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Belgium Consumer Confidence October 2022

Belgium: Consumer confidence stabilizes at a series-low in October

Consumer confidence came in at minus 27.0 in October, matching September’s reading, which was a significant drop compared to August. Octobers print marked the second consecutive month where the indicator reached a series low.

Looking at the details of the release, consumers assessment of the countrys general economic situation in the next 12 months improved, whereas their sentiment regarding their saving intentions declined by a similar inverse amount. Moreover, consumers sentiment on their current financial situation and the labor market stayed stable.

Overall, consumer confidence remained lower than at the onset of the Covid-19 pandemic in April 2020.

FocusEconomics analysts project household spending to grow 3.7% in 2022, which is up 0.3 percentage points from last months forecast. In 2023, they see it expanding 0.3%.

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