Belgium - Economic Forecasts - 2018-2020 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 Q1/18 Q2/18 Q3/18 Q4/18 2020
GDP Growth Rate 0.50 0.4 0.5 0.5 0.5 0.5 percent
Unemployment Rate 6.30 6.3 6.2 6.2 6 6.5 percent
Inflation Rate 1.71 2.3 2.2 2.3 2.3 2.7 percent
Interest Rate 0.00 0 0 0 0.25 0.75 percent
Balance of Trade 141.60 1519 1300 1157 1190 1090 EUR Million
Government Debt to GDP 105.90 102 102 102 102 97.5 percent
MARKETS Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
Currency 1.23
1.21 1.19 1.17 1.15 1.07
Stock Market 3972.53
points
4067 3971 3877 3785 3124
Government Bond 10Y 1.00
percent
1.16 1.35 1.59 1.86 3.5
GDP Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
GDP Growth Rate 0.50
percent
0.4 0.5 0.5 0.5 0.5
GDP Annual Growth Rate 1.90
percent
1.9 1.9 1.8 2.1 2.4
GDP 466.37
USD Billion
446 457 467 471 479
GDP Constant Prices 106043.00
EUR Million
108223 108851 109242 109456 108992
Gross National Product 110067.70
EUR Million
110503 110501 110508 110487 110016
Gross Fixed Capital Formation 25050.00
EUR Million
25145 25138 25108 25077 24787
GDP per capita 45308.24
USD
45800 45800 45800 45800 46090
GDP per capita PPP 41945.69
USD
41783 41902 42021 42140 42087
GDP From Agriculture 638.00
EUR Million
590 604 621 633 668
GDP From Construction 4587.00
EUR Million
4635 5489 4724 5445 5389
GDP From Manufacturing 15175.00
EUR Million
14952 15202 15024 15233 15028
GDP From Public Administration 13412.00
EUR Million
13277 13775 13410 14133 14021
GDP From Services 18051.00
EUR Million
17944 18255 17999 18264 18125
LABOUR Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
Unemployment Rate 6.30
percent
6.3 6.2 6.2 6 6.5
Employed Persons 3946.30
Thousand
3922 3907 3896 3888 3823
Unemployed Persons 322991.00
329689 333798 337653 341339 374910
Labor Force Participation Rate 68.40
percent
67.77 67.77 68.02 67.98 67.67
Long Term Unemployment Rate 3.20
percent
3.33 3.24 3.34 3.38 3.88
Youth Unemployment Rate 16.20
percent
17.08 17.23 17.52 17.75 19.36
Labour Costs 109.80
Index Points
110 111 111 111 110
Job Vacancies 142649.00
130058 129698 128127 124996 112503
Minimum Wages 1562.59
EUR/Month
1563 1563 1563 1563 1585
Wage Growth 3.50
percent
3.15 2.51 1.79 1.14 1.54
Population 11.37
Million
11.44 11.44 11.44 11.44 11.56
Retirement Age Women 65.00
64 64 64 64 64
Retirement Age Men 60.00
62 62 63 63 65
Living Wage Family 1490.00
EUR/Month
1530 1530 1530 1530 1550
Living Wage Individual 1030.00
EUR/Month
1046 1044 1043 1041 1055
Part Time Employment 1136.70
Thousand
1116 1131 1131 1130 1123
Productivity 100.30
Index Points
93.71 100 112 101 101
Wages 3445.00
EUR/Month
3466 3470 3475 3479 3591
Wages High Skilled 3120.00
EUR/Month
3200 3200 3200 3200 3250
Wages In Manufacturing 96.20
Index Points
104 114 99 125 139
Wages Low Skilled 1890.00
EUR/Month
1950 1950 1950 1950 2000
Employment Change 0.30
percent
0.4 0.4 0.23 0.7 0.4
Employment Rate 63.40
percent
63.08 63.06 63.08 63.06 62.85
Full Time Employment 3465.20
Thousand
3431 3418 3403 3389 3310
PRICES Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
Inflation Rate 1.71
percent
2.3 2.2 2.3 2.3 2.7
Inflation Rate Mom 0.29
percent
0.18 0.16 0.15 0.15 0.15
Consumer Price Index CPI 106.06
Index Points
112 114 107 116 125
Core Consumer Prices 102.03
Index Points
103 103 103 103 103
Core Inflation Rate 1.40
percent
1.44 1.47 1.5 1.52 1.73
GDP Deflator 103.62
Index Points
103 103 103 103 102
Producer Prices 113.30
Index Points
120 120 113 124 132
Export Prices 118.02
Index Points
118 118 118 117 115
Import Prices 117.74
Index Points
118 118 118 117 114
Food Inflation 2.10
percent
2.42 2.54 2.57 2.56 2.52
Producer Prices Change 4.12
percent
3.7 3.7 2.08 3.3 3
CPI Transportation 103.70
Index Points
104 103 103 103 101
Harmonised Consumer Prices 103.82
Index Points
104 104 104 104 104
MONEY Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
Interest Rate 0.00
percent
0 0 0 0.25 0.75
Interbank Rate -0.33
percent
-0.31 -0.26 -0.22 -0.17 0.31
Money Supply M0 39337.00
EUR Million
39233 39204 39185 39165 38933
Money Supply M1 200100.00
EUR Million
200471 200227 200064 199894 197883
Money Supply M2 513900.00
EUR Million
513423 513155 512929 512708 510080
Money Supply M3 542900.00
EUR Million
542913 542595 542254 541913 537871
Banks Balance Sheet 1075447.12
EUR Million
1064456 1064896 1064365 1063628 1054879
Foreign Exchange Reserves 21502.00
EUR Million
21402 21255 21133 21017 19824
Private Debt to GDP 270.40
percent
