Belgium Economic Outlook
September 28, 2021National accounts data confirmed that GDP expanded at a faster rate on a quarter-on-quarter basis in the second quarter, as falling numbers of new Covid-19 cases and more moderate restrictions towards the end of the period likely propped up activity. Q2’s result came on the back of swifter public and private spending growth, coupled with a marked rebound in exports. That said, a notable slowdown in private investment growth capped the overall expansion. Turning to Q3, the recovery should have gained traction: Industrial production rose at a quick pace in July on the back of strong manufacturing output—mainly linked to a surge in the production of Covid-19 vaccines—while consumer and business confidence remained upbeat through the quarter, pointing towards healthy activity in the quarter.
Belgium Economic GrowthA broad-based rebound in activity amid the easing of domestic restrictions is expected to help the economy make up some lost ground this year. In 2022, GDP growth is expected to moderate somewhat as the base effect subsides, but it should still remain robust. That said, uncertainty around the course of the pandemic dampens the outlook. FocusEconomics analysts see the economy expanding 5.0% in 2021. In 2022, they see it growing 3.3%, which is unchanged from last month’s forecast.
Belgium Economy Data
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Belgium Economic News
Belgium: Consumer confidence remains optimistic in September, while business confidence at four-month low
September 24, 2021
The consumer confidence indicator produced by the National Bank of Belgium (NBB) came in at plus 8.0 in September, rising from August’s plus 5.0 result and thus moving further into optimistic territory.
August 30, 2021
A second estimate confirmed that GDP growth accelerated on a seasonally-adjusted quarter-on-quarter basis in the second quarter, expanding 1.7% (previously reported: +1.4% s.a.
August 23, 2021
The consumer confidence indicator produced by the National Bank of Belgium (NBB) came in at plus 5 in August, falling from July’s plus 8 result, but remaining in optimistic territory.
August 10, 2021
Industrial output grew 23.2% year-on-year in calendar-adjusted terms in June (May: +19.5% c.a.
July 29, 2021
According to a preliminary reading, GDP growth edged up to 1.4% on a seasonally-adjusted quarter-on-quarter basis in the second quarter, from 1.1% in the first quarter.