Belgium Economic Outlook
May 31, 2022Output grew at a reduced pace in Q1 2022 compared to Q4 2021, chiefly driven by a contraction in industry. That said, the services and construction sectors expanded at healthy paces and unemployment continued its downward trend. Since March, growth is likely sluggish, affected by the global slowdown in demand and high inflation. Industrial production is likely being affected by the sector’s elevated dependency on Russian gas, high prices for which will squeeze firms’ profit margins. Moreover, consumer confidence remained severely downbeat in April and May, likely weakening consumption in the quarter. That said, business confidence held up through May, which could be supporting investment intentions. Finally, in a May report the European Commission recommended that Belgium focus on addressing fiscal sustainability challenges, excessive red tape and the low participation rate.
Belgium Economic GrowthExternal headwinds are expected to curb economic growth this year. Private consumption and investment momentum will likely decline amid a drop in consumer confidence and soaring prices. Industrial output will also be affected by Russian energy dependency and a global decline in vaccine demand. That said, European funds will support private investment. FocusEconomics analysts see the economy expanding 2.3% in 2022, which is down 0.1 percentage points from last month’s forecast, and 1.8% in 2023.
Belgium Economy Data
5 years of Belgium economic forecasts for more than 30 economic indicators.
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|Bond Yield||0.10||0.15 %||Dec 31|
|Exchange Rate||1.12||0.65 %||Dec 31|
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Belgium Economic News
January 10, 2023
Industrial production increased 5.6% year on year in calendar-adjusted terms in November (October: -2.8% c.a.
December 20, 2022
Consumer confidence jumped to minus 15.0 in December from November's minus 22.0.
December 16, 2022
Harmonized inflation dropped to 10.5% in November from October’s 13.1%.
November 10, 2022
Industrial output grew 0.8% year on year in calendar-adjusted terms in September, which contrasted August's 7.3% decrease.
October 28, 2022
According to a preliminary estimate, GDP contracted 0.1% on a seasonally adjusted quarter-on-quarter basis in the third quarter, contrasting the 0.5% expansion seen in the second quarter.