Belgium Economic Forecast

Belgium Economic Outlook

August 27, 2019

A preliminary estimate revealed economic activity slipped to a near two-year low in the second quarter. Although a detailed breakdown is not yet available, government expenditure is expected to have slowed amid protracted difficulties to form a national government, while deteriorating business sentiment points to stunted capital investment. On a brighter note, average retail sales growth for Q2 was above that of Q1, which, coupled with sustained labor market tightening and easing inflation, suggests that household spending held up. In the political arena, coalition talks at the national level are expected to begin once negotiations at the regional level have concluded. So far, Brussels and the country’s German-speaking region have formed governments, while negotiations in Wallonia and Flanders are likely to take more time. Economic policy should remain stable until the next government is in place.

Belgium Economic Growth

The economy is expected to slow this year as sluggish growth across most of the Eurozone drags on the external sector. That said, household spending is expected to remain solid, as consumers benefit from the tight labor market and the recent wage-indexing measures, while fixed investment will likely benefit from cheap financing conditions. FocusEconomics analysts see growth at 1.2% in 2019, which is unchanged from last month’s forecast, and at 1.1% in 2020.

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Belgium Facts

Bond Yield-0.330.15 %Sep 04
Exchange Rate1.100.65 %Sep 04
Stock Market3,589-0.23 %Sep 04

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