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 Q2/18 Q3/18 Q4/18 Q1/19 2020
GDP Growth Rate 0.40 0.5 0.5 0.5 0.4 0.5 percent
Unemployment Rate 6.40 6.2 6.2 6 6.2 6.5 percent
Inflation Rate 1.52 1.1 1.7 2 2.1 2.7 percent
Interest Rate 0.00 0 0 0 0.25 0.75 percent
Balance of Trade 1604.80 2690 1520 790 2400 1090 EUR Million
Government Debt to GDP 103.10 102 102 102 99.9 97.5 percent
MARKETS Actual Q2/18 Q3/18 Q4/18 Q1/19 2020
Currency 1.17
1.21 1.19 1.17 1.15 1.08
Stock Market 3857.06
points
3729 3630 3533 3438 3086
Government Bond 10Y 0.77
percent
0.9 1.05 1.21 1.4 2.53
GDP Actual Q2/18 Q3/18 Q4/18 Q1/19 2020
GDP Growth Rate 0.40
percent
0.5 0.5 0.5 0.4 0.5
GDP Annual Growth Rate 1.60
percent
1.9 1.8 2.1 1.7 2.4
GDP 466.37
USD Billion
460 472 471 475 479
GDP Constant Prices 106507.00
EUR Million
105410 106997 108744 105784 113803
Gross National Product 110214.50
EUR Million
111327 111058 112529 109516 117765
Gross Fixed Capital Formation 25096.00
EUR Million
25166 25275 25623 24716 26815
GDP per capita 45308.24
USD
45800 45800 45800 45830 46090
GDP per capita PPP 41945.69
USD
42114 42218 42322 43314 43651
GDP From Agriculture 456.00
EUR Million
719 644 466 765 487
GDP From Construction 5156.00
EUR Million
5704 4628 5264 5200 5509
GDP From Manufacturing 15746.00
EUR Million
15929 15312 16077 15933 16825
GDP From Public Administration 15038.00
EUR Million
13900 13533 15354 13475 16068
GDP From Services 18786.00
EUR Million
18525 18213 19181 18237 20073
LABOUR Actual Q2/18 Q3/18 Q4/18 Q1/19 2020
Unemployment Rate 6.40
percent
6.2 6.2 6 6.2 6.5
Employed Persons 3952.70
Thousand
3940 3937 3933 3929 3900
Unemployed Persons 328516.00
344753 348768 352478 355993 384427
Labor Force Participation Rate 68.40
percent
68 68 68 68 68
Long Term Unemployment Rate 3.30
percent
3.24 3.34 3.38 3.41 3.88
Youth Unemployment Rate 17.70
percent
17.2 19.54 21.99 23.6 22.57
Labour Costs 109.80
Index Points
110 110 110 110 110
Job Vacancies 134570.00
135017 139573 135392 139228 136681
Minimum Wages 1562.59
EUR/Month
1563 1563 1563 1575 1585
Wage Growth 2.15
percent
3.15 3.15 3.15 3.15 3.15
Population 11.37
Million
11.44 11.44 11.44 11.43 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 1530 1550 1550
Living Wage Individual 1030.00
EUR/Month
1030 1030 1030 1030 1030
Part Time Employment 1148.40
Thousand
1131 1131 1130 1125 1123
Productivity 100.30
Index Points
100 100 100 100 100
Wages 3445.00
EUR/Month
3600 3600 3600 3650 3700
Wages High Skilled 3120.00
EUR/Month
3200 3200 3200 3200 3250
Wages In Manufacturing 99.40
Index Points
114 99 125 107 139
Wages Low Skilled 1890.00
EUR/Month
1950 1950 1950 1950 2000
Employment Change 0.30
percent
0.4 0.5 0.5 0.3 0.4
Employment Rate 64.10
percent
63.1 63.1 63.1 63.1 63.1
Full Time Employment 3515.10
Thousand
3436 3436 3436 3436 3436
PRICES Actual Q2/18 Q3/18 Q4/18 Q1/19 2020
