Belgium Economic Sentiment

Belgium

Belgium: Business confidence continues to rise, while consumer confidence continues to fall

November 24, 2014

The business confidence index elaborated by the National Bank of Belgium (NBB) increased from October’s minus 6.8 points to minus 6.1 points in November. The result overshot the minus 6.9 points the markets had expected. According to the Bank, firms in both the construction sector and business related services were more optimistic than in the previous month. Expectations also improved in the manufacturing sector, although at a slower pace. Conversely, the business outlook deteriorated in the retail trade sector.

The consumer confidence index declined from October’s minus 12.0 points to minus 14.0 points in November. According to the Bank, consumers were more pessimistic regarding their financial means and saving capacity next year. As pointed out by the NBB, “these negative assessments appear to be connected with the announcement of various governmental austerity measures.”

FocusEconomics Consensus Forecast panelists expect fixed investment to expand 3.3% in 2014, which is unchanged from last month’s projection. For 2015, the panel sees fixed investment growing at 2.2%, which is down 0.1 percentage points from last month. Panelists expect private consumption to grow 1.0% in 2014, which is down 0.2 percentage points from last month’s estimate. Next year, the panel expects private consumption to grow 1.2%, which is down 0.1 percentage points over the previous month.

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Belgium Economic Sentiment Chart


Belgium Economic Sentiment November 2014

Note: Business and Consumer Confidence Indicators.
Source: National Bank of Belgium (NBB).


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