260 264 268 272 272
Central Bank Balance Sheet 175035.00
EUR Million
172732 169561 166026 162577 130523
TRADE Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
Balance of Trade 141.60
EUR Million
1519 1300 1157 1190 1090
Exports 29114.30
EUR Million
31347 31424 31124 30963 30086
Imports 28972.70
EUR Million
29377 29410 29350 29274 28407
Current Account -1691.00
EUR Million
381 394 394 394 394
Current Account to GDP 0.10
percent
2 2 2 2 2.3
Terms of Trade 100.24
Index Points
98.71 99.07 99.3 99.47 100
Capital Flows 1331.00
EUR Million
859 202 405 752 622
Remittances 1246.00
EUR Million
1263 1275 1277 1282 1304
Gold Reserves 227.40
Tonnes
228 228 228 229 231
Terrorism Index 4.66
1.85 1.79 1.73 1.67 1.14
Weapons Sales 13.00
USD Million
42.46 40.88 39.3 37.72 49.39
Foreign Direct Investment -11833.00
EUR Million
-745 -2557 -1728 2792 6452
External Debt 1127114.00
EUR Million
1074604 1056876 1045375 1046120 1067196
GOVERNMENT Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
Government Debt to GDP 105.90
percent
102 102 102 102 97.5
Government Budget -2.60
percent of GDP
-1.8 -1.8 -1.8 -1.8 -0.8
Government Budget Value -11053.00
EUR Million
-10396 -10332 -10268 -10204 -9559
Government Spending 24844.00
EUR Million
24844 24835 24812 24787 24454
Government Spending to GDP 53.30
percent
53.47 53.3 53.13 52.95 53.25
Government Revenues 214063.40
EUR Million
213713 214406 215098 215791 218798
Government Debt 537448.00
EUR Million
535807 534847 533905 532963 522050
Fiscal Expenditure 225116.10
EUR Million
221349 222210 223070 223931 214988
Military Expenditure 4028.00
USD Million
4140 4091 4043 3994 4123
Asylum Applications 1235.00
persons
1470 1614 1636 1587 1557
BUSINESS Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
Business Confidence 1.90
Index Points
1.54 0.57 -0.9 -2.32 -6.9
Industrial Production 8.30
percent
5.33 5.01 4.66 4.35 3.55
Industrial Production Mom 1.60
percent
0.17 0.3 0.29 0.28 0.28
Manufacturing Production 9.10
percent
5.65 5.49 5.2 4.91 4.1
Capacity Utilization 79.20
percent
81.88 78.47 79.05 79.1 78.94
Bankruptcies 910.00
Companies
770 756 740 724 696
Car Registrations 56869.00
41557 38461 37607 37668 37742
Internet Speed 16275.93
KBps
16298 16200 16082 15940 14088
IP Addresses 4372220.00
IP
4342061 4332112 4323682 4315556 4224441
Mining Production 4.60
percent
4.88 4.59 4.39 4.31 4.26
Steel Production 635.00
Thousand Tonnes
674 703 726 746 832
Changes In Inventories 1197.00
EUR Million
537 829 535 465 481
Competitiveness Index 5.23
Points
5.21 5.21 5.21 5.21 5.2
Competitiveness Rank 20.00
19 19 19 19 20
Ease of Doing Business 52.00
47 48 50 51 53
Electricity Production 7731.00
Gigawatt-hour
7218 7019 6879 6792 6642
Corporate Profits 24520.00
EUR Million
32108 30905 29702 28498 24438
Corruption Index 77.00
Points
76 76 75 75 67
Corruption Rank 15.00
16 16 16 16 21
CONSUMER Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
Consumer Confidence 1.00
Index Points
0.51 -0.79 -1.93 -3 -3
Retail Sales MoM -0.30
percent
0.19 0.09 0.1 0.6 0.9
Retail Sales YoY -2.50
percent
-0.22 0.48 0.82 1.1 1.6
Consumer Spending 54018.00
EUR Million
54041 54027 53998 53966 53548
Disposable Personal Income 87198.40
EUR Million
86836 86790 86722 86655 85787
Personal Savings 11.50
percent
11.71 11.82 11.91 12.02 12.99
Households Debt To Gdp 59.80
percent of GDP
59.93 59.97 59.98 59.98 59.49
Households Debt To Income 103.28
percent
103 104 104 105 103
Bank Lending Rate 1.61
percent
1.61 1.62 1.65 1.67 1.92
Consumer Credit 8174742.00
EUR Thousand
8173383 8147294 8120177 8092961 7824841
Gasoline Prices 1.80
USD/Liter
1.85 1.84 1.83 1.82 1.73
HOUSING Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
Building Permits 2453.00
2400 2361 2344 2338 2335
Construction Output -1.10
percent
2.28 2.85 3.11 3.26 3.47
Housing Index 108.41
Index Points
110 110 111 111 109
Home Ownership Rate 71.30
percent
71.81 71.81 71.81 71.81 72.38
TAXES Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
Corporate Tax Rate 34.00
percent
34 34 34 34 34
Personal Income Tax Rate 53.70
percent
54 54 54 54 55
Sales Tax Rate 21.00
percent
21 21 21 21 21
Social Security Rate 45.57
percent
45 45 45 45 42
Social Security Rate For Companies 32.50
percent
31.99 31.99 31.99 31.99 29.17
Social Security Rate For Employees 13.07
percent
13.05 13.05 13.05 13.05 13
CLIMATE Actual Q1/18 Q2/18 Q3/18 Q4/18 2020
Temperature 8.59
celsius
3.03 12.65 16.56 5.85 9.73
Precipitation 52.32
mm
64.14 63.14 74.68 79.31 71.88