Inflation Rate 1.52
percent
1.1 1.7 2 2.1 2.7
Inflation Rate Mom 0.30
percent
0.14 0.14 0.14 0.14 0.14
Consumer Price Index CPI 106.69
Index Points
107 107 108 107 113
Core Consumer Prices 104.57
Index Points
105 105 105 106 108
Core Inflation Rate 1.10
percent
1.21 1.2 1.2 1.2 1.2
GDP Deflator 104.06
Index Points
104 104 104 104 104
Producer Prices 112.90
Index Points
110 113 116 115 121
Export Prices 115.58
Index Points
115 115 115 115 115
Import Prices 117.96
Index Points
117 118 118 118 118
Food Inflation 2.74
percent
1.72 1.58 1.65 1.61 1.63
Producer Prices Change 2.61
percent
2.2 2.4 2.3 2.1 2
CPI Transportation 104.35
Index Points
104 104 105 105 111
Harmonised Consumer Prices 106.01
Index Points
106 106 107 107 113
MONEY Actual Q2/18 Q3/18 Q4/18 Q1/19 2020
Interest Rate 0.00
percent
0 0 0 0.25 0.75
Interbank Rate -0.33
percent
-0.33 -0.33 -0.33 -0.08 0.42
Money Supply M0 39118.00
EUR Million
39070 39333 39576 39812 41937
Money Supply M1 204800.00
EUR Million
206276 209490 212523 215558 247127
Money Supply M2 524800.00
EUR Million
523804 527708 531530 535310 573993
Money Supply M3 547900.00
EUR Million
543506 546074 548541 550918 571889
Banks Balance Sheet 1057407.38
EUR Million
1094297 1110774 1101733 1088246 1094481
Foreign Exchange Reserves 21943.00
EUR Million
21974 21977 21977 21977 21977
Private Debt to GDP 260.39
percent
264 268 272 272 272
Central Bank Balance Sheet 179123.00
EUR Million
181247 180744 177436 172579 169366
TRADE Actual Q2/18 Q3/18 Q4/18 Q1/19 2020
Balance of Trade 1604.80
EUR Million
2690 1520 790 2400 1090
Exports 34353.10
EUR Million
33800 32200 32400 37800 34400
Imports 32748.30
EUR Million
31110 30680 31610 35400 33310
Current Account -363.00
EUR Million
-562 142 -351 -36.6 -336
Current Account to GDP -0.20
percent
2 2 2 2.1 2.3
Terms of Trade 97.98
Index Points
98.4 98.17 98.23 98.25 98.24
Capital Flows 414.00
EUR Million
202 405 752 -640 622
Remittances 1685.00
EUR Million
1597 1642 1657 1639 1672
Gold Reserves 227.40
Tonnes
227 227 227 227 227
Terrorism Index 4.66
1.79 1.73 1.67 2.11 1.14
Weapons Sales 12.00
USD Million
38.07 38.61 39.15 40.42 49.79
Foreign Direct Investment -11833.00
EUR Million
-2557 -1728 2792 1614 6452
External Debt 1122303.00
EUR Million
1056876 1045375 1046120 1051925 1067196
GOVERNMENT Actual Q2/18 Q3/18 Q4/18 Q1/19 2020
Government Debt to GDP 103.10
percent
102 102 102 99.9 97.5
Government Budget -1.00
percent of GDP
-1.8 -1.8 -1.8 -2.32 -0.8
Government Budget Value -11053.00
EUR Million
-10846 -10778 -11701 -10943 -16618
Government Spending 25154.00
EUR Million
24539 25068 25682 24884 26877
Government Spending to GDP 52.20
percent
52.9 52.76 52.62 52.51 51.85
Government Revenues 214063.40
EUR Million
214097 214795 215493 215727 216074
Government Debt 532803.00
EUR Million
534052 534052 534052 534052 534052
