Economic Indicators for Belgium – October 20, 2023

Belgium’s real GDP is forecasted to grow steadily in 2023, with a projected increase of 2.7% compared to the previous year. The country has experienced a rebound from the challenges faced in 2020, with a robust recovery in various economic sectors.

Labor Market Trends

Total employment in Belgium is expected to continue its positive trajectory, reflecting a dynamic labor market. The unemployment rate remains stable, showcasing the resilience of the country’s workforce.

Inflation and Consumer Prices

In terms of consumer prices, Belgium is experiencing moderate inflation, with a harmonized index projecting a 1.7% increase. The underlying trend, excluding food and energy, remains steady at 1.3%, indicating a balanced economic environment.

Business and Consumer Confidence

Business and consumer confidence indices remain optimistic, contributing to a positive economic outlook. Both manufacturing and building industries show a favorable overall synthetic curve, reflecting positive expectations.

External Trade Dynamics

Belgium’s external trade is expected to remain robust, with steady growth in exports and imports of goods and services. The country continues to play a significant role in international trade.

Government Fiscal Position

Belgium’s general government balance reflects prudent fiscal management, with a primary surplus. The overall consolidated gross debt remains stable, contributing to a favorable economic environment.


Belgium’s economic indicators point towards a resilient and growing economy in 2023. The positive trends in GDP, employment, inflation, and confidence indices underscore the nation’s economic stability and recovery from previous challenges.