Belgium Economic Sentiment December 2020


Belgium: Consumer sentiment continues rising in December; business sentiment bounces back

December 18, 2020

The consumer confidence indicator produced by the National Bank of Belgium (NBB) rose to minus 8 in December, improving from November’s minus 15, despite the extension of lockdown restrictions until January. Expectations on the future of the economy became significantly less negative and unemployment concerns eased at a faster pace. Moreover, households’ expectations on future savings improved markedly, while they became more optimistic regarding their future financial situation.

On a different note, NBB’s business confidence indicator came in at minus 8.4 in December, up from minus 12.1 in November. The uptick was driven by easing pessimism in business-related services and manufacturing. In addition, the trade sector grew less pessimistic, albeit remaining significantly downbeat.

FocusEconomics analysts project household spending to grow 5.0% in 2021, which is down 1.3 percentage points from last month’s forecast. In 2022, they see it expanding 3.6%. Meanwhile, our analysts see fixed investment expanding 6.7% in 2021, which is up 0.3 percentage points from last month’s forecast. In 2022, fixed investment is seen growing 5.9%.

Author:, Junior Economist

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Belgium Economic Sentiment Chart

Belgium Economic Sentiment December 20 20

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

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