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 Q2/17 Q3/17 Q4/17 Q1/18 2020
GDP Growth Rate 0.60 0.3 0.4 0.4 0.4 0.5 percent [+]
Unemployment Rate 6.80 6.8 6.5 6.4 6.3 5.5 percent [+]
Inflation Rate 1.86 1.7 2 2.2 2.3 2.7 percent [+]
Interest Rate 0.00 0 0 0 0 0.5 percent [+]
Balance of Trade 1431.10 1480 1491 1511 1519 1090 EUR Million [+]
Government Debt to GDP 105.90 107 106 106 106 100 percent [+]
MARKETS Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Currency 1.12 1.1 1.09 1.08 1.07 0.89 [+]
Stock Market 3867.78 3850 3810 3690 3730 3110 points [+]
Government Bond 10Y 0.60 0.57 0.57 0.58 0.58 0.67 percent [+]
GDP Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
GDP Growth Rate 0.60 0.3 0.4 0.4 0.4 0.5 percent [+]
GDP Annual Growth Rate 1.60 1.7 1.8 1.8 1.9 2.4 percent [+]
GDP 455.09 462 458 469 444 479 USD Billion [+]
GDP Constant Prices 104016.00 104633 105149 105539 105854 109598 EUR Million [+]
Gross National Product 105758.50 106357 106535 106766 106765 107077 EUR Million [+]
Gross Fixed Capital Formation 24303.00 24660 24480 24638 24536 24582 EUR Million [+]
GDP per capita 45181.40 45240 45394 45549 45657 47296 USD [+]
GDP per capita PPP 41826.00 41642 41778 41913 41956 42600 USD [+]
GDP From Agriculture 752.00 798 829 836 821 788 EUR Million [+]
GDP From Construction 5113.00 5690 5113 5690 5114 5688 EUR Million [+]
GDP From Manufacturing 15667.00 15907 15628 15897 15701 15941 EUR Million [+]
GDP From Public Administration 13250.00 14228 13252 14226 13254 14214 EUR Million [+]
GDP From Services 17932.00 18310 17793 18359 17991 18365 EUR Million [+]
LABOUR Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Unemployment Rate 6.80 6.8 6.5 6.4 6.3 5.5 percent [+]
Employed Persons 3979.00 3981 3986 3985 3988 3990 Thousand [+]
Unemployed Persons 350905.00 352331 354008 351191 351215 351166 [+]
Labor Force Participation Rate 68.40 67.65 67.74 68.07 67.85 67.86 percent [+]
Long Term Unemployment Rate 3.70 3.67 3.57 3.52 3.5 3.4 percent [+]
Youth Unemployment Rate 18.00 18.2 18.16 18.16 18.16 18.16 percent [+]
Labour Costs 108.00 108 108 108 108 108 Index Points [+]
Job Vacancies 123689.00 127850 128417 130865 136879 155087 [+]
Minimum Wages 1531.93 1532 1538 1532 1543 1585 EUR/Month [+]
Wage Growth 1.70 0.88 0.78 0.88 0.92 1.1 percent [+]
Population 11.31 11.28 11.29 11.3 11.3 11.48 Million [+]
Retirement Age Women 65.00 65 65 65 65 65 [+]
Retirement Age Men 60.00 60 60 60 60 60 [+]
Employment Change 0.20 0.3 0.3 0.4 0.4 0.4 percent [+]
Employment Rate 63.40 63.02 63.07 63.4 63.35 63.49 percent [+]
Full Time Employment 3467.90 3466 3470 3476 3475 3476 Thousand [+]
Productivity 93.80 100 100 100 100 100 Index Points [+]
Wages High Skilled 3020.00 3086 3089 3090 3091 3092 EUR/Month [+]
Wages In Manufacturing 123.00 123 105 123 105 123 Index Points [+]
Wages Low Skilled 1850.00 1864 1864 1865 1865 1865 EUR/Month [+]
Part Time Employment 1159.00 1148 1150 1176 1172 1234 Thousand [+]
Living Wage Family 1342.30 1347 1347 1347 1347 1347 EUR/Month [+]
Living Wage Individual 1124.20 1135 1135 1135 1135 1135 EUR/Month [+]
