Belgium

Belgium

Economic update - August 2020

Economic forecasts

National accounts (real yearly change, in %)

              2019 2020 2021
Private consumption 1.1 -7.6 5.1
Public consumption 1.8 1.0 -0.2
Investment in fixed capital 3.2 -13.6 -0.6
Corporate investment 3.2 -14.6 1.8
Public investment -0.4 -7.4 2.4
Residential building investment 4.9 -13.2 1.0
Final domestic demand (excl. changes in inventories) 1.8 -7.1 2.5
Change in inventories (contribution to growth) -0.4 -0.2 -0.2
Exports of goods and services 1.1 -7.5 5.5
Imports of goods and services 1.0 -5.4 2.8
       
Gross domestic product (GDP) 1.4 -9.0 5.1
       
Household disposable income 2.5 -2.5 1.2
Household savings rate (% of disposable income) 13.1 17.6 14.5

Equilibrium indicators 

              2019 2020 2021
Inflation (average yearly change, in %)      
Consumer prices (harmonised CPI) 1.25 0.75 1.74
Health index (national CPI) 1.47 0.80 1.50
       
Labour market      
Domestic employment (yearly change, in '000, year end) 79.30 -110.00 -20.00
Unemployment rate (in % of labour force, end of year, Eurostat definition) 5.20 7.20 7.60
       
Public finances (in % of GDP, on unchanged policy)      
Overall balance -1.90 -12.10 -7.30
Public debt 98.70 119.80 118.70
       
Current account balance (in % of GDP) -1.20 -2.50 -2.00
       
House prices (average yearly change in %, existing and new dwellings, Eurostat definition) 3.99 -0.52 -3.02

Other forecasts and economic updates

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