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 Q4/18 Q1/19 Q2/19 Q3/19 2020
GDP Growth Rate 0.40 0.5 0.4 0.6 0.5 0.5 percent
Unemployment Rate 6.30 6 6.2 6 5.9 6.5 percent
Inflation Rate 2.75 2 2.1 2.2 3.2 2.7 percent
Interest Rate 0.00 0 0 0 0.25 0.75 percent
Balance of Trade 1720.90 790 2400 2820 1495 1090 EUR Million
Government Debt to GDP 103.10 102 99.9 99.9 99.9 97.5 percent
MARKETS Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Currency 1.14
1.15 1.14 1.13 1.13 1.1
Stock Market 3442.88
points
3683 3651 3619 3588 3465
Government Bond 10Y 0.82
percent
0.87 0.92 0.96 1.01 1.23
GDP Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
GDP Growth Rate 0.40
percent
0.5 0.4 0.6 0.5 0.5
GDP Annual Growth Rate 1.70
percent
1.7 1.8 1.8 1.7 1.6
GDP 492.68
USD Billion
495 498 498 498 500
GDP Constant Prices 107213.00
EUR Million
108282 108704 109143 109036 111555
Gross National Product 112667.50
EUR Million
112088 112885 114696 114583 115476
Gross Fixed Capital Formation 25349.00
EUR Million
25458 25577 25805 25780 26227
GDP per capita 46078.93
USD
46200 46900 46900 46900 47000
GDP per capita PPP 42658.58
USD
42900 43300 43300 43300 43500
GDP From Agriculture 764.00
EUR Million
483 551 778 777 498
GDP From Construction 5276.00
EUR Million
5366 4906 5371 5366 5528
GDP From Manufacturing 15563.00
EUR Million
16077 15756 15843 15828 16563
GDP From Public Administration 14516.00
EUR Million
15197 14217 14777 14763 15656
GDP From Services 18712.00
EUR Million
18895 18385 19049 19030 19466
LABOUR Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Unemployment Rate 6.30
percent
6 6.2 6 5.9 6.5
Employed Persons 4056.40
Thousand
4110 4108 4115 4117 4113
Unemployed Persons 321599.00
318214 318526 317633 317684 317764
Labor Force Participation Rate 67.90
percent
68.39 68.16 68.07 68.24 68.22
Long Term Unemployment Rate 3.10
percent
2.97 2.94 2.92 2.9 2.84
Youth Unemployment Rate 18.90
percent
18.94 18.93 18.94 18.93 18.93
Labour Costs 111.00
Index Points
112 112 112 112 112
Job Vacancies 145757.00
150327 153420 157748 161534 174343
Minimum Wages 1562.59
EUR/Month
1563 1575 1575 1575 1585
Wage Growth 3.70
percent
2.84 2.79 2.81 2.92 2.97
Population 11.41
Million
11.41 11.51 11.51 11.51 11.56
Retirement Age Women 65.00
65 65 65 65 65
Retirement Age Men 65.00
65 65 65 65 65
Living Wage Family 1580.00
EUR/Month
1530 1550 1573 1570 1550
Living Wage Individual 1090.00
EUR/Month
1092 1086 1083 1081 1072
Part Time Employment 1140.80
Thousand
1158 1156 1158 1165 1194
Productivity 100.30
Index Points
100 100 100 100 100
Wages 3445.00
EUR/Month
3600 3650 3561 3581 3700
Wages High Skilled 3050.00
EUR/Month
3200 3200 3049 3054 3250
Wages In Manufacturing 100.30
Index Points
125 107 118 100 139
Wages Low Skilled 1890.00
EUR/Month
1950 1950 1877 1873 2000
Employment Change 0.40
percent
0.5 0.3 0.36 0.34 0.4
Employment Rate 63.70
percent
64.21 64.2 64.13 64.2 64.36
Full Time Employment 3502.50
Thousand
3520 3519 3516 3519 3519
