Consumption in Belgium
Belgium - Consumption
GDP growth accelerates in the second quarter
A second estimate confirmed that GDP growth accelerated on a seasonally-adjusted quarter-on-quarter basis in the second quarter, expanding 1.7% (previously reported: +1.4% s.a. qoq) and gaining steam from the 1.1% rise tallied in the first quarter of the year.
Household spending increased 3.5% in the second quarter (Q1: +1.1% s.a. qoq), while government spending growth picked up to 3.5% in Q2 (Q1: +0.7% s.a. qoq). That said, fixed investment grew 1.6% in Q2, slowing from the previous quarter’s 2.7% rise and marking the lowest reading since Q2 2020’s pandemic-induced contraction.
Meanwhile, both exports (Q2: +2.7% s.a. qoq; Q1: -0.2% s.a. qoq), and imports of goods and services (Q2: +3.1% s.a. qoq; Q1: -1.1% s.a. qoq) rebounded solidly, likely as a result of a lower number of Covid-19 infections and loosening of associated restrictions at home and among key European trading partners.
On an annual basis, GDP rose 14.9% in Q2 (previously reported: +14.5% year-on-year) sharply contrasting the previous quarter's 0.5% contraction. The result marked the fastest expansion since records began, but was largely bolstered by a low base effect, as Q2 2020 contrastingly logged the steepest contraction on record.
Looking ahead, high-frequency indicators paint a positive picture for the Belgian economy: Both consumer and business confidence remained upbeat through July and August amid gradually easing pandemic-related restrictions and a swift vaccination campaign. Nevertheless, the recent rise in new Covid-19 cases due to the Delta variant poses a downside risk.
FocusEconomics Consensus Forecast panelists forecast GDP to increase 4.8% in 2021, which is up 0.1 percentage points from last month’s projection. For 2022, the panel sees economic growth of 3.3%.
Belgium - Consumption Data
|Consumption (annual variation in %)||1.6||1.9||1.8||1.5||1.1|
5 years of economic forecasts for more than 30 economic indicators.
|Bond Yield||0.10||0.15 %||Dec 31|
|Exchange Rate||1.12||0.65 %||Dec 31|
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August 30, 2021
A second estimate confirmed that GDP growth accelerated on a seasonally-adjusted quarter-on-quarter basis in the second quarter, expanding 1.7% (previously reported: +1.4% s.a.
August 23, 2021
The consumer confidence indicator produced by the National Bank of Belgium (NBB) came in at plus 5 in August, falling from July’s plus 8 result, but remaining in optimistic territory.
August 10, 2021
Industrial output grew 23.2% year-on-year in calendar-adjusted terms in June (May: +19.5% c.a.
July 29, 2021
According to a preliminary reading, GDP growth edged up to 1.4% on a seasonally-adjusted quarter-on-quarter basis in the second quarter, from 1.1% in the first quarter.
Belgium: Consumer confidence remains stable in July, while business confidence hits new all-time high
July 22, 2021
The consumer confidence indicator produced by the National Bank of Belgium (NBB) came in at June’s plus 8 in July, consequently remaining in optimistic territory.