Belgium | Economic Forecasts | 2017-2020 Outlook

This page has economic forecasts for Belgium including a long-term outlook for the next decades, plus medium-term expectations for the next four quarters and short-term market predictions for the next release affecting the Belgium economy.


Overview Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
GDP Growth Rate 0.40 0.4 0.4 0.5 0.5 0.5 percent [+]
Unemployment Rate 7.30 6.8 6.6 6.4 6.2 5.2 percent [+]
Inflation Rate 2.01 2.2 2.3 2.2 2.3 2.7 percent [+]
Interest Rate 0.00 0 0 0 0.25 0.75 percent [+]
Balance of Trade 222.70 980 1091 1087 1069 1090 EUR Million [+]
Government Debt to GDP 105.90 105 102 102 102 97.5 percent [+]
MARKETS Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Currency 1.18 1.16 1.15 1.13 1.12 0.99 [+]
Stock Market 4076.59 4010 3970 3930 3890 3440 points [+]
Government Bond 10Y 0.63 0.74 0.74 0.75 0.76 0.84 percent [+]
GDP Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
GDP Growth Rate 0.40 0.4 0.4 0.5 0.5 0.5 percent [+]
GDP Annual Growth Rate 1.50 1.8 1.9 1.9 1.8 2.4 percent [+]
GDP 466.37 469 466 454 442 479 USD Billion [+]
GDP Constant Prices 104418.00 104829 104887 104893 104868 104401 EUR Million [+]
Gross National Product 106969.00 107803 107872 107913 107922 107582 EUR Million [+]
Gross Fixed Capital Formation 24929.00 24917 24849 24851 24804 24482 EUR Million [+]
GDP per capita 45308.24 45390 45800 45800 45800 46090 USD [+]
GDP per capita PPP 41945.69 42140 42163 42185 42208 42188 USD [+]
GDP From Agriculture 712.00 662 658 662 669 680 EUR Million [+]
GDP From Construction 5650.00 5597 5053 5606 5063 5567 EUR Million [+]
GDP From Manufacturing 15779.00 15674 15547 15630 15536 15485 EUR Million [+]
GDP From Public Administration 13769.00 14171 13239 13786 12659 14037 EUR Million [+]
GDP From Services 18351.00 18156 17794 18275 17792 18105 EUR Million [+]
LABOUR Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Unemployment Rate 7.30 6.8 6.6 6.4 6.2 5.2 percent [+]
Employed Persons 3992.60 4003 4007 4009 4010 3994 Thousand [+]
Unemployed Persons 336727.00 343859 347577 351106 354471 378531 [+]
Labor Force Participation Rate 67.50 67.8 67.57 67.46 67.49 67.37 percent [+]
Long Term Unemployment Rate 3.90 3.87 3.88 3.89 3.93 4.07 percent [+]
Youth Unemployment Rate 21.70 21.43 21.34 21.27 21.2 20.8 percent [+]
Labour Costs 109.20 110 110 110 110 110 Index Points [+]
Job Vacancies 130137.00 115993 116794 115370 112377 102470 [+]
Minimum Wages 1531.93 1532 1544 1545 1546 1585 EUR/Month [+]
Wage Growth 1.80 1.12 0.99 0.94 0.96 1.29 percent [+]
Population 11.37 11.37 11.44 11.44 11.44 11.56 Million [+]
Retirement Age Women 65.00 64.32 64.32 64.32 64.32 64.47 [+]
Retirement Age Men 60.00 60.54 61.58 62.1 62.62 64.87 [+]
Employment Change 0.20 0.4 0.4 0.4 0.17 0.4 percent [+]
Employment Rate 62.80 62.7 62.59 62.61 62.57 62.43 percent [+]
Full Time Employment 3459.30 3412 3396 3382 3369 3310 Thousand [+]
Productivity 100.30 100 93.71 100 112 101 Index Points [+]
Wages 3445.00 3479 3496 3513 3530 3601 EUR/Month [+]
Wages High Skilled 3020.00 2955 2948 2943 2938 2914 EUR/Month [+]
Wages In Manufacturing 102.60 122 103 111 92.81 119 Index Points [+]