PRICES Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Inflation Rate 2.75
percent
2 2.1 2.2 3.2 2.7
Inflation Rate Mom 0.73
percent
0.2 0.3 0.2 0.2 0.2
Consumer Price Index CPI 108.31
Index Points
108 109 109 111 114
Core Consumer Prices 105.13
Index Points
105 106 106 106 108
Core Inflation Rate 1.30
percent
1.29 1.29 1.29 1.29 1.29
GDP Deflator 104.68
Index Points
105 105 105 105 105
Producer Prices 117.40
Index Points
121 120 122 125 135
Export Prices 123.38
Index Points
124 124 124 124 124
Import Prices 121.09
Index Points
120 120 120 120 120
Food Inflation 2.64
percent
2.3 2.4 2.3 2.4 2.4
Producer Prices Change 6.70
percent
6.6 6.1 5.9 6.3 5.5
Cpi Housing Utilities 111.20
Index Points
113 114 115 116 117
CPI Transportation 107.25
Index Points
105 106 108 110 111
Harmonised Consumer Prices 107.80
Index Points
107 108 109 111 113
MONEY Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Interest Rate 0.00
percent
0 0 0 0.25 0.75
Interbank Rate -0.32
percent
-0.32 -0.32 -0.32 -0.07 0.43
Money Supply M0 40147.00
EUR Million
40553 40920 41279 41630 44397
Money Supply M1 211400.00
EUR Million
215467 218569 221745 224895 252184
Money Supply M2 534200.00
EUR Million
539226 543652 548123 552555 591125
Money Supply M3 552500.00
EUR Million
556066 559264 562369 565384 588844
Banks Balance Sheet 1047833.54
EUR Million
1040358 1044241 1040094 1044232 1040107
Foreign Exchange Reserves 22261.00
EUR Million
22253 22258 22258 22258 22258
Private Debt to GDP 261.30
percent
269 271 273 274 287
Central Bank Balance Sheet 183370.00
EUR Million
183001 183164 183214 183226 183230
TRADE Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Balance of Trade 1720.90
EUR Million
790 2400 2820 1495 1090
Exports 32141.00
EUR Million
32400 37800 34600 32645 34400
Imports 30420.10
EUR Million
31610 35400 31780 31150 33310
Current Account -2388.00
EUR Million
-380 115 -670 -298 -280
Current Account to GDP -0.20
percent
0.5 -0.5 -0.5 -0.5 0.2
Terms of Trade 101.89
Index Points
103 103 103 103 103
Capital Flows -432.00
EUR Million
752 -814 -689 -1152 622
Remittances 1657.00
EUR Million
1679 1664 1668 1686 1703
Gold Reserves 227.40
Tonnes
227 227 227 227 227
Terrorism Index 4.66
4.66 4.66 4.66 4.66 4.66
Weapons Sales 12.00
USD Million
-16.73 -6.92 2.88 12.7 14.22
Foreign Direct Investment 3119.00
EUR Million
5699 4639 3370 4042 4488
External Debt 1137378.00
EUR Million
1113409 1096654 1089258 1082456 1088727
GOVERNMENT Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Government Debt to GDP 103.10
percent
102 99.9 99.9 99.9 97.5
Government Budget -1.00
percent of GDP
-1.8 -0.9 -0.9 -0.9 -0.8
Government Budget Value -4468.00
EUR Million
-447 -986 -447 91.37 3584
Government Spending 25108.00
EUR Million
25484 25448 25560 25535 26254
Government Spending to GDP 52.20
percent
52.2 52.2 52.2 52.2 52.2
Government Revenues 224454.00
EUR Million
229632 230780 231928 233075 242173
Government Debt 542797.00
EUR Million
544267 547543 548768 550649 552838
Fiscal Expenditure 228976.10
EUR Million
