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 Q3/18 Q4/18 Q1/19 Q2/19 2020
GDP Growth Rate 0.40 0.5 0.5 0.4 0.4 0.5 percent
Unemployment Rate 6.20 6.2 6 6.2 6 6.5 percent
Inflation Rate 2.24 1.9 2 2.1 2.2 2.7 percent
Interest Rate 0.00 0 0 0 0 0.75 percent
Balance of Trade 1366.90 1520 790 2400 2820 1090 EUR Million
Government Debt to GDP 103.10 102 102 99.9 99.9 97.5 percent
MARKETS Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Currency 1.17
1.16 1.15 1.15 1.14 1.12
Stock Market 3730.87
points
3782 3750 3717 3685 3560
Government Bond 10Y 0.79
percent
0.77 0.81 0.85 0.89 1.09
GDP Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
GDP Growth Rate 0.40
percent
0.5 0.5 0.4 0.4 0.5
GDP Annual Growth Rate 1.40
percent
1.8 2.1 1.4 1.4 2.4
GDP 492.68
USD Billion
495 495 498 498 500
GDP Constant Prices 107213.00
EUR Million
106844 108708 108277 108714 113766
Gross National Product 110889.40
EUR Million
111058 112529 112442 112442 117765
Gross Fixed Capital Formation 25349.00
EUR Million
25066 25558 25477 25704 26747
GDP per capita 46078.93
USD
46200 46200 46900 46900 47000
GDP per capita PPP 42658.58
USD
42900 42900 43300 43300 43500
GDP From Agriculture 764.00
EUR Million
656 485 549 775 508
GDP From Construction 5276.00
EUR Million
4700 5387 4886 5350 5637
GDP From Manufacturing 15563.00
EUR Million
15405 16140 15694 15781 16891
GDP From Public Administration 14516.00
EUR Million
13436 15257 14162 14719 15967
GDP From Services 18712.00
EUR Million
18070 18969 18313 18974 19852
LABOUR Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Unemployment Rate 6.20
percent
6.2 6 6.2 6 6.5
Employed Persons 4056.40
Thousand
4084 4110 4108 4115 4113
Unemployed Persons 316959.00
319415 316917 318485 317744 317782
Labor Force Participation Rate 68.10
percent
68.35 68.43 68.2 68.15 68.28
Long Term Unemployment Rate 3.10
percent
2.91 2.86 2.8 2.77 2.65
Youth Unemployment Rate 16.40
percent
16.86 16.85 16.85 16.85 16.85
Labour Costs 111.00
Index Points
111 112 112 112 112
Job Vacancies 140685.00
154608 152055 155636 161481 180626
Minimum Wages 1562.59
EUR/Month
1563 1563 1575 1575 1585
Wage Growth 3.70
percent
3.11 2.84 2.79 2.81 2.97
Population 11.41
Million
11.41 11.41 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 1490.00
EUR/Month
1530 1530 1550 1499 1550
Living Wage Individual 1030.00
EUR/Month
1032 1036 1036 1037 1038
Part Time Employment 1139.60
Thousand
1161 1167 1166 1180 1219
Productivity 100.30
Index Points
100 100 100 100 100
Wages 3445.00
EUR/Month
3600 3600 3650 3561 3700
Wages High Skilled 3120.00
EUR/Month
3200 3200 3200 3114 3250
Wages In Manufacturing 100.30
Index Points
99 125 107 118 139
Wages Low Skilled 1890.00
EUR/Month
1950 1950 1950 1843 2000
Employment Change 0.40
percent
0.5 0.5 0.3 0.36 0.4
Employment Rate 63.90
percent
64.14 64.39 64.37 64.39 64.65
Full Time Employment 3518.60
Thousand
3521 3527 3526 3525 3528
PRICES Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Inflation Rate 2.24
percent
1.9 2 2.1 2.2 2.7
Inflation Rate Mom 0.14
percent
0.2 0.2 0.3 0.2 0.2
Consumer Price Index CPI 107.58
Index Points
107 108 109 109 114
Core Consumer Prices 105.67
Index Points
105 105 106 106 108
Core Inflation Rate 1.30
percent
1.22 1.22 1.22 1.22 1.22
GDP Deflator 104.68
Index Points
105 105 105 105 105
Producer Prices 116.30
Index Points
117 121 120 122 135
Export Prices 118.40
Index Points
116 116 116 116 116
Import Prices 119.00
Index Points
124 124 124 124 124
Food Inflation 1.44
percent
1.36 1.16 1.1 1.12 1.11
Producer Prices Change 7.80
percent
6.8 6.6 6.1 5.9 5.5
Cpi Housing Utilities 108.33
Index Points
109 110 110 110 111
CPI Transportation 107.13
Index Points
104 105 106 108 111
Harmonised Consumer Prices 107.41
Index Points
106 107 108 109 113
MONEY Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Interest Rate 0.00
percent
0 0 0 0 0.75
Interbank Rate -0.32
percent
-0.32 -0.32 -0.32 -0.32 0.43
Money Supply M0 39969.00
EUR Million
40104 40490 40851 41201 44233
Money Supply M1 210600.00
EUR Million
215792 218184 222037 225482 258930
Money Supply M2 532900.00
EUR Million
536603 541180 545922 550553 595110
Money Supply M3 552700.00
EUR Million
555336 559066 562669 566176 596588
Banks Balance Sheet 1052834.43
EUR Million
1060492 1057461 1061872 1057819 1057830
Foreign Exchange Reserves 22276.00
EUR Million
22266 22260 22263 22263 22263
Private Debt to GDP 260.39
percent
270 268 270 272 286
