Belgium Economic Sentiment November 2020


Belgium: Consumer sentiment improves in November; business sentiment deteriorates

November 24, 2020

The consumer confidence indicator produced by the National Bank of Belgium (NBB) rose to minus 15 in November, improving from October’s minus 17, despite the lockdown imposed on 2 November. Expectations on the future of the economy ameliorated, while unemployment concerns dissipated somewhat. Moreover, households’ expectations on savings improved while their outlook on their financial situation remained unchanged.

On a different note, NBB’s business confidence indicator came in at minus 12.1 in November, down from minus 8.5 in October, a deterioration that breaks a six-month streak of improvements. The downtick came as pessimism soared in the business-related services, building and trade sectors. Contrastingly, the manufacturing sector became slightly less pessimistic in November.

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 November 20 20 0

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

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