GDP by volume plummeted by 6.3 % in 2020 as a result of the health crisis. This decline in economic activity is the steepest since the end of the Second World War and is more than three times bigger than that seen during the great recession (-2.0 %) of 2009.

On Friday 22 January, the NBB held an online consultation during which representatives of various Belgian civil society organisations exchanged their points of view on monetary policy. The ideas and remarks put forward at this event have been summarised and shared with the ECB and the other national central banks in the euro area. They will be taken into account when mapping out our future monetary policy strategy

The low-skilled are conspicuous by their absence from the labour market. NBB Director Steven Vanackere presents the High Council for Employment’s analysis and recommendations.

The business climate has strengthened in all branches of activity surveyed, albeit more modestly in the manufacturing industry. In this sector, business confidence is back above levels seen before the eruption of the health crisis (in February 2020). This is not yet the case in the building industry or business-related services, or even less so in the trade sector, where economic conditions are still lagging far behind.