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Belgium Economic Sentiment November 2020

Belgium: Consumer sentiment improves in November; business sentiment deteriorates

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.

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