Belgium Economic Outlook
November 20, 2018
Preliminary GDP data revealed the economy gained traction in Q3, with quarterly growth slightly above the modest showing in the first half of the year. Although a full breakdown is yet to be released, the third-quarter expansion was seemingly powered by the industrial sector, with output rebounding strongly on average in July–August on the back of buoyant manufacturing activity, primarily of chemicals and electronics. On the expenditure side, stronger merchandise exports growth in the same two-month period suggests external demand made again an important contribution to overall economic activity. That said, mild retail sales growth in July–August alongside slightly higher unemployment and consumers turning more pessimistic on average in Q3 point to subdued private consumption in the quarter, likely weighing on overall growth. Meanwhile, in October, consumer confidence strengthened slightly while business sentiment dipped, painting a mixed picture at the outset of Q4.Belgium Economic Growth
The economy is expected to maintain a modest pace of expansion next year, propped up by solid domestic demand. A tight labor market and healthy wage gains should underpin a pick-up in household spending. This, coupled with strong investment activity, aided by favorable financing conditions, will remain the main engines of growth ahead. Key downside risks to the outlook are largely external given Belgium’s highly open economy, with potential impacts arising from a slowdown in demand in the country’s main trading partners or an escalation of global trade conflicts. FocusEconomics analysts project growth of 1.5% in 2019, which is down 0.1 percentage points last month’s forecast, and 1.5% again in 2020.Belgium Economy Data
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Belgium Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 0.75 | 0.15 % | Dec 12 |
| Exchange Rate | 1.14 | 0.65 % | Dec 12 |
| Stock Market | 3,401 | -0.23 % | Dec 12 |
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Belgium Economic News
Belgium: Consumer confidence deteriorates while business sentiment improves in November
November 23, 2018
The consumer confidence indicator produced by the National Bank of Belgium (NBB) dipped from 1.0 points in October to minus 1.0 points in November.
Belgium: Industrial output contracts notably in September
November 23, 2018
In September, industrial output fell a notable 4.5% from a month earlier in seasonally-adjusted terms, contrasting August’s strong 3.0% increase and marking the largest monthly drop since January 2017.
Belgium: Growth ticks up in Q3
October 29, 2018
According to a flash estimate released by the National Bank of Belgium (NBB) on 29 October, in the third quarter, the economy grew a modest 0.4% from the previous quarter in seasonally-adjusted terms, a notch above the 0.3% expansion logged in the second quarter.
Belgium: Industrial output growth picks up to 18-month high in August
October 25, 2018
In August, industrial output rose a strong 3.0% from a month earlier in seasonally-adjusted terms, accelerating from July’s revised 1.6% increase (previously reported: +1.4% month-on-month) and marking the fastest monthly climb in a year and a half.
Belgium: Consumer confidence improves marginally in October while business sentiment deteriorates
October 24, 2018
The consumer confidence indicator produced by the National Bank of Belgium (NBB) inched up from 0.0 points in September to 1.0 points in October.
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