June data for industrial production confirmed the slowdown in economic activity showed in the preliminary GDP estimate for the second quarter. Industrial output plummeted a working-day adjusted 4.2% over June last year, which contrasted the 11.8% annual expansion registered in May. The reading marked the first contraction since November 2009. A month-on-month comparison confirms the deterioration suggested by the annual figures, as industrial output contracted a seasonally-adjusted 7.4% (May: +4.9% mom). Moreover, Belgium is likely to continue to report weak economic growth in the third quarter, as both business and consumer confidence indicators deteriorated sharply in August. Consumer confidence fell from minus 4 points in July to minus 9 points in August, the lowest level since June 2010. The August survey showed that consumers assessed the general economic situation for the next 12 months as more negative compared to the previous survey. In addition, the August result showed a majority of respondents expecting unemployment to increase. Simultaneously, business confidence plummeted to its lowest level in 20 months, from minus 2.5 points in July to minus 7.8 points in August, which was well below market expectations that had envisaged the index moderating to minus 3.5 points. The deterioration in business confidence reflected firms' negative business prospects in the year ahead, in particular in the manufacturing and construction sectors. The Central Bank anticipates that the economy will grow 2.6% this year, before slowing to 2.2% in 2012.
Economic growth likely to slow
August 29, 2011
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Belgium Economic News
October 21, 2016
The business confidence index produced by the National Bank of Belgium (NBB) rose from minus 2.2 points in September to minus 1.8 points in October.
September 23, 2016
In July, industrial production increased a seasonally-adjusted 1.9% over the previous month, which was above the 1.2% registered in June and represented a 6-months high.
Belgium: Business confidence recovers timidly but consumer confidence deteriorates further in September
September 23, 2016
The business confidence index produced by the National Bank of Belgium (NBB) rose from minus 3.1 points in August to minus 2.2 points in September.
August 31, 2016
In the second quarter of 2016, GDP increased a seasonally-adjusted 0.5% over the previous quarter, according to comprehensive data released by the National Bank of Belgium (NBB) on 31 August.
August 25, 2016
In June, industrial production increased a seasonally-adjusted 2.0% over the previous month, which contrasted the 0.4% contraction in May.