Wages Low Skilled 1850.00 1835 1834 1832 1831 1826 EUR/Month [+]
Part Time Employment 1060.70 1109 1091 1091 1095 1090 Thousand [+]
Living Wage Family 1342.30 1347 1347 1347 1347 1347 EUR/Month [+]
Living Wage Individual 1124.20 1135 1135 1135 1135 1135 EUR/Month [+]
PRICES Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Inflation Rate 2.01 2.2 2.3 2.2 2.3 2.7 percent [+]
Inflation Rate Mom -0.10 0.16 0.2 0.21 0.22 0.22 percent [+]
Consumer Price Index CPI 105.11 110 112 114 105 125 Index Points [+]
Core Consumer Prices 103.63 104 104 104 104 103 Index Points [+]
Core Inflation Rate 1.50 1.55 1.57 1.59 1.61 1.75 percent [+]
GDP Deflator 104.06 104 104 104 104 103 Index Points [+]
Producer Prices 108.80 118 120 120 108 132 Index Points [+]
Export Prices 114.89 114 114 114 114 112 Index Points [+]
Import Prices 116.62 113 113 113 113 111 Index Points [+]
Food Inflation 1.41 2.02 2.29 2.41 2.47 2.52 percent [+]
CPI Transportation 102.41 102 102 102 101 99.53 Index Points [+]
Harmonised Consumer Prices 104.15 104 104 104 104 104 Index Points [+]
Producer Prices Change 6.78 4.2 3.7 3.7 5.12 3 percent [+]
MONEY Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Interest Rate 0.00 0 0 0 0.25 0.75 percent [+]
Interbank Rate -0.33 -0.3 -0.25 -0.2 -0.16 0.22 percent [+]
Money Supply M0 38381.00 38396 38376 38356 38336 38157 EUR Million [+]
Money Supply M1 193300.00 193470 193289 193105 192922 191291 EUR Million [+]
Money Supply M2 507300.00 506605 506352 506118 505886 503813 EUR Million [+]
Money Supply M3 534300.00 533597 533223 532865 532509 529340 EUR Million [+]
Banks Balance Sheet 1132459.80 1132612 1131502 1130258 1128998 1118099 EUR Million [+]
Foreign Exchange Reserves 21923.00 21687 21556 21428 21303 20304 EUR Million [+]
Central Bank Balance Sheet 164019.00 160222 155961 151955 148184 121810 EUR Million [+]
Private Debt to GDP 263.79 266 265 265 265 266 percent [+]
TRADE Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Balance of Trade 222.70 980 1091 1087 1069 1090 EUR Million [+]
Exports 29344.40 30451 30431 30503 30452 29737 EUR Million [+]
Imports 29121.70 29176 28978 28877 28798 28145 EUR Million [+]
Current Account -897.00 423 421 420 420 420 EUR Million [+]
Current Account to GDP -0.40 1.8 2 2 2 2.3 percent [+]
Terms of Trade 98.52 99.53 99.68 99.79 99.88 100 Index Points [+]
Capital Flows -3832.00 -506 859 202 405 622 EUR Million [+]
Remittances 1389.00 1412 1379 1384 1366 1329 EUR Million [+]
Gold Reserves 227.40 228 229 229 229 232 Tonnes [+]
Foreign Direct Investment -3074.00 9129 4083 5991 3905 5069 EUR Million [+]
External Debt 1162794.00 1109971 1075357 1056377 1044110 1069411 EUR Million [+]
Weapons Sales 13.00 37.72 39.34 40.97 42.59 47.92 USD Million [+]
Terrorism Index 1.25 1.08 1.06 1.03 1.01 1.28 [+]
GOVERNMENT Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Government Debt to GDP 105.90 105 102 102 102 97.5 percent [+]
Government Budget -2.60 -2.2 -1.8 -1.8 -1.8 -0.8 percent of GDP [+]
Government Budget Value -11053.00 -10204 -10219 -10234 -10250 -9766 EUR Million [+]
Government Spending 24308.00 24248 24216 24187 24157 23906 EUR Million [+]
Government Spending to GDP 53.30 52.95 52.94 52.93 52.92 53.1 percent [+]