Central Bank Balance Sheet 183343.00
EUR Million
183247 183562 183616 183630 183636
TRADE Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Balance of Trade 1366.90
EUR Million
1520 790 2400 2820 1090
Exports 31968.40
EUR Million
32200 32400 37800 34600 34400
Imports 30601.50
EUR Million
30680 31610 35400 31780 33310
Current Account 891.00
EUR Million
451 -380 115 -670 -280
Current Account to GDP -0.20
percent
2 2 2.1 2.1 2.3
Terms of Trade 99.50
Index Points
93.27 93.57 93.49 93.48 93.49
Capital Flows 271.00
EUR Million
405 752 544 -409 622
Remittances 1657.00
EUR Million
1659 1679 1664 1668 1703
Gold Reserves 227.40
Tonnes
227 227 227 227 227
Terrorism Index 4.66
1.73 1.67 2.11 2.55 1.14
Weapons Sales 12.00
USD Million
-3.34 -16.73 -6.92 2.88 14.22
Foreign Direct Investment 3119.00
EUR Million
3448 5699 4639 3370 4488
External Debt 1111447.00
EUR Million
1076571 1064926 1059740 1058885 1069815
GOVERNMENT Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Government Debt to GDP 103.10
percent
102 102 99.9 99.9 97.5
Government Budget -1.00
percent of GDP
-1.8 -1.8 -0.9 -0.9 -0.8
Government Budget Value -4468.00
EUR Million
-3783 -447 -986 -447 3584
Government Spending 25108.00
EUR Million
25211 25584 25348 25460 26775
Government Spending to GDP 52.20
percent
52.38 52.14 52.08 52.03 51.74
Government Revenues 224454.00
EUR Million
226199 229632 230780 231928 242173
Government Debt 539714.00
EUR Million
539130 536559 540081 537860 539627
Fiscal Expenditure 228976.10
EUR Million
229982 231157 231766 232375 238589
Military Expenditure 4289.66
USD Million
4268 4237 4230 4222 4220
Asylum Applications 1810.00
persons
1327 1292 1315 1336 1322
BUSINESS Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Business Confidence -0.30
Index Points
0.5 0.2 -1.8 -2.3 -6.5
Industrial Production -2.30
percent
-2.2 3 2.8 2.9 2.5
Industrial Production Mom -2.70
percent
-0.4 0.5 1.1 -0.3 0.4
Manufacturing Production -0.30
percent
1.16 1.5 1.45 1.34 1.22
Capacity Utilization 80.00
percent
81.61 79.78 78.75 79.97 79.52
Bankruptcies 689.00
Companies
920 829 818 809 807
Car Registrations 54437.00
47628 44320 45363 45864 45767
Internet Speed 16275.93
KBps
16847 16907 16930 16955 17042
IP Addresses 4372220.00
IP
4221097 4199242 4183347 4169478 4039815
Mining Production 3.70
percent
2.05 2.46 2.35 2.33 2.33
Steel Production 645.00
Thousand Tonnes
649 646 644 643 642
Changes In Inventories 1981.00
EUR Million
1576 1248 1072 844 734
Competitiveness Index 5.23
Points
5.21 5.21 5.19 5.19 5.2
Competitiveness Rank 20.00
18 18 18 19 19
Ease of Doing Business 52.00
52 54 55 56 62
Electricity Production 5461.00
Gigawatt-hour
6368 6463 6351 6347 6358
Corporate Profits 24520.00
EUR Million
30592 29322 29748 30173 28334
Corruption Index 75.00
Points
75 74 74 73 72
Corruption Rank 16.00
16 16 16 16 16
CONSUMER Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Consumer Confidence -3.00
Percentage Points
-1 2 1 -2 -3
Retail Sales MoM -2.10
percent
0.2 0.6 0.12 0.12 0.9
Retail Sales YoY 0.30
percent
0.1 0.5 0.9 1.1 1.4
Consumer Spending 54405.00
EUR Million
54662 55333 55122 55167 57908
Disposable Personal Income 87873.90
EUR Million
87872 88469 87966 88474 88404
Personal Savings 10.90
percent
11.17 10.83 11.12 10.95 10.98
Households Debt To Gdp 60.40
percent of GDP
60.68 60.77 60.8 60.85 60.98
Households Debt To Income 103.28
percent
104 105 105 105 103
Bank Lending Rate 1.59
percent
1.59 1.59 1.59 1.59 2.34
Consumer Credit 8155296.00
EUR Thousand
8143461 8140465 8139069 8138774 8138660
Gasoline Prices 1.79
USD/Liter
1.82 1.72 1.63 1.54 1.21
HOUSING Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Building Permits 1918.00
1893 1886 1881 1881 1881
Construction Output 2.40
percent
0.07 0.53 0.73 0.7 0.68
Housing Index 107.63
Index Points
110 110 110 110 115
Home Ownership Rate 72.70
percent
72.43 72.63 72.54 72.45 71.53
TAXES Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Corporate Tax Rate 34.00
percent
34 34 34 34 34
Personal Income Tax Rate 53.70
percent
53.7 53.7 54 54 54
Sales Tax Rate 21.00
percent
21 21 21 21 21
Social Security Rate 45.57
percent
45.57 45.57 45.25 45 47
Social Security Rate For Companies 32.50
percent
32.59 32.59 32.69 32.73 34.74
Social Security Rate For Employees 13.07
percent
13.07 13.07 13.07 13.07 13.07
CLIMATE Actual Q3/18 Q4/18 Q1/19 Q2/19 2020
Temperature 8.59
celsius
16.56 5.85 3.03 11.48 9.73
Precipitation 52.32
mm
74.68 79.31 64.26 72.46 71.88