Real GDP Growth: In 2023, Belgium’s real GDP is expected to grow by 2.7%, showing positive economic momentum after a 1.7% growth in the previous year.
Consumer Prices: Belgium’s consumer price index (HICP) is projected to increase by 1.8% in 2023. This is slightly higher than the 1.7% rise recorded in 2022.
Labor Market: Employment in Belgium is expected to remain stable, with the unemployment rate forecasted to be around 5.6%. The harmonized unemployment rate for those aged 15-64 is also expected to remain at 6.1%.
General Government: Belgium’s general government is anticipated to have a primary balance of -1.0% in 2023, indicating a budget deficit. The overall balance is projected to be -1.8%, showing a deficit as well. The consolidated gross debt is expected to be around 106.9% of GDP.
Current Account: Belgium’s current account is expected to show a surplus of 3.8% of GDP in 2023.
Business and Consumer Confidence: Business confidence in Belgium appears to be improving, with expectations for the general economic situation on an upward trend. Consumer confidence also shows a positive outlook for the coming months.
Inflation: Inflation in Belgium is expected to remain relatively stable, with underlying trends in inflation around 1.8%.
These economic indicators suggest that Belgium is experiencing moderate economic growth in 2023, with efforts needed to address the budget deficit and government debt. Business and consumer confidence are on the rise, indicating optimism in the economic outlook.