The household saving rate held steady in the fourth quarter of 2023 and stood at 14.5% for the year as a whole. The corporate profit share fell slightly to 41.9% in 2023, a level well below that of the previous two years. The general government budget balance deteriorated, posting a deficit of 4.4% of GDP for 2023.

Households are much more concerned about how the job market will develop over the next three months. However, their expectations regarding the general economic situation in Belgium have somewhat improved, as have their expectations of their own financial situation.

The Belgian budget deficit widened in 2023, to 4.4% of GDP, due to rising public expenditure. This was mainly due to policy measures, the cost of population ageing and rising interest expenses. The debt ratio also increased.  

How did high inflation in 2023 affect the NBB as a central bank? In what ways is the Bank meeting its corporate social responsibility? You can learn about these issues and much more in the NBB Corporate Report 2023 (the English version will be available from 17 May).

Belgium registered a surplus of €4.9 billion in international trade in goods, compared with a near-zero balance a year ago. The improvement is most visible in two major categories of traded goods: minerals and chemicals/pharmaceuticals. 

The financial assets of Belgian households grew by €70.6 billion in 2023 and totalled €1 540.1 billion at year’s end. A notable trend in 2023 was the shift towards term accounts and debt securities due to the low interest rates offered on savings and sight deposits.