PRICES Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Inflation Rate 1.86 1.7 2 2.2 2.3 2.7 percent [+]
Inflation Rate Mom -0.10 0.12 0.17 0.16 0.16 0.16 percent [+]
Consumer Price Index CPI 105.00 105 105 106 106 111 Index Points [+]
Core Consumer Prices 103.46 104 104 104 104 104 Index Points [+]
Core Inflation Rate 1.50 1.47 1.48 1.48 1.47 1.47 percent [+]
GDP Deflator 103.56 104 104 104 105 108 Index Points [+]
Producer Prices 110.00 114 116 118 120 132 Index Points [+]
Export Prices 147.15 147 147 147 147 147 Index Points [+]
Import Prices 153.62 154 154 154 154 154 Index Points [+]
Food Inflation 0.20 -0.08 -0.33 -0.32 -0.34 -0.34 percent [+]
Cpi Transportation 102.04 102 102 102 102 102 Index Points [+]
Harmonised Consumer Prices 104.02 105 104 105 104 105 Index Points [+]
Producer Prices Change 12.60 7.6 5.5 4.2 3.7 3 percent [+]
MONEY Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Interest Rate 0.00 0 0 0 0 0.5 percent [+]
Interbank Rate -0.33 -0.32 -0.33 -0.33 -0.33 -0.33 percent [+]
Money Supply M0 37836.00 37963 38306 38631 38946 41799 EUR Million [+]
Money Supply M1 192800.00 193614 197042 200257 203471 236850 EUR Million [+]
Money Supply M2 504300.00 506346 510202 513985 517732 555732 EUR Million [+]
Money Supply M3 529700.00 531850 535257 538508 541641 569452 EUR Million [+]
Banks Balance Sheet 1147118.30 1139644 1146246 1142187 1146757 1142261 EUR Million [+]
Foreign Exchange Reserves 22531.00 22475 22440 22443 22443 22443 EUR Million [+]
Central Bank Balance Sheet 157718.00 158802 159050 158999 158994 159004 EUR Million [+]
Private Debt to GDP 263.79 264 266 268 269 282 percent [+]
TRADE Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Balance of Trade 1431.10 1480 1491 1511 1519 1090 EUR Million [+]
Exports 30087.20 30781 30591 30633 30620 30621 EUR Million [+]
Imports 28656.10 29652 29393 29280 29251 29243 EUR Million [+]
Current Account -1671.00 -378 -363 -394 -405 -404 EUR Million [+]
Current Account to GDP -0.40 1.8 1.8 1.8 2 2.3 percent [+]
Terms of Trade 95.79 96.18 96.31 96.33 96.33 96.33 Index Points [+]
Capital Flows -601.00 -12.95 -40.05 -52.32 -50.08 -49.48 EUR Million [+]
Remittances 1541.00 1587 1546 1589 1585 1645 EUR Million [+]
Gold Reserves 227.40 227 227 227 227 227 Tonnes [+]
Foreign Direct Investment 36297.00 4730 -1678 7362 8237 6971 EUR Million [+]
External Debt 1115985.00 1048787 1030195 1028102 1034985 1057078 EUR Million [+]
Weapons Sales 13.00 30.49 29.54 28.59 28.46 31.5 USD Million [+]
Terrorism Index 1.25 1.19 1.13 1.08 1.06 1.28 [+]
GOVERNMENT Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Government Debt to GDP 105.90 107 106 106 106 100 percent [+]
Government Budget -2.60 -2.5 -2.56 -2.2 -2.54 -0.8 percent of GDP [+]
Government Budget Value -10659.00 -11925 -11736 -11546 -11403 -11385 EUR Million [+]
Government Spending 24468.00 24480 24488 24490 24491 24492 EUR Million [+]
Government Spending to GDP 53.30 53.39 53.22 53.05 53.05 53.24 percent [+]
Government Revenues 210329.30 213456 214156 214856 216183 235339 EUR Million [+]
