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Economic conditions remain challenging, according to business leaders interviewed for the latest NBB Business Echo. Although the final months of 2023 could see a slight slowdown in activity, they consider an actual decline very unlikely. And according to many, there are tentative signs of improvement on the horizon in early 2024.

business echo

The NBB has redesignated eight banks as systemically important institutions. These institutions play a crucial role in the country's financial stability. Additional capital requirements are imposed upon them to strengthen their resilience.

Banques belges

Gross domestic product (GDP) increased by 0.4% in the third quarter of 2023. The manufacturing industry reported a slight contraction in value added, by 0.5% , while services and construction saw positive growth, of 0.7% and 0.6%, respectively.


The Governing Council of the European Central Bank (ECB) today selected “European culture” and “Rivers and birds” as the possible themes to choose from for future euro banknotes. An advisory group will propose motifs for the selected themes by the end of 2024.

The National Bank of Belgium and the CEPR are organising a joint research workshop on “Reaching Net Zero: Electricity Markets, Carbon Pricing and Firms’ Responses” in Brussels on 19-20 March. The deadline for submissions is 20 December.

spotlight CEPR

After last month’s decline, the indicator picked up again in November. Confidence rose sharply in the business-related services sector, more than offsetting the large drop recorded in October. The business climate for trade is also improving. Businesses in turn reported tighter credit conditions in October.


Consumer confidence has been rising gradually since July, albeit at a moderate pace. This trend continued in November.

consumer confidence
  • Press release - Bi-annual investment survey (2023-II)

  • Business Cycle Monitor December 2023

  • Monthly figures of the ICR - November 2023

  • Foreign Trade statistic - Monthly Bulletin (F-N) (2023-09)

  • Press release - Foreign Trade (F-N) (2023-09)

  • Press release - NAI - Government spending by functions and transactions (2023)

  • Press release - Consumer confidence indicator (2023-12)

  • National accounts - Supply and use tables (F-N) (2020)

  • Press release - NAI - Stock of land owned by individuals (2022)

  • Press release - Business confidence indicator (2023-12)

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