1www.nbb.be

1www.nbb.be

2018 2019 2020 2021 2022

1.9 1.8 -8.2 3.8 - 5.1 4.3 - 7.2 - 5.3 5.7 -

1.3 1.7 0.2 3.7 - 3.0 5.0 - -0.1 - 0.1 0.6 -

3.0 4.5 -6.2 10.9 - 10.5 7.5 - 2.1 - 2.0 4.4 -

0.6 2.0 -5.5 6.8 - 9.9 7.0 - 4.8 - 3.7 4.8 -

1.4 1.6 -5.9 5.6 - 9.5 7.7 - 5.7 - 4.5 5.4 -

1.8 2.1 -5.7 5.5 - 6.0 4.7 5.5 3.3 - 2.6 3.5 3.5

1.8 1.6 -6.4 - 5.0 5.0 4.3 5.1 - 4.6 4.3 4.4 4.5

2.1 1.8 -5.9 - - 5.0 - - - - 4.3 - -

2.3 1.2 0.4 2.2 - 2.7 1.5 2.2 2.1 - 2.3 1.2 2.0

2.1 1.4 0.7 1.5 - - - - 2.0 - - - -

1.8 1.5 1.0 1.2 - - - - 2.0 - - - -

1.8 1.2 0.3 - 2.2 2.4 1.8 2.1 - 1.7 2.2 1.3 1.7

1.8 1.4 0.7 - - 2.6 - - - - 2.5 - -

1.5 2.3 4.3 0.4 - - - - 1.8 - - - -

1.4 1.8 3.4 -1.2 - -1.4 - - 0.8 - 2.9 - -

1.9 1.9 4.3 - -1.0 -0.4 - - - -0.4 0.2 - -

2.2 2.0 4.5 - - -0.3 - - - - 0.4 - -

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Economic indicators for Belgium

General Statistics Departement

g Summary

REAL GDP

Belgium Final consumption private public Grossfixedcapitalformation Exportsofgoodsandservices Importsofgoodsandserices GDP

InternationalcomparisonofGDP Euro area(1)

EU-27

CONSUMER PRICES

Belgium HICP Nationalgeneralindex Nationalhealthindex

InternationalcomparisonofHICP Euro area(3)

EU-27

LABOUR COSTS IN THE PRIVATE SECTOR(2)

Belgium Labourcostsperhourworked Unit labour costs

Unit labour costs Euro area(1)

EU-27

(percentage changes compared to the previous year)

ACTUAL FIGURES* FORECASTS**

(percentage changes compared to the previous year)

(percentage changes compared to the previous year)

WEEKLY PUBLICATION N° 2021-47 2021-11-26

* Sources: Belgium (NAI. NBB. Statbel. EC); Euro area. EU-27 (ECB. Eurostat).** The2021and2022forecastsfromtheNBBareconsistentwiththeestimatesfromJune2021intheEconomicRevue(nextupdate-EconomicRevueDecember2021). Usersshouldbeawarethatestimatesofthiskindcansometimesbeoutofdateowingtochangesintheinformationavailable.Theoldertheestimates.the greaterthisriskbecomes.PublicationoftheestimatethereforesimplymeansthatitisthelatestestimatereleasedbytheNBB. ECBstaffmacroeconomicprojectionsSeptember2021(nextissueDecember2021); OECDEconomicOutlookMay2021(nextreleaseNovember2021). ECEuropeanEconomicForecastAutumn2021(nextreleaseSpring2022)andBPNSeptember2021(nextreleaseDecember2021).*** Averageofthecreditinstitutionswhichparticipateinthe«Belgian Prime News».(1) Euroarea=EA19.excepttheOECDforecasts.(2) ExceptfortheactualfiguresoftheEuroareaandtheEU-27andtheECandOECDforecastswhichpertaintothewholeeconomy.(3) Euro area = EA11-2000. EA12-2006. EA13-2007. EA15-2008. EA16-2010. EA17-2013. EA18-2014. EA19.

