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Economic growth is likely to remain stable in the near term, while employment growth should recover. Inflation will continue to fall.

Nouveau NBB Business Echo

Business confidence rose slightly in May, partially cancelling out the setback seen in April. Businesses also confirmed a further easing of credit conditions last month. 

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For the second month in a row, consumer confidence weakened slightly. This is mainly due to a worsening of expectations about the general economic situation in Belgium.

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High inflation is raising concerns about its impact on wages and costs. In Belgium, the rapid adjustment of wages as a result of automatic indexation mechanisms contrasts with the more gradual process elsewhere in the euro area. In both cases, however, productivity growth has not been sufficient to contain costs, which is putting pressure on prices.  

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The Belgian financial sector is resilient, according to the NBB’s latest Financial Stability Report. The Bank is taking actions to ensure the sector’s future resilience.

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In recent months, the trend of ever lower, and eventually negative, growth rates seen since the end of 2022 has stabilised. However, the figures are still in negative territory, mainly due to diamonds, energy and chemical products. 

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Governor Pierre Wunsch has just delivered a guest lecture at the Frankfurt School of Finance & Management on conducting monetary policy in uncertain times.

Pierre Wunsch

On 9 May, the Christian labour movement celebrates the Rerum Novarum. Governor Wunsch gave a speech in honour of the day at the invitation of the Beweging.NetMVL (the Christian Labour Movement of Central Flanders).

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  • Press release - NAI - Quarterly aggregates (2024-I)

  • Business Cycle Monitor - June 2024

  • Economic projections for Belgium - Spring 2024

  • Press release - Foreign Trade Statistics (F-N) (2024-03)

  • Foreign Trade Statistics - Monthly Bulletin (F-N) (2024-03)

  • Press release - Consumer confidence indicator (2024-06)

  • Press release - Business confidence indicator (2024-06)

  • Press release - Net international investment position and balance of payments financial account (2024-I)

  • Press release - NAI - Quarterly sector accounts (2024-I)

  • Press release - Financial accounts of Belgium (2024-I)

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