Belgium Economic Outlook
May 5, 2020
A preliminary estimate revealed the economy contracted at the sharpest quarterly pace on record in Q1 as Covid-19 took its toll. The downturn was seemingly broad-based: Confinement measures likely dealt a blow to private consumption, while fixed investment is set to have fallen markedly amid heightened uncertainties. Moreover, the worst of the crisis is slated to hit in Q2, as hinted by over two-decade low consumer and business sentiment in April and prolonged social distancing. As a result of the deterioration of the public finances prompted by the crisis, on 3 April Fitch Ratings downgraded the outlook on the country’s credit AA- rating from stable to negative. Meanwhile, on 24 April the government unveiled its strategy to gradually lift the lockdown in May–June; however, the economy will likely operate well below full capacity for a longer period of time.Belgium Economic Growth
The economy is set to contract this year as a result of the health crisis. Fixed investment is likely to fall on depressed sentiment and the uncertain length of the pandemic, while downbeat external demand and falling tourism should weigh on exports. Meanwhile, the fiscal deficit is set to jump this year, putting pressure on politicians to curtail spending ahead. FocusEconomics analysts see the economy contracting 6.5% in 2020, which is down 3.3 percentage points from last month’s forecast. In 2021, they see it expanding 5.4%.Belgium Economy Data
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Belgium Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 0.10 | 0.15 % | Dec 31 |
| Exchange Rate | 1.12 | 0.65 % | Dec 31 |
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Belgium Economic News
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Belgium: Economy contracts at the fastest pace on record in Q1 2020
April 29, 2020
The economy contracted 3.9% quarter-on-quarter in seasonally-adjusted terms in the first quarter, markedly contrasting Q4 2019’s revised 0.5% expansion (previously reported: +0.4% quarter-on-quarter seasonally-adjusted) and marking an all-time low, as the Covid-19 pandemic and the measures taken to curtail its spread hammered activity.
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Belgium: Industrial production accelerates in February before imminent downturn in March.
April 24, 2020
In February, industrial production growth accelerated to 2.4% on an annual- and seasonally-adjusted basis, from a revised 0.3% expansion in January (previously reported: +0.5% year-on-year s.a.).
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Belgium: Economic sentiment collapses to record low in April as Covid-19 bites
April 24, 2020
The consumer confidence indicator produced by the National Bank of Belgium (NBB) fell from minus 9 in March to minus 26 in April, its lowest point in the survey’s history.
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Belgium: Economic sentiment slumps in March as Covid-19 bites
March 25, 2020
The consumer confidence indicator produced by the National Bank of Belgium (NBB) fell from minus 4 in February to minus 9 in March, its lowest point in five months.
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Belgium: Industrial production growth falls to six-month low in January
March 25, 2020
In January, industrial production growth slumped to 0.5% on an annual- and seasonally-adjusted basis, from 10.4% in December, its weakest expansion in six months.
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