NBB ECB EC OECD BPN*** NBB ECB EC OECD BPN***

2www.nbb.be

2www.nbb.be

2018 2019 2020 2021 2022

1.5 1.6 0.0 0.6 - 0.9 -0.5 0.6 0.2 - 0.4 0.6 0.7

-5.8 -3.8 3.7 -1.2 - - - - 0.6 - - - -

70.7 77.9 -1.5 31.6 - 44.5 -23.0 - 8.4 - 20.9 29.7 -

-30.4 -18.8 17.5 -5.8 - - - - 2.9 - - - -

6.0 5.4 5.6 5.8 - 6.2 6.4 6.5 6.0 - 6.3 6.3 6.3

8.2 7.6 7.9 - 7.9 7.9 8.2 7.9 - 7.7 7.5 7.9 7.7

7.3 6.7 7.1 - - 7.1 - - - - 6.7 - -

1.3 0.1 -7.1 -5.2 - -6.1 - - -2.6 - -3.7 - -

-0.8 -1.9 -9.1 -6.8 - -7.8 -7.2 -6.7 -4.0 - -5.1 -4.0 -4.5

99.9 97.7 112.8 112.8 - 112.7 115.3 111.5 112.1 - 113.1 115.0 110.9

-0.4 -0.6 -7.2 - -7.1 -7.1 -7.2 -7.4 - -3.0 -3.9 -3.7 -4.0

-0.4 -0.5 -6.9 - - -6.6 - - - - -3.6 - -

-0.8 0.2 0.8 -0.3 - 0.8 -0.9 0.5 -0.5 - 0.3 -1.4 0.0

3.0 2.4 2.2 - 1.8 3.1 3.3 2.4 - 1.3 3.2 3.2 2.2

2.9 2.7 2.7 - - 3.0 - - - - 3.0 - -

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Economic indicators for B

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N

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g Summary (continued)

LABOUR MARKET

Belgium Totalemployment Unemployment

Totalemployment Unemployment

Harmonisedunemploymentrate(1)

Internationalcomparisonofharmonisedunemploymentrate(1)

Euro area(2)

EU-27

GENERAL GOVERNMENT

Belgium Primarybalance Overall balance Consolidatedgrossdebt

Internationalcomparisonofoverallbalance Euro area(2)

EU-27

CURRENT ACCOUNT

Belgium

International comparison Euro area(2)

EU-27

ACTUAL FIGURES* FORECASTS**

(annual changes in percentages)

(annual changes in thousands)

(annual averages in percentages of labour force)

(percentages of GDP)

(percentages of GDP)

* Sources: Belgium (NAI. NBB. Statbel. EC); Euro area. EU-27 (ECB. Eurostat).** The2021and2022forecastsfromtheNBBareconsistentwiththeestimatesfromJune2021intheEconomicRevue(nextupdate-EconomicRevueDecember2021). Usersshouldbeawarethatestimatesofthiskindcansometimesbeoutofdateowingtochangesintheinformationavailable.Theoldertheestimates.the greaterthisriskbecomes.PublicationoftheestimatethereforesimplymeansthatitisthelatestestimatereleasedbytheNBB. ECBstaffmacroeconomicprojectionsSeptember2021(nextissueDecember2021); OECDEconomicOutlookMay2021(nextreleaseNovember2021). ECEuropeanEconomicForecastAutumn2021(nextreleaseSpring2022)andBPNSeptember2021(nextreleaseDecember2021).*** Averageofthecreditinstitutionswhichparticipateinthe«Belgian Prime News».(1) ThisseriescorrespondswiththeresultsoftheLabourForceSurvey(LFS.Populationolderthan15years).monthlyadjustedbyusingtheadministrativenational unemploymentfigures.inaccordancewiththeEurostat’smethodology.(2) Euroarea=EA19.excepttheOECDforecasts.

NBB ECB EC OECD BPN*** NBB ECB EC OECD BPN***

3www.nbb.be

-20

-15

-10

-5

0

5

10

15

20

25

2013 2014 2015 2016 2017 2018 2019 2020 2021-14-12-10-8-6-4-202468101214

2013 2014 2015 2016 2017 2018 2019 2020 2021

3www.nbb.be

2019 2020 2021III IV I II III IV I II III

111821 112552 109020 96331 107778 107629 108968 110851 n.

