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	Q4/18	Q1/19	Q2/19	Q3/19	2020
GDP Growth Rate	0.40	0.5	0.4	0.6	0.5	0.5	percent
Unemployment Rate	6.30	6	6.2	6	5.9	6.5	percent
Inflation Rate	2.75	2	2.1	2.2	3.2	2.7	percent
Interest Rate	0.00	0	0	0	0.25	0.75	percent
Balance of Trade	415.50	790	2400	2820	1452	1090	EUR Million
Government Debt to GDP	103.10	102	99.9	99.9	99.9	97.5	percent


MARKETS	Actual	Q4/18	Q1/19	Q2/19	Q3/19	2020
Currency	1.12	1.15	1.14	1.13	1.13	1.1
Stock Market	3523.71 points	3683	3651	3619	3588	3465
Government Bond 10Y	0.82 percent	0.87	0.92	0.96	1.01	1.23

GDP	Actual	Q4/18	Q1/19	Q2/19	Q3/19	2020
GDP Growth Rate	0.40 percent	0.5	0.4	0.6	0.5	0.5
GDP Annual Growth Rate	1.70 percent	1.7	1.8	1.8	1.7	1.6
GDP	492.68 USD Billion	495	498	498	498	500
GDP Constant Prices	107213.00 EUR Million	108282	108704	109143	109036	111555
Gross National Product	112667.50 EUR Million	112088	112885	114696	114583	115476
Gross Fixed Capital Formation	25349.00 EUR Million	25458	25577	25805	25780	26227
GDP per capita	46078.93 USD	46200	46900	46900	46900	47000
GDP per capita PPP	42658.58 USD	42900	43300	43300	43300	43500
GDP From Agriculture	764.00 EUR Million	483	551	778	777	498
GDP From Construction	5276.00 EUR Million	5366	4906	5371	5366	5528
GDP From Manufacturing	15563.00 EUR Million	16077	15756	15843	15828	16563
GDP From Public Administration	14516.00 EUR Million	15197	14217	14777	14763	15656
GDP From Services	18712.00 EUR Million	18895	18385	19049	19030	19466

LABOUR	Actual	Q4/18	Q1/19	Q2/19	Q3/19	2020
Unemployment Rate	6.30 percent	6	6.2	6	5.9	6.5
Employed Persons	4056.40 Thousand	4110	4108	4115	4117	4113
Unemployed Persons	321599.00	318214	318526	317633	317684	317764
Labor Force Participation Rate	67.90 percent	68.39	68.16	68.07	68.24	68.22
Long Term Unemployment Rate	3.10 percent	2.97	2.94	2.92	2.9	2.84
Youth Unemployment Rate	18.90 percent	18.94	18.93	18.94	18.93	18.93
Labour Costs	111.00 Index Points	112	112	112	112	112
Job Vacancies	145757.00	150327	153420	157748	161534	174343
Minimum Wages	1562.59 EUR/Month	1563	1575	1575	1575	1585
Wage Growth	3.70 percent	2.84	2.79	2.81	2.92	2.97
Population	11.41 Million	11.41	11.51	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	1580.00 EUR/Month	1530	1550	1573	1570	1550
Living Wage Individual	1090.00 EUR/Month	1092	1086	1083	1081	1072
Part Time Employment	1140.80 Thousand	1158	1156	1158	1165	1194
Productivity	100.30 Index Points	100	100	100	100	100
Wages	3445.00 EUR/Month	3600	3650	3561	3581	3700
Wages High Skilled	3050.00 EUR/Month	3200	3200	3049	3054	3250
Wages In Manufacturing	100.30 Index Points	125	107	118	100	139
Wages Low Skilled	1890.00 EUR/Month	1950	1950	1877	1873	2000
Employment Change	0.40 percent	0.5	0.3	0.36	0.34	0.4
Employment Rate	63.70 percent	64.21	64.2	64.13	64.2	64.36
Full Time Employment	3502.50 Thousand	3520	3519	3516	3519	3519

