Belgium

Economic Perspectives for Belgium

National accounts (real yearly change, in %)
	2023	2024	2025
Private consumption	1.4	1.0	1.1
Public consumption	1.6	1.5	0.5
Investment in fixed capital	3.6	0.6	3.3
Corporate investment	6.0	0.4	4.1
Public investment	6.3	7.1	2.2
Residential building investment	-5.7	-3.0	1.0
Final domestic demand (excl. changes in inventories)	2.0	1.0	1.5
Change in inventories (contribution to growth)	0.1	-0.4	0.1
Exports of goods and services	-3.3	-0.9	1.9
Imports of goods and services	-2.6	-1.5	2.3

Gross domestic product (GDP)	1.4	1.2	1.2

Household disposable income	3.8	1.6	0.9
Household savings rate (% of disposable income)	14.5	15.0	14.7

Equilibrium indicators
	2023	2024	2025
Inflation (average yearly change, in %)
Consumer prices (harmonised CPI)	2.3	3.8	2.2
Health index (national CPI)	4.3	3.0	2.1

Labour market
Domestic employment (yearly change, in '000, year end)	25.7	24.2	30.0
Unemployment rate (in % of labour force, end of year, Eurostat definition)	5.6	5.7	5.6

Public finances (in % of GDP, on unchanged policy)
Overall balance	-4.4	-4.6	-5.0
Public debt	105.2	105.8	107.9

Current account balance (in % of GDP)	-1.0	-0.5	-1.0

House prices (average yearly change in %, existing and new dwellings, Eurostat definition)	2.3	2.8	3.0