GDP was 0.6 % higher in the first quarter of 2021 than in the previous quarter. In comparison with the first quarter of 2020 economic growth came to -1.0 %. Economic activity is still not back to its pre-COVID-19 level.

Did the income of households hold up during the coronavirus crisis, and what about their savings buffer? We looked into it using their responses to the recent consumer surveys.

The loss of turnover which Belgian firms are suffering as a result of the coronavirus crisis has risen only slightly from 9 % in March to 10 % in April. For most sectors of activity, turnover is relatively stable while the loss of turnover has increased considerably in non-food retailing and especially in non-medical contact professions, as these two sectors were affected by the tightening of restrictions during the “Easter break”. 

The business climate has clearly strengthened in business-related services as well as in the manufacturing industry and the building industry. In the trade sector the indicator fell back.

Consumers appear more pessimistic about the general economic situation and unemployment in Belgium. Plans to save are on the rise again.

The year 2020 was not only eventful, but also brought a whole host of organisational challenges for the National Bank. The Corporate Report takes a detailed look at the many tasks that have been conferred on it with a view to tackling the economic fallout from the coronavirus crisis. The actions that the NBB is taking in the area of sustainability, climate and diversity are also extensively discussed in a new chapter on Corporate Social Responsibility.