PRICES	Actual	Q4/18	Q1/19	Q2/19	Q3/19	2020
Inflation Rate	2.75 percent	2	2.1	2.2	3.2	2.7
Inflation Rate Mom	0.73 percent	0.2	0.3	0.2	0.2	0.2
Consumer Price Index CPI	108.31 Index Points	108	109	109	111	114
Core Consumer Prices	104.99 Index Points	105	106	106	106	108
Core Inflation Rate	1.30 percent	1.28	1.28	1.28	1.28	1.28
GDP Deflator	104.68 Index Points	105	105	105	105	105
Producer Prices	117.40 Index Points	121	120	122	125	135
Export Prices	118.90 Index Points	119	119	119	119	119
Import Prices	124.01 Index Points	123	123	124	124	124
Food Inflation	2.64 percent	2.3	2.4	2.3	2.4	2.4
Producer Prices Change	6.70 percent	6.6	6.1	5.9	6.3	5.5
Cpi Housing Utilities	111.20 Index Points	113	114	115	116	117
CPI Transportation	107.25 Index Points	105	106	108	110	111
Harmonised Consumer Prices	107.41 Index Points	107	108	109	111	113

MONEY	Actual	Q4/18	Q1/19	Q2/19	Q3/19	2020
Interest Rate	0.00 percent	0	0	0	0.25	0.75
Interbank Rate	-0.32 percent	-0.32	-0.32	-0.32	-0.07	0.43
Money Supply M0	40147.00 EUR Million	40553	40920	41279	41630	44397
Money Supply M1	211400.00 EUR Million	215467	218569	221745	224895	252184
Money Supply M2	534200.00 EUR Million	539226	543652	548123	552555	591125
Money Supply M3	552500.00 EUR Million	556066	559264	562369	565384	588844
Banks Balance Sheet	1047833.54 EUR Million	1040358	1044241	1040094	1044232	1040107
Foreign Exchange Reserves	22261.00 EUR Million	22253	22258	22258	22258	22258
Private Debt to GDP	261.30 percent	269	271	273	274	287
Central Bank Balance Sheet	183370.00 EUR Million	183001	183164	183214	183226	183230

TRADE	Actual	Q4/18	Q1/19	Q2/19	Q3/19	2020
Balance of Trade	415.50 EUR Million	790	2400	2820	1452	1090
Exports	30524.10 EUR Million	32400	37800	34600	32602	34400
Imports	30108.60 EUR Million	31610	35400	31780	31150	33310
Current Account	-2388.00 EUR Million	-380	115	-670	-298	-280
Current Account to GDP	-0.20 percent	0.5	-0.5	-0.5	-0.5	0.2
Terms of Trade	95.88 Index Points	96.11	96.14	96.05	96.05	96.06
Capital Flows	-432.00 EUR Million	752	-814	-689	-1152	622
Remittances	1657.00 EUR Million	1679	1664	1668	1686	1703
Gold Reserves	227.40 Tonnes	227	227	227	227	227
Terrorism Index	4.66	4.66	4.66	4.66	4.66	4.66
Weapons Sales	12.00 USD Million	-16.73	-6.92	2.88	12.7	14.22
Foreign Direct Investment	3119.00 EUR Million	5699	4639	3370	4042	4488
External Debt	1137378.00 EUR Million	1113409	1096654	1089258	1082456	1088727

GOVERNMENT	Actual	Q4/18	Q1/19	Q2/19	Q3/19	2020
Government Debt to GDP	103.10 percent	102	99.9	99.9	99.9	97.5
Government Budget	-1.00 percent of GDP	-1.8	-0.9	-0.9	-0.9	-0.8
Government Budget Value	-4468.00 EUR Million	-447	-986	-447	91.37	3584
Government Spending	25108.00 EUR Million	25484	25448	25560	25535	26254
Government Spending to GDP	52.20 percent	52.2	52.2	52.2	52.2	52.2
Government Revenues	224454.00 EUR Million	229632	230780	231928	233075	242173
Government Debt	542797.00 EUR Million	544267	547543	548768	550649	552838
Fiscal Expenditure	228976.10 EUR Million	231157	231766	232375	232984	238589
Military Expenditure	4289.66 USD Million	4237	4230	4222	4215	4220
Asylum Applications	1810.00 persons	1877	1540	1535	1703	1673

