Belgium Economic Outlook
September 29, 2020A second estimate revealed the economy entered recession in Q2 as the pandemic took its toll on domestic demand, weighing on private consumption and investment. Turning to Q3, the signs of a recovery appear muted. The unemployment rate rose in July, signaling a deteriorating labor market, while retail sales showed anemic growth in the same month. More positively, however, the decline in industrial production eased in July on smaller contractions in the manufacturing and energy sectors, and stronger mining and quarrying output. What’s more, despite souring in July–August, consumer confidence bounced back in September, showing signs of improving sentiment. On that note, business confidence also firmed somewhat in July–August. Meanwhile, in politics, the seven party leaders trying to form a coalition announced on 11 September that they are committed to forming a new federal government by 1 October.
Belgium Economic GrowthGDP is seen falling at the sharpest rate in decades this year as the pandemic and containment measures pummel household spending, fixed investment and exports. In 2021, renewed domestic and foreign demand should support a recovery. Risks to the outlook stem from further flare-ups of the virus, which could trigger new restrictions in Belgium or its key trading partners. FocusEconomics analysts see the economy contracting 8.1% in 2020. In 2021, they see it expanding 5.5%, which is unchanged from last month’s forecast.
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
September 24, 2020
The consumer confidence indicator produced by the National Bank of Belgium (NBB) improved to minus 16 in September, the highest since March and a marked increase from August’s minus 26 reading.
September 11, 2020
Industrial output declined 5.1% in annual terms in July, which was a less pronounced drop than June's 10.7% decrease.
August 31, 2020
GDP shrank 12.1% on a seasonally-adjusted quarter-on-quarter basis in Q2, following Q1’s 3.5% decline and marking the sharpest contraction on record.
August 25, 2020
The consumer confidence indicator produced by the National Bank of Belgium (NBB) dived to minus 26 in August, from minus 20 in July.
August 11, 2020
Industrial output collapsed 10.5% in June, which was a deterioration from May's 5.3% decrease.