Business confidence picked up firmly in March, especially in business-related services and, to a lesser extent, in the manufacturing industry and trade. In the building industry, the economic trend continues to be slightly positive.

Falling energy prices have dampened inflation, but core inflation remains stubbornly high, as higher costs have trickled down through the economy. 

Households have revised downwards their expectations of the general economic situation over the next twelve months and expressed growing fears of a rise in unemployment. 

The ECB Governing Council decided today to increase the three key interest rates by 50 basis points. The Governing Council is monitoring current market tensions closely and stands ready to respond as necessary to preserve price stability and financial stability in the euro area.

Over the last three months for which data are available (November 2022 to January 2023), growth of imports and exports, in value terms, was 6.0% and 10.3%, respectively. The main drivers of growth are mineral products and transport equipment. The chemicals sector and diamond trade saw the greatest declines.

On the occasion of the Batibouw trade fair for building and remodeling, the National Bank has gathered all available information on the recent state of the Belgian construction and real estate market in a dynamic dashboard, with indicators and charts on topics such as mortgage loans, housing investment, employment and business sentiment in the building industry.

The report covers the main economic, financial and monetary developments of the preceding year. Read it here or watch the videos made by our experts explaining the main themes.