The National Bank of Belgium has released its monthly consumer survey for July 2023, revealing a notable increase in consumer confidence. Following two months of relative uncertainty, the confidence indicator has returned to the favorable level observed in April.
All components of the consumer confidence indicator have shown improvement. In particular, households have expressed a significant expectation of their financial situation improving in the coming months, as well as an intention to save more.
Concerning the general economic situation, consumer expectations have continued to gradually improve. Similar to the previous month, households have indicated that they are less worried about the possibility of rising unemployment in the next 12 months.
Consumer Confidence Indicators (July 2023)
- Expectations for the next twelve months:
- General economic situation in Belgium: 15 (Improvement)
- Unemployment in Belgium: 0 (Stable)
- Financial situation of households: 5 (Improvement)
- Savings of households: -6 (Improvement)
The rise in the consumer confidence indicator signifies a positive shift in consumer sentiment and expectations for the future economic conditions in Belgium.
The National Bank of Belgium conducts regular consumer surveys to gauge the sentiment of the public and assess their confidence in the economy. The recent increase in consumer confidence could bode well for the country’s economic outlook in the coming months.
Note: The survey data is collected from various households and is subject to fluctuations based on changing economic conditions and external factors.