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 3753.40
points		 3782 3750 3717 3685 3560
Government Bond 10Y 0.81
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 4.30
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