The municipality contains an industrial area for the electrical engineering and the production of iron, steel, glass and chemicals. Charleroi is in the center of a coal basin. Even so, due to the widespread loss in industrial power in the area since the 1970s, the area has suffered some of the highest unemployment and poverty rates in Europe for most of the 1980s and 1990s. However, from the early 2000s, the overall economy of the area has diversified to include health care, transportation and telecommunications. Nevertheless, the poverty rates are still significant
