Economic Snapshot of Belgium – Q2 2023

In its recent communication, the Banque nationale de Belgique provided an overview of the non-financial accounts of institutional sectors for the second quarter of 2023. Here are the key indicators:


  • Savings Rate: The household savings rate continued to rise, reaching 14.7% compared to the previous quarter’s 13.5%.
  • Investment Rate: The household investment rate decreased slightly to 8.8% from the previous quarter’s 9.1%.

Non-Financial Corporations:

  • Profit Margin: The profit margin of non-financial corporations declined to 42.2% from the previous quarter’s 42.6%.
  • Investment Rate: On a positive note, the investment rate of non-financial corporations increased to 28.8% from 27.7% in the last quarter.

Public Administrations:

  • Financing Balance: The financing balance of public administrations showed a slight improvement, with a deficit of 4.1% of GDP compared to 4.3% in the previous quarter.

General Observations:

  • Household Income: The disposable income of households increased by 1.8%, driven by net property income and net current transfers.
  • Employment Trends: While the value added stagnated, there was an 0.8% increase in employee compensation, impacting the profit margin of non-financial corporations.
  • Government Finances: Revenue growth was primarily due to a significant increase in corporate income taxes, with corresponding increases in social benefits in cash.

Outlook and Methodology:

  • The report cautions that ratios may experience significant fluctuations from quarter to quarter, and data is presented after correction for seasonal variations and calendar effects.
  • The methodology includes adjustments for variations in pension fund rights, providing a more accurate representation of economic indicators.

This comprehensive overview offers valuable insights into the economic dynamics of Belgium in the second quarter of 2023, highlighting trends in savings, investment, and financial performance across key sectors. For more detailed information, readers are encouraged to refer to the complete report on the Banque nationale de Belgique’s website.

For further details, including specific sectoral data, the public is invited to visit the NBB.stat Information générale on the Banque nationale de Belgique’s official website.