0.7 0.7 -3.1 -11.6 11.9 -0.1 1.2 1.7 1.8(4)

2.4 2.1 -1.4 -13.3 -3.6 -4.4 0.0 15.1 4.7(4)

0.3 0.0 -3.5 -11.7 12.6 -0.4 -0.3 2.1 2.2(4)

0.3 0.0 -3.1 -11.3 11.8 -0.2 -0.1 2.0 2.1(4)

1.8 1.2 -3.0 -14.5 -4.0 -4.4 -1.2 14.2 3.7(4)

2.0 1.4 -2.5 -13.7 -3.9 -4.1 -1.2 13.7 3.9(4)

2.5 2.4 -3.4 -16.4 -3.0 -10.1 -3.5 14.4 n.

1.9 3.0 1.9 -1.9 1.6 -0.8 0.6 4.8 n.

5.4 3.2 -0.6 -18.2 -4.6 -1.4 3.7 27.8 n.

5.9 4.6 0.4 -20.8 -5.6 -2.2 2.8 31.7 n.

3.5 1.7 -4.5 -18.1 -1.8 -2.7 5.9 24.5 n.

5.8 -2.9 0.8 -1.4 -3.1 6.2 4.7 13.3 n.

2.4 2.5 0.5 -13.1 -6.1 -3.2 -0.3 21.0 n.

1.2 1.5 -0.1 -14.1 -5.7 -3.9 -1.6 20.1 n.

2.4 2.1 -1.4 -13.3 -3.6 -4.4 0.0 15.1 4.7(4)

5.8 5.2 2.4 -11.1 -2.8 1.5 5.1 21.4 n.

-0.4 0.2 -2.7 -15.3 -1.2 -0.5 4.4 21.7 n.

2.0 1.6 -1.5 -13.0 -4.0 -5.0 -1.3 13.0 n.

2.4 2.1 -1.4 -13.3 -3.6 -4.4 0.0 15.1 4.7(4)

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g Real GDP

GDP(1)

Belgium GDPinchained2015euros

vs the previous quarter

vsthecorrespondingquarterofthe previousyear

International comparison vs the previous quarter Euro area(2)

EU-27

vsthecorrespondingquarterofthe previousyear

Euro area(2)

EU-27

MAIN COMPONENTS OF EXPENDITURE(1)

Final private consumption Final public consumption Grossfixedcapitalformation business housing public Exportsofgoodsandservices Importsofgoodsandservices GDP

MAIN COMPONENTS OF VALUE ADDED(1)

Industry Construction Services GDP

BELGIUM(3) INTERNATIONAL COMPARISON OF GDP(3)

Final private consumption

Final public consumption

Grossfixedcapitalformation EU-27

Belgium

Euro area(2)

(millions of euro)

(percentage changes)

(percentage changes)

(percentage changes compared to the corresponding quarter of the previous year)

NBB.Stat

Sources: Belgium (NAI); Euro area. EU-27 (Eurostat).(1) Adjustedforseasonalandcalendareffects.(2) Euro area = EA19.(3) Percentage changes versus previous quarter.(4) Flash estimate.

4www.nbb.be

4www.nbb.be

2019 2020 2021I II III IV I II III IV I II

4868.0 4886.3 4904.2 4922.3 4909.1 4873.7 4882.5 4912.3 4926.7 4963.9

64.5 65.6 65.8 65.3 65.1 64.2 65.1 64.5 63.6 65.0

69.8 71.0 70.7 70.5 70.4 69.6 70.2 69.9 69.0 70.5

67.3 68.0 68.2 68.3 67.6 66.3 67.1 67.4 66.3 67.8

72.0 72.7 72.8 72.9 72.2 70.9 71.6 72.1 70.9 72.4

67.7 68.5 68.8 68.6 68.0 66.9 67.7 67.9 66.8 68.2

72.4 73.2 73.4 73.3 72.7 71.6 72.4 72.7 71.5 73.0

2020 2021O N D J F M A M J J A S O

491 487 491 495 489 477 468 451 447 476 483 459 445

90 86 84 84 82 78 74 70 68 81 87 85 79

401 401 407 411 407 399 393 382 379 396 396 374 366

5.8 5.8 6.0 6.5 6.7 6.7 6.5 6.3 6.2 6.2 6.4 6.3 n.

8.4 8.1 8.1 8.2 8.1 8.1 8.1 8.0 7.8 7.6 7.5 7.4 n.

