62 2.96 6.05 1.14 6.91 8.56 5.25

1996 5.40 6.01 1.91 3.85 0.44 4.38 5.88 4.68

1997 5.63 6.83 1.61 3.62 0.42 3.45 4.25 3.53

1998 5.47 7.32 1.46 4.09 0.32 4.95 4.21 5.56

1999 5.30 2.91 5.36 1.30 3.27 0.09 4.79 3.19 6.28 4.79

2000 6.45 4.35 6.04 2.97 4.83 0.23 5.50 3.95 6.53 5.96

2001 3.72 4.23 4.91 2.84 4.53 0.10 3.90 3.97 7.02 4.70

2002 1.74 3.28 3.95 1.08 3.37 0.02 2.52 4.11 6.70 4.57

2003 1.15 2.30 3.62 0.25 2.28 --0.03 2.89 3.07 3.88 4.73

2002 December 1.37 2.90 3.90 0.59 2.92 0.01 2.73 3.78 6.41 4.65

2003 January 1.30 2.79 3.87 0.52 2.84 0.01 2.77 3.73 5.78 4.62

February 1.27 2.65 3.64 0.50 2.74 0.01 2.82 3.65 5.49 4.59

March 1.22 2.50 3.54 0.28 2.51 0.01 3.08 3.45 5.29 4.60

April 1.24 2.50 3.53 0.22 2.49 0.01 3.19 3.45 5.06 4.63

May 1.22 2.38 3.52 0.20 2.41 0.01 3.24 3.30 4.71 4.61

June 1.04 2.11 3.52 0.19 2.05 0.00 3.13 2.85 3.86 4.50

July 1.05 2.09 3.38 0.20 2.01 --0.07 2.97 2.73 3.25 4.56

August 1.07 2.10 3.41 0.18 2.03 --0.06 2.80 2.75 2.94 4.66

September 1.08 2.11 3.59 0.17 2.02 --0.05 2.69 2.77 2.61 4.75

October 1.09 2.11 3.70 0.16 2.05 --0.07 2.65 2.76 2.64 4.83

November 1.10 2.13 3.87 0.17 2.12 --0.06 2.71 2.75 2.67 5.11

December 1.10 2.11 3.90 0.18 2.10 --0.06 2.66 2.73 2.41 5.30

1 Rates calculated on basis of 365 days.Bibliographical references: Bulletin de la Banque Nationale de Belgique, LXVIth year, number 5, May 1991. Bulletin statistique de la Banque Nationale de Belgique, 1996-II.


19.8 GROSS YIELD RATES OF 10 YEAR BENCHMARK BOND ON THE SECONDARY MARKET:INTERNATIONAL COMPARISON


Belgium France Netherlands Germany Italy United Kingdom United States Japan

1994 7.76 7.22 6.87 6.83 10.53 8.15 7.18 4.21

1995 7.49 7.54 6.91 6.83 12.25 8.33 6.70 3.29

1996 6.49 6.33 6.16 6.22 9.42 7.95 6.53 3.01

1997 5.76 5.57 5.57 5.66 6.82 7.13 6.45 2.17

1998 4.75 4.64 4.64 4.56 4.89 5.60 5.32 1.48

1999 4.77 4.62 4.65 4.50 4.76 5.06 5.71 1.72

2000 5.60 5.40 5.43 5.27 5.61 5.34 6.13 1.76

2001 5.13 4.94 4.96 4.81 5.19 4.93 5.06 1.34

2002 4.98 4.87 4.90 4.79 5.04 4.93 4.65 1.27

2003 4.18 4.14 4.15 4.10 4.26 4.53 4.04 1.01

2002 December 4.46 4.41 4.38 4.36 4.56 4.59 4.08 0.97

2003 January 4.28 4.23 4.24 4.18 4.39 4.43 4.07 0.82

February 4.11 4.01 4.06 3.96 4.17 4.25 3.95 0.82

March 4.15 4.09 4.11 4.02 4.20 4.32 3.82 0.73

April 4.29 4.23 4.24 4.16 4.32 4.47 3.98 0.66

May 3.95 3.91 3.93 3.85 4.03 4.21 3.62 0.58

June 3.74 3.70 3.72 3.64 3.83 4.07 3.33 0.54

July 4.06 4.00 4.04 4.00 4.13 4.34 3.94 1.01

August 4.22 4.16 4.19 4.15 4.30 4.58 4.44 1.17

September 4.25 4.23 4.22 4.20 4.32 4.70 4.34 1.50

October 4.31 4.29 4.27 4.25 4.38 4.92 4.31 1.43

November 4.43 4.41 4.40 4.39 4.51 5.09 4.33 1.40

December 4.38 4.34 4.34 4.34 4.46 4.95 4.31 1.37

Source: Securities regulation Fund

N.B.: Today’s bonds of reference:Belgium: 4.25 % OLO - 28/09/2013,France: 4.75 % OAT - 25/10/2012,Netherlands: 4.25 % Nederland - 15/07/2013,Germany: 4.50 % Bund - 04/01/2013,Italy: 4.75 % BTP - 01/02/2013,United Kingdom: 5.00 % Treasury stock - 07/03/2012,United States: 4.00 % Treasury note - 15/11/2012,Japan: 1.00 % JGB - 20/12/2012.


19.9 OFFICIAL INTEREST RATES OR INTERVENTION RATES OF FOREIGN CENTRALBANKS

(yearly percentages, dates of change)

Denmark Sweden Norway Switserland United kingdom United States Japan

Rate on currentaccount depo-sits

Rate on certifi-cates of deposit

Repo for 2weeks

Depositfacility Discount rate Minimum lend-ing rate

Discount rate Discount rate

p.m. 2002 1 February 3.25 3.55 3.75 6.50 0.50 4.00 1.25 0.10

19 March 4.00

26 April 4.25

4 July 7.00

9 August 3.50

30 August 3.45

7 November 0.75

15 November 4.00

6 December 2.75 2.95 3.75

12 December 6.50

2003 9 January -

23 January 6.00

6 February 3.75

6 March 5.50

7 March 2.50 2.70

19 March 3.50

30 April 5.00

23 May 2.65

6 June 2.00 2.15

11 June 3.00

26 June 4.00

9 July 2.75

10 July 3.50

14 August 3.00

18 September 2.50

6 November 3.75

Source: EUROSTAT

Bibliographical reference: Bulletin statistique de la Banque Nationale de Belgique, 1996-I.

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