Belgium Economic Sentiment August 2020


Belgium: Consumer sentiment weakens again in August; businesses grow less pessimistic

August 25, 2020

The consumer confidence indicator produced by the National Bank of Belgium (NBB) dived to minus 26 in August, from minus 20 in July. The downturn mainly reflected greater pessimism regarding the economic situation, the financial situation of households and unemployment for the next 12 months, and comes amid elevated new Covid-19 cases.

Contrastingly, the NBB’s business confidence indicator rose to minus 12.0 in August from minus 13.9 in July. August’s reading reflected better sentiment in the manufacturing and business-related services sectors, which more than offset more downbeat sentiment in the construction and trade sectors.

FocusEconomics analysts project household spending to fall 10.5% in 2020, which is down 0.9 percentage points from last month’s forecast. In 2021, they see it expanding 6.2%. Meanwhile, our analysts see fixed investment contracting 11.4% in 2020, which is down 0.8 percentage points from last month’s forecast. In 2021, fixed investment is seen growing 4.7%.


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Belgium Economic Sentiment Chart

Belgium Economic Sentiment August 20 20 0

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

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