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During the month of September, consumers appeared much more optimistic about the general economic trend in Belgium over the next twelve months. At the same time, and for the first time since the health crisis began, they gave less unfavourable opinion on the outlook for unemployment. 

Sep 2020

According to the Business Cycle Monitor, Belgian GDP growth is expected to rebound to 8 % in the third quarter of 2020 after activity had plummeted by respectively 3.5 % and 12.1 % in the first two quarters. Investment and especially consumption would strongly increase after the sharp decline in the first half of the year, while the contribution of net exports to GDP growth is expected to be broadly neutral in the third quarter. It should be stressed that the uncertainty of this nowcast is much higher than usual.


Domestic employment fell by 0.8 %.

Flash estimate

The business barometer has continued to recover in August, for the fourth month running. The business climate has improved in the manufacturing industry and in business-related services too. In the building industry and trade, on the other hand, confidence has dropped.

According to the ERMG summer survey, the turnover of Belgian companies is still 13% below the normal level. For 2021, they expect turnover to be 10% lower than normal.

  • Press release - Business confidence indicator (2020-09)

  • Economic indicators for Belgium (2020-39)

  • Economic indicators for Belgium (2020-40)

  • Economic indicators for Belgium (2020-41)

  • Press release - Financial accounts of Belgium (2020-II)

  • Observatory for credit to non financial companies - Monthly Flash (F-N) (2020-08)

  • Press release - Foreign Trade (F-N) (2020-07)

  • Foreign Trade statistic - Monthly Bulletin (F-N) (2020-07)

  • Economic indicators for Belgium (2020-42)

  • Press release - NAI - Detailed annual accounts (2019)