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 0.30 0.4 0.4 0.5 0.5 0.5 percent [+]
Unemployment Rate 6.90 6.8 6.6 6.4 6.2 5.2 percent [+]
Inflation Rate 2.07 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 3901.40 1318 1263 1193 1148 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 4019.19 4010 3970 3930 3890 3440 points [+]
Government Bond 10Y 0.50 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 0.30 0.4 0.4 0.5 0.5 0.5 percent [+]
GDP Annual Growth Rate 1.70 1.8 1.9 1.9 1.8 2.4 percent [+]
GDP 466.37 469 466 454 442 479 USD Billion [+]
GDP Constant Prices 106043.00 107252 108223 108851 109242 109270 EUR Million [+]
Gross National Product 111306.00 112824 113634 113896 114118 114139 EUR Million [+]
Gross Fixed Capital Formation 25050.00 25147 25145 25138 25108 24787 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 638.00 596 590 604 621 660 EUR Million [+]
GDP From Construction 4587.00 5308 4635 5489 4724 5404 EUR Million [+]
GDP From Manufacturing 15175.00 15260 14952 15202 15024 15086 EUR Million [+]
GDP From Public Administration 13412.00 14177 13277 13775 13410 14055 EUR Million [+]
GDP From Services 18051.00 18288 17944 18255 17999 18167 EUR Million [+]
LABOUR Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Unemployment Rate 6.90 6.8 6.6 6.4 6.2 5.2 percent [+]
Employed Persons 3946.30 3932 3922 3907 3896 3839 Thousand [+]
Unemployed Persons 343544.00 347452 350833 354251 357515 380752 [+]
Labor Force Participation Rate 67.60 67.84 67.62 67.56 67.58 67.44 percent [+]
Long Term Unemployment Rate 3.80 3.82 3.82 3.84 3.87 4.04 percent [+]
Youth Unemployment Rate 22.70 22.19 22.14 21.98 21.86 21.14 percent [+]
Labour Costs 109.80 110 110 111 111 110 Index Points [+]
Job Vacancies 130137.00 115993 116794 115370 112377 102470 [+]
Minimum Wages 1531.93 1532 1544 1545 1546 1585 EUR/Month [+]
Wage Growth 2.60 2.65 2.39 1.96 1.51 1.47 percent [+]
Population 11.37 11.37 11.44 11.44 11.44 11.56 Million [+]
Retirement Age Women 65.00 64 64 64 64 64 [+]
Retirement Age Men 60.00 61 62 62.5 63 65 [+]
Living Wage Family 1490.00 1535 1526 1521 1516 1543 EUR/Month [+]
Living Wage Individual 1030.00 1047 1044 1043 1041 1052 EUR/Month [+]
Part Time Employment 1156.20 1134 1113 1129 1126 1121 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 3120.00 3069 3074 3077 3079 3047 EUR/Month [+]
Wages In Manufacturing 111.90 121 102 112 92.19 118 Index Points [+]
Wages Low Skilled 1890.00 1842 1844 1845 1846 1839 EUR/Month [+]
Employment Change 0.30 0.4 0.4 0.4 0.23 0.4 percent [+]
Employment Rate 62.80 62.7 62.59 62.61 62.57 62.43 percent [+]
Full Time Employment 3407.20 3412 3396 3382 3369 3310 Thousand [+]
PRICES Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Inflation Rate 2.07 2.2 2.3 2.2 2.3 2.7 percent [+]
Inflation Rate Mom 0.13 0.16 0.2 0.21 0.22 0.22 percent [+]
Consumer Price Index CPI 105.55 110 112 114 106 125 Index Points [+]
Core Consumer Prices 103.79 104 104 104 104 103 Index Points [+]
Core Inflation Rate 1.50 1.55 1.57 1.59 1.61 1.75 percent [+]
GDP Deflator 103.62 104 103 103 103 102 Index Points [+]
Producer Prices 111.70 118 120 120 112 132 Index Points [+]
Export Prices 116.75 117 116 116 116 114 Index Points [+]
Import Prices 110.26 108 108 108 108 108 Index Points [+]
Food Inflation 1.75 1.81 2.1 2.27 2.37 2.5 percent [+]
Producer Prices Change 5.56 4.2 3.7 3.7 3.29 3 percent [+]
CPI Transportation 103.11 103 103 103 102 100 Index Points [+]
Harmonised Consumer Prices 104.15 104 104 104 104 104 Index Points [+]
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 -0.31 -0.27 -0.23 -0.18 0.19 percent [+]
Money Supply M0 38578.00 38550 38534 38514 38494 38318 EUR Million [+]
Money Supply M1 201900.00 200559 200216 200054 199880 198341 EUR Million [+]
Money Supply M2 516000.00 517083 517319 517129 516904 514866 EUR Million [+]
Money Supply M3 543800.00 544421 544668 544377 544035 540934 EUR Million [+]
