Belgium Economic Sentiment January 2020


Belgium: Consumer sentiment deteriorates in January; business sentiment continues to rise

January 25, 2021

The consumer confidence indicator produced by the National Bank of Belgium (NBB) fell to minus 10 in January, deteriorating from December’s minus 8, amid the extension of Covid-19 related restrictions until March. Expectations on the future of the economy grew more negative, while unemployment concerns rose again after four months of consecutive improvement. Moreover, households’ sentiment regarding future savings was down.

On a different note, NBB’s business confidence indicator came in at minus 7.5 in January, up from minus 8.5 in December. The uptick was driven by easing pessimism in business-related services and within the building industry. However, both the trade and manufacturing sectors grew slightly more pessimistic.

FocusEconomics analysts project household spending to grow 6.4% in 2021, which is up 1.4 percentage points from last month’s forecast. In 2022, they see it expanding 4.4%. Meanwhile, our analysts see fixed investment expanding 5.8% in 2021, which is down 0.9 percentage points from last month’s forecast. In 2022, fixed investment is seen growing 6.1%.

Author:, Junior Economist

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Belgium Economic Sentiment Chart

Belgium Economic Sentiment January 2021 0

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

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