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 0.50 0.3 0.4 0.4 0.4 0.5 percent [+]
Unemployment Rate 6.90 6.8 6.5 6.4 6.3 5.5 percent [+]
Inflation Rate 2.28 2.6 2.7 2.5 2.3 2.7 percent [+]
Interest Rate 0.00 0 0 0 0 0.5 percent [+]
Balance of Trade 887.10 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 1.06 1.05 1.04 1.03 0.86 [+]
Stock Market 3897.47 3780 3740 3630 3670 3050 points [+]
Government Bond 10Y 0.77 0.85 0.86 0.87 0.87 1.01 percent [+]
GDP Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
GDP Growth Rate 0.50 0.3 0.4 0.4 0.4 0.5 percent [+]
GDP Annual Growth Rate 1.50 1.3 1.4 1.4 1.5 1.9 percent [+]
GDP 455.09 462 458 469 444 479 USD Billion [+]
GDP Constant Prices 103551.00 104209 104476 104765 105094 108992 EUR Million [+]
Gross National Product 105758.50 106357 106535 106766 106765 107077 EUR Million [+]
Gross Fixed Capital Formation 24209.00 24106 23978 24080 23996 24038 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 698.00 713 707 708 704 702 EUR Million [+]
GDP From Construction 5661.00 5661 4868 5660 4869 5658 EUR Million [+]
GDP From Manufacturing 15771.00 15446 15458 15716 15306 15623 EUR Million [+]
GDP From Public Administration 14265.00 14263 13399 14261 13401 14250 EUR Million [+]
GDP From Services 18337.00 17957 17693 18322 17685 18231 EUR Million [+]
LABOUR Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Unemployment Rate 6.90 6.8 6.5 6.4 6.3 5.5 percent [+]
Employed Persons 3977.60 4014 4024 4033 4036 4049 Thousand [+]
Unemployed Persons 349905.00 356783 357800 355440 355055 355008 [+]
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 18.20 18.32 18.3 18.31 18.3 18.3 percent [+]
Labour Costs 108.30 109 109 109 109 109 Index Points [+]
Job Vacancies 112987.00 120770 122463 123154 124870 135282 [+]
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 0.30 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 100.10 101 101 101 101 101 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 2.28 2.6 2.7 2.5 2.3 2.7 percent [+]
Inflation Rate Mom 0.17 0.18 0.18 0.18 0.18 0.18 percent [+]
Consumer Price Index CPI 105.09 105 106 106 107 111 Index Points [+]
Core Consumer Prices 103.48 104 103 104 103 104 Index Points [+]
Core Inflation Rate 1.60 1.45 1.46 1.46 1.46 1.46 percent [+]
GDP Deflator 103.44 104 104 105 105 108 Index Points [+]
Producer Prices 110.00 114 116 118 120 132 Index Points [+]
Export Prices 147.41 147 147 147 147 147 Index Points [+]
Import Prices 151.97 152 152 152 152 152 Index Points [+]
Food Inflation 0.10 -0.31 -0.61 -0.62 -0.64 -0.64 percent [+]
Cpi Transportation 102.39 102 102 102 102 102 Index Points [+]
Harmonised Consumer Prices 104.35 105 104 105 104 105 Index Points [+]
Producer Prices Change 12.57 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 -0.32 -0.32 -0.32 -0.32 percent [+]
Money Supply M0 37486.00 37871 38193 38501 38799 41490 EUR Million [+]
Money Supply M1 189200.00 191768 195000 198018 201031 232302 EUR Million [+]
Money Supply M2 501600.00 505093 508846 512448 516013 551925 EUR Million [+]
Money Supply M3 529300.00 532480 536008 539379 542634 571752 EUR Million [+]
Banks Balance Sheet 1142805.17 1144232 1149063 1144557 1149079 1144536 EUR Million [+]
Foreign Exchange Reserves 23144.00 23212 23216 23217 23218 23218 EUR Million [+]
Central Bank Balance Sheet 154485.00 156112 155846 155606 155526 155502 EUR Million [+]
Private Debt to GDP 258.20 265 266 268 268 285 percent [+]
TRADE Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Balance of Trade 887.10 1480 1491 1511 1519 1090 EUR Million [+]
Exports 32224.50 30796 30787 30815 30801 30803 EUR Million [+]
Imports 31337.40 29881 29855 29752 29734 29723 EUR Million [+]
Current Account -1671.00 -378 -363 -394 -405 -404 EUR Million [+]
Current Account to GDP 1.60 1.8 1.33 1.18 1.22 1.5 percent [+]
Terms of Trade 97.00 96.87 96.85 96.86 96.86 96.86 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 24503.00 24559 24566 24569 24570 24571 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 1121 1170 1163 1137 1145 persons [+]
Military Expenditure 4952.80 4998 4930 4862 4848 4666 USD Million [+]
BUSINESS Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Business Confidence -1.10 -0.99 -0.95 -0.96 -0.95 -0.95 [+]
Industrial Production 5.80 4.57 3.94 3.72 3.68 3.75 percent [+]
Industrial Production Mom -1.50 -0.3 0.17 0.27 0.27 0.26 percent [+]
Manufacturing Production 8.30 6.63 5.79 5.46 5.38 5.42 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 930.00 788 807 795 796 797 Companies [+]
Car Registrations 51132.00 44251 42015 43915 43766 43572 Cars [+]
Changes In Inventories -325.00 -396 -325 -370 -401 -442 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 7201.00 6821 6654 6582 6550 6525 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 710.00 646 643 638 635 633 Thousand Tonnes [+]
Mining Production 4.50 7.53 7.53 7.76 7.84 7.84 percent [+]
CONSUMER Actual Q2/17 Q3/17 Q4/17 Q1/18 2020
Consumer Confidence 0.00 -7 -5 -2 -3.36 -3 [+]
Retail Sales MoM 0.80 -0.3 0.15 0.7 0.1 0.9 percent [+]
Retail Sales YoY 2.00 0.5 1.02 1.15 1.23 1.6 percent [+]
Consumer Spending 52945.00 53310 53492 53675 53858 55868 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 1.67 1.66 1.65 1.65 1.65 1.65 percent [+]
Consumer Credit 8368642.00 8422902 8430103 8436046 8436985 8437429 EUR Thousand [+]
Gasoline Prices 1.55 1.56 1.57 1.57 1.57 1.58 USD/Liter [+]
Households Debt To Gdp 59.10 59.67 59.8 59.96 60.09 61.29 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 1790.00 1898 1856 1850 1855 1854 [+]
Housing Starts 3.69 3.8 3.8 3.8 3.8 3.8 Thousand [+]
Construction Output 4.50 -0.69 3.64 0.66 2.42 1.79 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 [+]