Current Account in Belgium
Belgium - Current Account
Output grew at a reduced pace in Q1 2022 compared to Q4 2021, chiefly driven by a contraction in industry. That said, the services and construction sectors expanded at healthy paces and unemployment continued its downward trend. Since March, growth is likely sluggish, affected by the global slowdown in demand and high inflation. Industrial production is likely being affected by the sector’s elevated dependency on Russian gas, high prices for which will squeeze firms’ profit margins. Moreover, consumer confidence remained severely downbeat in April and May, likely weakening consumption in the quarter. That said, business confidence held up through May, which could be supporting investment intentions. Finally, in a May report the European Commission recommended that Belgium focus on addressing fiscal sustainability challenges, excessive red tape and the low participation rate.Belgium - Current Account Data
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| Current Account (% of GDP) | 1.3 | 0.6 | 1.2 | -1.3 | -1.3 |
Belgium Current Account Chart
Source: National Bank of Belgium and FocusEconomics calculations.
Belgium Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 0.10 | 0.15 % | Dec 31 |
| Exchange Rate | 1.12 | 0.65 % | Dec 31 |
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Economic News
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Belgium: GDP growth gathers momentum in the first quarter
May 31, 2022
GDP growth sped up to 0.5% on a seasonally-adjusted quarter-on-quarter basis in the first quarter, from 0.4% in the fourth quarter of last year.
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Belgium: Consumer confidence rises in May
May 20, 2022
Consumer confidence came in at minus 13.0 in May, up from April's minus 14.0. The headline print largely reflected improved sentiment regarding consumers’ financial situation in the next 12 months, their assessments of the general economic situation in the next 12 months as well as reduced concerns about an unemployment increase.
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Belgium: Industrial output falls at sharpest rate since December 2020 in March
May 10, 2022
Industrial production declined 3.7% year-on-year in calendar-adjusted terms in March (February: +7.3% c.a.
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Belgium: GDP growth records slowest increase since Q4 2020 in Q1
April 29, 2022
According to a preliminary reading, GDP growth ebbed to 0.3% on a seasonally-adjusted quarter-on-quarter basis in the first quarter, from 0.4% in the fourth quarter of last year.
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Belgium: Consumer sentiment improves in April
April 21, 2022
Consumer confidence came in at minus 14.0 in April, up from March's minus 16.0.
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