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The National Bank estimates the impact of the Trade Agreement between the EU and the United Kingdom on Belgian GDP at 0.4 of a percentage point over the next five years
Great Britain left the Customs Union and Single Market on 1 January. This economic Brexit has been achieved according to the terms of the Trade and Cooperation Agreement concluded between the European Commission and the British Government. The National Bank has estimated the impact on the Belgian economy on the basis of a Brexit deal with a free trade agreement. It has also calculated that the agreement should help boost Belgian GDP by 0.4 of a percentage point within five years over and above the trajectory used in its December economic projections that were compiled under the assumption of a no-deal Brexit.

Business confidence turns up again in December
After the dip in November, the business barometer is back on the growth path again, mainly under the impetus of a marked upturn in business-related services, which had been sluggish last month. The recovery has also been evident in the trade sector and, once again, in the manufacturing industry. Conversely, the business climate in the building industry has deteriorated slightly this month.

New rebound in consumer confidence in December
The consumer confidence indicator, which is based on households' forecasts over a twelve-month horizon, shows that they are sharply up on vaccination hopes and an expected exit from the crisis in 2021.

Belgian firms see an improvement in both their current turnover and the outlook in December
The easing of certain restrictions at the beginning of December, such as the reopening of non-essential shops, had a very positive impact on the turnover of the trade sector and real estate activities, while many other sectors recorded a slight improvement. That is the picture presented by the new ERMG survey of Belgian businesses.

The Belgian economy is gradually recovering after the huge COVID-19 hit but the budget deficit remains unsustainably high
According to our projections, economic activity in Belgium is set to contract by 6.7 % this year, owing to the COVID-19 pandemic. The downturn is more than three times worse than during the 2008-2009 financial crisis. The economy should rebound over the following years, but it will take almost two years to return to pre-crisis levels. The government deficit will rise to more than 10 % of GDP in 2020 and will remain structurally high.

- 21 January 2021 11:00
Press release - Consumer confidence indicator (2021-01)
- 22 January 2021 15:00
Economic indicators for Belgium (2021-03)
- 25 January 2021 15:00
Press release - Business confidence indicator (2021-01)
- 26 January 2021 10:00
Key figures of the Central Individual Credit Register
- 29 January 2021 11:00
Press release - NAI - Flash estimate (2020-IV)
- 29 January 2021 11:00
National accounts - Quarterly accounts (F-N) (2020-III)
- 29 January 2021 11:00
Regional accounts (F-N) (2019)
- 29 January 2021 11:00
Press release - NAI - Regional accounts (2018-2019)
- 29 January 2021 15:00
Economic indicators for Belgium (2021-04)
- 05 February 2021 15:00
Economic indicators for Belgium (2021-05)