Belgium Economic Sentiment November 2018


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. The downturn reflected a broad-based deterioration in sentiment across the indicator’s components. Households turned less optimistic over the general economic situation and labor market in 12 months’ time compared to October. In addition, consumers’ views over their financial situation and savings capacity in the year ahead also worsened from last month.

In contrast, the NBB’s business confidence indicator climbed from minus 1.1 points in October to 0.4 points in November. The rebound was largely driven by a substantial improvement in sentiment in the trade industry. Moderate gains in confidence were also recorded in the building, manufacturing and business-related services sectors.

FocusEconomics panelists expect private consumption to expand 1.6% in 2019, which is unchanged from last month’s estimate, and 1.6% again in 2020. Panelists expect fixed investment to expand 2.3% in 2019, which is down 0.1 percentage points from last month’s forecast, and 2.0% in 2020.

Author:, Economist

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