Government Debt 538275.00 555724 557449 547788 554162 556361 EUR Million [+]
Fiscal Expenditure 220988.30 224644 223980 223315 223570 228069 EUR Million [+]
Asylum Applications 1080.00 1108 1121 1145 1136 1127 persons [+]
Military Expenditure 4028.00 4058 4004 3950 3944 3847 USD Million [+]
BUSINESS Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Business Confidence -2.00 -0.99 -2.48 -2.6 -2.65 -2.66 [+]
Industrial Production -4.50 2.03 0.39 0 0.05 0.34 percent [+]
Industrial Production Mom 0.30 -0.29 0.18 0.27 0.27 0.26 percent [+]
Manufacturing Production -3.80 3.28 1.49 1.01 1.02 1.28 percent [+]
Capacity Utilization 81.80 78.25 83.97 82.76 82.18 82.86 percent [+]
New Orders 115.76 122 122 122 122 122 Index Points [+]
Bankruptcies 965.00 897 845 839 822 813 Companies [+]
Car Registrations 51342.00 46514 41790 43806 44107 43852 Cars [+]
Changes In Inventories 1165.00 894 964 864 655 484 EUR Million [+]
Competitiveness Index 5.25 5.18 5.18 5.18 5.23 5.22 Points [+]
Competitiveness Rank 17.00 19 19 19 18 18 [+]
Ease of Doing Business 42.00 39 39 38 38 30 [+]
Electricity Production 5432.00 5464 6158 6332 6221 6213 Gigawatt-hour [+]
Corporate Profits 36858.00 34956 34767 34579 34904 31733 EUR Million [+]
Corruption Index 77.00 77 77 77 77 75 Points [+]
Corruption Rank 15.00 15 15 15 15 15 [+]
Steel Production 640.00 626 630 627 627 626 Thousand Tonnes [+]
Mining Production -5.80 2.82 3.52 3.18 3.39 3.41 percent [+]
CONSUMER Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Consumer Confidence -2.00 1 -5 -2 -4.31 -3 [+]
Retail Sales MoM 0.30 -0.3 0.04 0.7 0.08 0.9 percent [+]
Retail Sales YoY -0.80 0.5 0.71 0.94 1.09 1.6 percent [+]
Consumer Spending 53549.00 53736 53923 54108 54293 56327 EUR Million [+]
Disposable Personal Income 83454.20 83412 83405 83398 83398 83398 EUR Million [+]
Personal Savings 11.40 11.47 11.4 11.46 11.43 11.44 percent [+]
Bank Lending Rate 1.66 1.65 1.64 1.63 1.63 1.63 percent [+]
Consumer Credit 8355323.00 8331020 8313910 8309042 8308450 8307958 EUR Thousand [+]
Gasoline Prices 1.60 1.62 1.63 1.64 1.64 1.64 USD/Liter [+]
Households Debt To Gdp 59.40 59.75 59.88 60.06 60.19 61.47 percent of GDP [+]
Households Debt To Income 101.32 102 103 104 104 115 percent [+]
HOUSING Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Building Permits 1812.00 1900 1856 1852 1858 1857 [+]
Housing Starts 3.69 3.8 3.8 3.8 3.8 3.8 Thousand [+]
Construction Output -2.20 -1.51 2.43 -0.24 1.32 0.76 percent [+]
Housing Index 113.05 114 116 116 115 122 Index Points [+]
Home Ownership Rate 71.40 71.62 71.5 71.37 71.46 71.87 percent [+]
TAXES Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Corporate Tax Rate 34.00 34 34 34 34 34 percent [+]
Personal Income Tax Rate 53.70 53.69 53.67 53.65 53.65 53.65 percent [+]
Sales Tax Rate 21.00 21 21 21 21 21 percent [+]
Social Security Rate 45.22 44.88 43.6 42.32 41.71 36.25 percent [+]
Social Security Rate For Companies 32.15 31.79 30.44 29.08 28.5 23.74 percent [+]
Social Security Rate For Employees 13.07 13.06 13.06 13.06 13.06 13.06 percent [+]