7.5 7.3 7.4 7.4 7.4 7.4 7.4 7.3 7.1 6.9 6.9 6.7 n.

2020 2021O N D J F M A M J J A S O

-1.7 1.4 1.5 1.1 1.0 7.3 17.7 23.6 31.5 25.9 26.9 21.4 n.

-12.0 -16.7 -20.1 -26.4 -21.0 -6.4 46.8 69.9 26.9 -19.4 -26.4 -30.6 -29.3

2019 2020 2021I II III IV I II III IV I II

2.3 -0.5 0.7 -0.3 -4.2 -19.6 -6.9 -4.2 3,7 36,0

5.7 2.9 2.7 -3.7 -2.6 -22.2 -8.9 -4.5 5,2 33,8

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Economic indicators for B

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N

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2021-11-26

g Activity and labour market indicators

Activity

Labour market

EMPLOYMENT

Belgium Domesticemployment(3)

Employmentrate(4) 15-64years 20-64years

Internationalcomparisonoftheemploymentrate(4)

Euro area(5) 15-64years 20-64years

EU-27 15-64years 20-64years

UNEMPLOYMENT

Belgium Unemployment(6)

<25yearsold ≥25yearsold

Harmonisedunemploymentrate(7)

Internationalcomparisonofharmonisedunemploymentrate(7)

Euro area(5)

EU-27

(percentages of the population of working age)

(in thousands)

(percentages of the labour force)

(in thousands. end of period)

Industrialproduction,excludingbuilding(1)

Newcarregistrationsincludingmixedcars

(percentage changes in the average for the last 3 months compared to the corresponding period of the previous year)

Total turnover(2)

Investments(2)

(percentage changes compared to the corresponding period of the previous year)

NBB.Stat

NBB.Stat

NBB.Stat

Sources:NBB;Statbel.SMEs.Self-employedandEnergy;NEO;FEBIAC;Eurostat;NAI.(1) FollowingachangeinthedatacollectionatStatbelfromJanuary2020.thisserieshasbeenrevisedandnowincludesonlydatarelatingtothe miningandquarryingindustries.manufacturingandelectricity.gas.steamandairconditioningsupply(sectionsB-C-D).(2) BasedonVAT-declaration.(3) Quarterlyaverageofthenumberofemployeesandself-employedpersons.seasonallyadjusted.(4) Harmoniseddatafromthequarterlylabourforcesurvey(LFS).unadjusteddata.Breakinseriesin2017-Iduetothereformandmodernization oftheLFS. (5) Euro area = EA19.(6) Fullyunemployedpersonsreceivingbenefits.compulsorilyandvoluntarilyregisteredjob-seekers;grossdata.(7) ThisseriescorrespondswiththeresultsoftheLabourForceSurvey(LFS.groupof15-74years).monthlyadjustedbyusingtheadministrative nationalunemploymentfigures.inaccordancewiththeEurostat’smethodology.

5www.nbb.be

55

60

65

70

75

80

85

90

-30-25-20-15-10

-505

101520

2014 2015 2016 2017 2018 2019 2020 2021-40

-30

-20

-10

0

10

20

30

2014 2015 2016 2017 2018 2019 2020 2021

-30

-20

-10

0

10

20

30

-40

-30

-20

-10

0

10

20

2014 2015 2016 2017 2018 2019 2020 2021-20

-15

-10

-5

0

5

10

15

20

2014 2015 2016 2017 2018 2019 2020 2021

-50

-40

-30

-20

-10

0

10

20

30

2014 2015 2016 2017 2018 2019 2020 2021-30

-25

-20

-15

-10

-5

0

5

10

15

2014 2015 2016 2017 2018 2019 2020 2021

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g Business survey

g Consumer survey

OVERALL SYNTHETIC CURVE(1) MANUFACTURING INDUSTRY

TRADE & BUSINESS-RELATED SERVICESBUILDING INDUSTRY

Seasonallyadjustedandsmoothedseries

Seasonallyadjustedseries

services(right-handscale)

trade

EXPECTATIONS(4) ON THE GENERAL ECONOMICSITUATIONCONSUMER CONFIDENCE INDEX(3)

useofproduction capacity(2)

(right-handscale)

NBB.Stat

NBB.Stat

Source: NBB.(1) Weightedaverageofthesyntheticcurveofmanufacturingindustry.buildingindustry.tradeandbusiness-relatedservices.(2) Percentageofproductioncapacityutilisation.seasonallyadjusted.(3) Includesexpectationsonthegeneraleconomicsituation.unemployment.financialsituationandsavingcapacity.(4) Overthenext12months.

