Belgium Economic Sentiment June 2021


Belgium: Consumer confidence remains stable in July, while business confidence hits new all-time high

July 22, 2021

The consumer confidence indicator produced by the National Bank of Belgium (NBB) came in at June’s plus 8 in July, consequently remaining in optimistic territory. In detail, households’ views on the economic situation in the country for the next year remained unchanged. Meanwhile, their expectations regarding employment improved for the year ahead. However, consumers became less positive regarding their views on the future of their financial situation.

NBB’s business confidence index rose to 10.1 in July from June's 9.8. July's result beat June’s as the strongest on record. The improved sentiment was mainly observed among firms in manufacturing, while firms in the trade sector grew less pessimistic. In contrast, sentiment ebbed among firms in the construction industry, as well as for firms dealing in professional business-related services.

FocusEconomics analysts project household spending to grow 3.8% in 2021, which is up 0.5 percentage points from last month’s forecast. In 2022, they see it expanding 4.6%. Meanwhile, our analysts see fixed investment expanding 8.9% in 2021, which is up 0.4 percentage points from last month’s forecast. In 2022, fixed investment is seen growing 3.4%.

Author:, Junior Economist

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Belgium Economic Sentiment Chart

Belgium Economic Sentiment July 2021 2

Note: Business and consumer confidence indicators.
Source: National Bank of Belgium (NBB).

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