The National Bank of Belgium (NBB) has released its economic indicators for the country, providing a snapshot of the economic situation in Belgium for the year 2023. Here are the key highlights:
1. Real GDP Growth:
- Belgium’s real GDP is forecasted to grow by 1.1% in 2023. This growth follows a strong performance in 2022 when the GDP increased by 2.0%.
- The first two quarters of 2023 showed moderate growth, with Q2 seeing a 0.4% increase in GDP.
2. Consumer Prices:
- Consumer prices, as measured by the Harmonized Index of Consumer Prices (HICP), are expected to rise by 2.7% in 2023, reflecting a steady increase in the cost of living.
- The underlying trend in inflation, which excludes food and energy prices, is forecasted to be 1.7% for the year.
3. Labor Market:
- Belgium’s total employment is expected to continue its positive trend in 2023, with a 0.8% increase in the number of people employed.
- The harmonized unemployment rate is projected to be 5.5% for the year, indicating a stable labor market.
4. General Government Balance:
- The primary and overall balances of the general government are expected to improve, reflecting prudent fiscal management.
- Belgium’s consolidated gross debt is projected to remain stable at around 104.7% of GDP.
5. Current Account:
- Belgium’s current account is expected to show a surplus in 2023, driven by strong exports of goods and services.
6. Business and Consumer Confidence:
- Business confidence has shown a positive trend in recent months, indicating optimism about future economic conditions.
- Consumer confidence has also improved, with Belgians feeling more positive about their financial situation.
These economic indicators provide insights into Belgium’s economic performance in 2023 and suggest a cautiously optimistic outlook for the country’s economy.