Banks Balance Sheet 1046265.10 1039980 1040180 1039992 1039489 1034456 EUR Million [+]
Foreign Exchange Reserves 21993.00 21910 21812 21685 21559 20542 EUR Million [+]
Private Debt to GDP 263.79 266 265 265 265 266 percent [+]
Central Bank Balance Sheet 170232.00 167661 164928 161386 157791 131196 EUR Million [+]
TRADE Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Balance of Trade 3901.40 1318 1263 1193 1148 1090 EUR Million [+]
Exports 32940.30 31222 31096 31202 31176 30456 EUR Million [+]
Imports 29038.90 29059 28928 28823 28738 28080 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 105.89 103 103 103 103 102 Index Points [+]
Capital Flows -3832.00 -506 859 202 405 622 EUR Million [+]
Remittances 1446.00 1415 1398 1396 1386 1350 EUR Million [+]
Gold Reserves 227.40 228 229 229 229 232 Tonnes [+]
Terrorism Index 4.66 1.08 1.06 1.03 1.01 1.28 [+]
Weapons Sales 13.00 37.72 39.34 40.97 42.59 47.92 USD Million [+]
Foreign Direct Investment -10377.00 4037 2427 -186 4669 7132 EUR Million [+]
External Debt 1162794.00 1109971 1075357 1056377 1044110 1069411 EUR Million [+]
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 24844.00 24822 24844 24835 24812 24564 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 530655.00 527857 526687 525622 524574 515479 EUR Million [+]
Fiscal Expenditure 225116.10 223931 223746 223560 223375 218460 EUR Million [+]
Military Expenditure 4028.00 3994 4002 4009 4016 4084 USD Million [+]
Asylum Applications 1315.00 1593 1690 1637 1556 1561 persons [+]
BUSINESS Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Business Confidence 1.60 1.81 1.99 0.67 -0.91 -6.64 [+]
Industrial Production 3.80 3.76 3.67 3.6 3.54 3.39 percent [+]
Industrial Production Mom -1.10 0.37 0.34 0.3 0.28 0.28 percent [+]
Manufacturing Production 2.40 3.13 3.54 3.74 3.83 3.91 percent [+]
Capacity Utilization 82.20 80.81 81.96 81.39 80.98 79.4 percent [+]
Bankruptcies 1153.00 701 679 707 719 694 Companies [+]
Car Registrations 39645.00 39768 37972 37667 37699 37721 Cars [+]
Internet Speed 16275.93 16383 16298 16200 16082 14682 KBps [+]
IP Addresses 4372220.00 4348606 4342061 4332112 4323682 4252373 IP [+]
Mining Production -14.00 -1.73 2.1 3.33 3.75 3.99 percent [+]
Steel Production 635.00 676 703 727 747 826 Thousand Tonnes [+]
Changes In Inventories 1197.00 863 537 829 535 480 EUR Million [+]
Competitiveness Index 5.23 5.21 5.21 5.21 5.21 5.19 Points [+]
Competitiveness Rank 20.00 19 19 19 19 20 [+]
Ease of Doing Business 52.00 46 48 50 51 54 [+]
Electricity Production 6695.00 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 [+]
CONSUMER Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Consumer Confidence 3.00 -2 0.94 -0.47 -1.66 -3 [+]
Retail Sales MoM 0.00 0.7 0.06 0.12 0.09 0.9 percent [+]
Retail Sales YoY -2.10 0.67 0.74 0.91 1.06 1.6 percent [+]
Consumer Spending 54018.00 54040 54041 54027 53998 53687 EUR Million [+]
Disposable Personal Income 88692.50 88671 88638 88539 88441 87549 EUR Million [+]
Personal Savings 12.10 12.02 12.3 12.39 12.47 13.25 percent [+]
Households Debt To Gdp 59.80 59.91 59.93 59.97 59.98 59.69 percent of GDP [+]
Households Debt To Income 103.28 105 105 105 106 105 percent [+]
Bank Lending Rate 1.65 1.66 1.67 1.7 1.73 1.93 percent [+]
Consumer Credit 8191567.00 8170710 8138018 8107798 8078969 7859270 EUR Thousand [+]
Gasoline Prices 1.70 1.71 1.72 1.71 1.7 1.65 USD/Liter [+]
HOUSING Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Building Permits 1604.00 2189 2290 2324 2334 2338 [+]
Construction Output -0.40 1.57 2.34 2.79 3.06 3.45 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 34 34 34 35 percent [+]
Personal Income Tax Rate 53.70 54 54 54 54 55 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 [+]
CLIMATE Actual Q4/17 Q1/18 Q2/18 Q3/18 2020
Temperature 8.00 8.6 9.21 10.89 10.3 9.34 celsius [+]
Precipitation 52.00 72.98 72.98 72.98 72.98 72.98 mm [+]