Government Revenues 214063.40 215791 216126 216461 216796 218707 EUR Million [+]
Government Debt 539331.00 536055 535059 534068 533085 524483 EUR Million [+]
Fiscal Expenditure 225116.10 223931 223746 223560 223375 218460 EUR Million [+]
Asylum Applications 1170.00 1670 1714 1623 1540 1567 persons [+]
Military Expenditure 4028.00 3994 4002 4009 4016 4084 USD Million [+]
BUSINESS Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Business Confidence -3.50 -4.93 -5.83 -6.36 -6.69 -7.25 [+]
Industrial Production 3.00 3.31 3.47 3.53 3.53 3.4 percent [+]
Industrial Production Mom 1.70 0.39 0.29 0.27 0.27 0.28 percent [+]
Manufacturing Production 3.80 3.33 3.76 3.94 3.99 3.94 percent [+]
Capacity Utilization 81.90 80.76 80.44 80.4 80.13 79.17 percent [+]
New Orders 115.76 122 122 122 122 122 Index Points [+]
Bankruptcies 376.00 646 637 657 674 688 Companies [+]
Car Registrations 40895.00 38098 37739 37711 37707 37704 Cars [+]
Changes In Inventories -348.00 363 170 436 466 463 EUR Million [+]
Competitiveness Index 5.25 5.16 5.19 5.2 5.21 5.18 Points [+]
Competitiveness Rank 17.00 19 19 19 18 19 [+]
Ease of Doing Business 42.00 38 38 38 37 30 [+]
Electricity Production 7197.00 6859 6774 6717 6682 6629 Gigawatt-hour [+]
Corporate Profits 24520.00 28498 28653 28807 28962 26516 EUR Million [+]
Corruption Index 77.00 75 75 74 74 69 Points [+]
Corruption Rank 15.00 16 17 17 18 20 [+]
Steel Production 670.00 713 736 755 770 831 Thousand Tonnes [+]
Mining Production 47.70 11.58 7.21 5.6 5.03 4.74 percent [+]
CONSUMER Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Consumer Confidence 3.00 -2 -0.2 -1.46 -2.5 -3 [+]
Retail Sales MoM -0.90 0.7 0.06 0.13 0.09 0.9 percent [+]
Retail Sales YoY -2.40 0.47 0.72 0.95 1.09 1.6 percent [+]
Consumer Spending 53765.00 53781 53764 53734 53702 53385 EUR Million [+]
Disposable Personal Income 85156.10 84883 84796 84711 84626 83880 EUR Million [+]
Personal Savings 10.90 11.38 11.49 11.6 11.7 12.46 percent [+]
Bank Lending Rate 1.66 1.69 1.71 1.74 1.77 1.96 percent [+]
Consumer Credit 8220571.00 8170710 8138018 8107798 8078969 7859270 EUR Thousand [+]
Gasoline Prices 1.68 1.69 1.68 1.68 1.67 1.62 USD/Liter [+]
Households Debt To Gdp 59.20 59.1 59.04 58.99 58.93 58.43 percent of GDP [+]
Households Debt To Income 101.32 102 103 103 103 101 percent [+]
HOUSING Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Building Permits 1526.00 2254 2310 2329 2334 2337 [+]
Housing Starts 3.69 3.53 3.52 3.52 3.52 3.52 Thousand [+]
Construction Output 0.20 2.76 3.06 3.24 3.34 3.49 percent [+]
Housing Index 105.27 105 105 105 105 103 Index Points [+]
Home Ownership Rate 71.30 71.81 71.88 71.94 72.01 72.38 percent [+]
TAXES Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Corporate Tax Rate 34.00 34.16 34.16 34.16 34.16 34.5 percent [+]
Personal Income Tax Rate 53.70 53.94 54.03 54.12 54.22 54.96 percent [+]
Sales Tax Rate 21.00 21 21 21 21 21 percent [+]
Social Security Rate 45.22 42.43 41.9 41.36 40.83 36.82 percent [+]
Social Security Rate For Companies 32.15 29.23 28.74 28.26 27.77 24.53 percent [+]
Social Security Rate For Employees 13.07 13.05 13.05 13.04 13.04 12.95 percent [+]