Fiscal Expenditure 225116.10
EUR Million
224943 225573 226203 226670 232692
Military Expenditure 4289.66
USD Million
4066 4019 3973 3976 3889
Asylum Applications 1085.00
persons
1336 1038 1221 1263 1225
BUSINESS Actual Q2/18 Q3/18 Q4/18 Q1/19 2020
Business Confidence 0.20
Index Points
-0.02 -0.18 -0.31 -0.32 -0.33
Industrial Production -0.40
percent
4 2.4 3 2.8 2.5
Industrial Production Mom 2.00
percent
-0.2 -0.4 0.5 1.1 0.4
Manufacturing Production -0.60
percent
1.53 1.91 1.71 1.47 1.27
Capacity Utilization 81.00
percent
82.49 80.9 81.67 81.3 81.42
Bankruptcies 784.00
Companies
883 863 847 845 844
Car Registrations 54602.00
45358 42705 43751 43598 43570
Internet Speed 16275.93
KBps
16200 16082 15940 15791 14088
IP Addresses 4372220.00
IP
4332112 4323682 4315556 4307029 4224441
Mining Production -5.70
percent
-2.05 -2.52 -2.71 -2.76 -2.77
Steel Production 740.00
Thousand Tonnes
690 670 661 656 651
Changes In Inventories 1341.00
EUR Million
824 757 777 771 773
Competitiveness Index 5.23
Points
5.24 5.24 5.24 5.24 5.24
Competitiveness Rank 20.00
18 18 18 18 18
Ease of Doing Business 52.00
48 50 51 51 53
Electricity Production 7364.00
Gigawatt-hour
7373 7322 7349 7343 7344
Corporate Profits 24520.00
EUR Million
31863 30592 29322 29748 28334
Corruption Index 75.00
Points
75 75 75 75 75
Corruption Rank 16.00
16 16 16 16 16
CONSUMER Actual Q2/18 Q3/18 Q4/18 Q1/19 2020
Consumer Confidence 0.00
Percentage Points
1 2 2 2 -3
Retail Sales MoM 0.70
percent
-1.73 -1.05 0.6 -0.09 0.9
Retail Sales YoY 0.00
percent
-1.33 -0.17 1.1 -0.39 1.6
Consumer Spending 54112.00
EUR Million
54276 54504 55248 54459 57819
Disposable Personal Income 87472.40
EUR Million
86790 86722 86655 86579 85787
Personal Savings 11.50
percent
11.5 11.5 11.5 11.5 11.5
Households Debt To Gdp 59.90
percent of GDP
59.85 59.85 59.85 59.85 59.85
Households Debt To Income 103.28
percent
104 104 105 105 103
Bank Lending Rate 1.61
percent
1.61 1.61 1.61 1.86 2.36
Consumer Credit 8177997.00
EUR Thousand
8157978 8131512 8104436 8078019 7836460
Gasoline Prices 1.79
USD/Liter
1.64 1.54 1.45 1.37 0.96
HOUSING Actual Q2/18 Q3/18 Q4/18 Q1/19 2020
Building Permits 1918.00
1866 1893 1886 1881 1881
Construction Output 3.30
percent
4 2.76 2.57 2.72 2.72
Housing Index 107.78
Index Points
107 107 107 107 107
Home Ownership Rate 71.30
percent
71.51 71.6 71.68 71.73 71.61
TAXES Actual Q2/18 Q3/18 Q4/18 Q1/19 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 54 54
Sales Tax Rate 21.00
percent
21 21 21 21 21
Social Security Rate 45.57
percent
45.57 45.57 45.57 46 46
Social Security Rate For Companies 32.50
percent
32.59 32.59 32.59 32.73 34.74
Social Security Rate For Employees 13.07
percent
13.07 13.07 13.07 13.07 13.07
CLIMATE Actual Q2/18 Q3/18 Q4/18 Q1/19 2020
Temperature 8.59
celsius
12.65 16.56 5.85 3.03 9.73
Precipitation 52.32
mm
63.14 74.68 79.31 64.26 71.88