BUSINESS	Actual	Q4/18	Q1/19	Q2/19	Q3/19	2020
Business Confidence	-1.10 Index Points	0.2	-1.8	-2.3	-3.2	-6.5
Industrial Production	1.90 percent	3	2.8	2.9	2.01	2.5
Industrial Production Mom	3.00 percent	0.5	1.1	-0.3	0.25	0.4
Manufacturing Production	4.40 percent	4.47	4.68	4.67	4.62	4.55
Capacity Utilization	81.10 percent	79.88	80.27	81.26	80.39	81.04
Bankruptcies	897.00 Companies	799	778	780	780	787
Car Registrations	36894.00	39671	45692	44647	44321	44572
Internet Speed	16275.93 KBps	16907	16930	16955	16979	17042
IP Addresses	4372220.00 IP	4199242	4183347	4169478	4154202	4039815
Mining Production	0.50 percent	2.72	2.51	2.47	2.46	2.46
Steel Production	715.00 Thousand Tonnes	688	675	669	665	661
Changes In Inventories	1981.00 EUR Million	1248	1072	844	719	734
Competitiveness Index	76.61 Points	77.11	77.11	77.11	77.11	79.61
Competitiveness Rank	21.00	21	21	21	21	21
Ease of Doing Business	45.00	48	46	45	44	42
Electricity Production	4526.00 Gigawatt-hour	4763	4772	4757	4757	4757
Corporate Profits	24520.00 EUR Million	29322	29748	30173	30599	28334
Corruption Index	75.00 Points	75	75	75	75	75
Corruption Rank	16.00	16	16	16	16	16

CONSUMER	Actual	Q4/18	Q1/19	Q2/19	Q3/19	2020
Consumer Confidence	1.00 Percentage Points	2	1	-2	-1	-3
Retail Sales MoM	-0.80 percent	0.6	0.16	0.09	0.09	0.9
Retail Sales YoY	-2.20 percent	0.5	0.9	1.1	1.2	1.4
Consumer Spending	54405.00 EUR Million	55116	55339	55384	55330	56782
Disposable Personal Income	89714.70 EUR Million	89485	88949	89580	88958	89491
Personal Savings	10.90 percent	10.83	11.12	10.95	10.97	10.98
Households Debt To GDP	60.60 percent of GDP	60.91	60.98	61.02	61.06	61.19
Households Debt To Income	104.61 percent	106	105	105	105	106
Bank Lending Rate	1.61 percent	1.61	1.61	1.61	1.86	2.36
Consumer Credit	8072900.00 EUR Thousand	8109155	8105942	8106800	8107006	8107017
Gasoline Prices	1.68 USD/Liter	1.63	1.54	1.45	1.35	1.15

HOUSING	Actual	Q4/18	Q1/19	Q2/19	Q3/19	2020
Building Permits	1918.00	1886	1881	1881	1881	1881
Construction Output	1.30 percent	2.22	2.04	1.98	2	2
Housing Index	108.70 Index Points	111	111	112	114	119
Home Ownership Rate	72.70 percent	72.63	72.54	72.45	72.36	71.53

TAXES	Actual	Q4/18	Q1/19	Q2/19	Q3/19	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	53.7	53.7
Sales Tax Rate	21.00 percent	21	21	21	21	21
Social Security Rate	45.57 percent	45.57	45.57	45.57	45.57	45.57
Social Security Rate For Companies	32.50 percent	32.5	32.5	32.5	32.5	32.5
Social Security Rate For Employees	13.07 percent	13.07	13.07	13.07	13.07	13.07

CLIMATE	Actual	Q4/18	Q1/19	Q2/19	Q3/19	2020
Temperature	8.59 celsius	5.85	3.03	11.48	10.7	9.73
Precipitation	52.32 mm	79.31	64.26	72.46	72.46	71.88

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Belgium - Economic Forecasts - 2018-2020 Outlook

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