Belgium Economic Sentiment February 2021

Belgium

Belgium: Consumer sentiment bounces back in February; business sentiment continues to rise

February 22, 2021

The consumer confidence indicator produced by the National Bank of Belgium (NBB) rose to minus 9 in February, improving from January’s minus 10, despite the recent extension of pandemic-related restrictions until April. The slight uptick came amid households’ better expectations regarding the economic situation and unemployment. However, their outlook for both their financial situation and their savings for the next year deteriorated.

On a different note, NBB’s business confidence indicator came in at minus 4.4 in February, up from minus 7.5 in January. The uptick was driven by easing pessimism across the board, although the manufacturing industry became more downbeat regarding stock levels, which limited the improvement in the sector.

FocusEconomics analysts project household spending to grow 6.2% in 2021, which is down 0.2 percentage points from last month’s forecast. In 2022, they see it expanding 4.3%. Meanwhile, our analysts see fixed investment expanding 4.7% in 2021, which is down 1.1 percentage points from last month’s forecast. In 2022, fixed investment is seen growing 6.4%.


Author:, Junior Economist

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Belgium Economic Sentiment February 2021 1

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


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