231157 231766 232375 232984 238589
Military Expenditure 4289.66
USD Million
4237 4230 4222 4215 4220
Asylum Applications 1810.00
persons
1877 1540 1535 1703 1673
BUSINESS Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Business Confidence -1.10
Index Points
0.2 -1.8 -2.3 -3.2 -6.5
Industrial Production 1.90
percent
3 2.8 2.9 2.01 2.5
Industrial Production Mom 3.00
percent
0.5 1.1 -0.3 0.25 0.4
Manufacturing Production 4.40
percent
4.47 4.68 4.67 4.62 4.55
Capacity Utilization 81.10
percent
79.88 80.27 81.26 80.39 81.04
Bankruptcies 897.00
Companies
799 778 780 780 787
Car Registrations 36894.00
39671 45692 44647 44321 44572
Internet Speed 16275.93
KBps
16907 16930 16955 16979 17042
IP Addresses 4372220.00
IP
4199242 4183347 4169478 4154202 4039815
Mining Production 0.50
percent
2.72 2.51 2.47 2.46 2.46
Steel Production 715.00
Thousand Tonnes
688 675 669 665 661
Changes In Inventories 1981.00
EUR Million
1248 1072 844 719 734
Competitiveness Index 76.61
Points
77.11 77.11 77.11 77.11 79.61
Competitiveness Rank 21.00
21 21 21 21 21
Ease of Doing Business 45.00
48 46 45 44 42
Electricity Production 4526.00
Gigawatt-hour
4763 4772 4757 4757 4757
Corporate Profits 24520.00
EUR Million
29322 29748 30173 30599 28334
Corruption Index 75.00
Points
75 75 75 75 75
Corruption Rank 16.00
16 16 16 16 16
CONSUMER Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Consumer Confidence 1.00
Percentage Points
2 1 -2 -1 -3
Retail Sales MoM -0.80
percent
0.6 0.16 0.09 0.09 0.9
Retail Sales YoY -2.20
percent
0.5 0.9 1.1 1.2 1.4
Consumer Spending 54405.00
EUR Million
55116 55339 55384 55330 56782
Disposable Personal Income 89714.70
EUR Million
89485 88949 89580 88958 89491
Personal Savings 10.90
percent
10.83 11.12 10.95 10.97 10.98
Households Debt To GDP 60.60
percent of GDP
60.91 60.98 61.02 61.06 61.19
Households Debt To Income 104.61
percent
106 105 105 105 106
Bank Lending Rate 1.61
percent
1.61 1.61 1.61 1.86 2.36
Consumer Credit 7994527.00
EUR Thousand
7883552 7859718 7847019 7844566 7843543
Gasoline Prices 1.68
USD/Liter
1.66 1.63 1.6 1.57 1.45
HOUSING Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Building Permits 1918.00
1886 1881 1881 1881 1881
Construction Output 5.00
percent
3.97 3.72 3.72 3.76 3.76
Housing Index 108.70
Index Points
111 111 112 114 119
Home Ownership Rate 72.70
percent
72.63 72.54 72.45 72.36 71.53
TAXES Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Corporate Tax Rate 34.00
percent
34 34 34 34 34
Personal Income Tax Rate 53.70
percent
53.7 53.7 53.7 53.7 53.7
Sales Tax Rate 21.00
percent
21 21 21 21 21
Social Security Rate 45.57
percent
45.57 45.57 45.57 45.57 45.57
Social Security Rate For Companies 32.50
percent
32.5 32.5 32.5 32.5 32.5
Social Security Rate For Employees 13.07
percent
13.07 13.07 13.07 13.07 13.07
CLIMATE Actual Q4/18 Q1/19 Q2/19 Q3/19 2020
Temperature 8.59
celsius
5.85 3.03 11.48 10.7 9.73
Precipitation 52.32
mm
79.31 64.26 72.46 72.46 71.88



Belgium - Economic Forecasts - 2018-2020 Outlook