6www.nbb.be

6www.nbb.be

2015 2016 2017 2018 2019 2020

0.6 1.8 2.2 2.3 1.2 0.4

-8.0 -0.6 9.9 8.9 -0.8 -11.0

2.1 2.6 -0.2 1.8 -0.4 4.7

1.6 3.5 1.8 2.9 1.7 2.1

1.6 1.8 1.5 1.3 1.5 1.4

0.5 1.0 0.8 0.8 1.0 0.7

2.4 2.2 1.9 1.6 1.8 1.8

0.6 2.0 2.1 2.1 1.4 0.7

1.1 2.1 1.8 1.8 1.5 1.0

0.2 0.2 1.5 1.8 1.2 0.3

-6.8 -5.1 4.9 6.4 1.1 -6.8

1.6 1.4 2.4 2.3 1.4 4.0

0.6 0.6 1.5 2.1 1.9 1.8

1.1 0.8 1.0 1.0 1.0 0.7

0.3 0.4 0.3 0.3 0.3 0.2

1.5 1.1 1.4 1.5 1.5 1.0

6www.nbb.be

Economic indicators for B

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g Harmonised index of consumer pricesAnnualdata

BELGIUM

Total HICP Energy Unprocessedfood(1)

Processedfood Underlyingtrendininflation(2)

Non-energyindustrialgoods Services

p.m.Nationalindexofconsumerprices Generalindex Healthindex(3)

EURO AREA(4)

Total HICP Energy Unprocessedfood(1)

Processedfood Underlyingtrendininflation(2)

Non-energyindustrialgoods Services

(percentage changes compared to the previous year)

HICP TOTAL UNDERLYING TREND IN INFLATION

Euro area

Belgium

Sources:Eurostat;Statbel.SMEs.Self-employedandEnergy.(1) Fruit.vegetables.meatandfish.(2) HICPexcludingfoodandenergy.(3) Generalindexexcludingproductswhichareharmfultothehealth(tobacco.alcohol.petrolanddiesel).(4) Euro area = EA11-2000. EA12-2006. EA13-2007. EA15-2008. EA16-2010. EA17-2013. EA18-2014. EA19.

-2

-1

0

1

2

3

4

2015 2016 2017 2018 2019 2020 2021-2

-1

0

1

2

3

4

5

6

2015 2016 2017 2018 2019 2020 2021

7www.nbb.be

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2020 2021O N D J F M A M J J A S O

0.4 0.2 0.4 0.6 0.3 1.6 2.1 2.5 2.6 1.4 4.7 3.8 5.4

-11.0 -11.1 -9.2 -6.7 0.1 8.7 16.2 19.8 18.8 22.1 24.5 27.3 40.6

6.7 4.3 2.0 -1.4 -0.9 -1.9 -2.7 -3.3 -3.5 -3.6 -2.3 -2.3 -3.0

2.1 1.6 1.7 1.6 1.3 1.1 0.9 1.0 1.4 1.6 1.6 1.8 2.4

1.2 1.2 1.2 1.4 0.1 0.9 0.8 1.1 1.1 -1.2 3.2 1.6 1.9

0.6 0.7 0.6 1.7 -1.6 0.3 0.3 0.4 0.4 -4.3 6.5 1.1 1.4

1.6 1.5 1.7 1.4 1.2 1.3 1.2 1.6 1.6 1.0 1.3 2.0 2.2

0.9 0.7 0.5 0.4 0.3 0.5 0.9 1.2 1.6 2.3 2.7 2.9 4.2

1.1 1.0 0.8 0.6 0.6 0.5 0.6 0.6 1.1 1.8 2.3 2.3 3.5

-0.3 -0.3 -0.3 0.9 0.9 1.3 1.6 2.0 1.9 2.2 3.0 3.4 4.1

-8.2 -8.3 -6.9 -4.2 -1.7 4.3 10.4 13.1 12.6 14.3 15.4 17.6 23.7

4.3 4.2 2.1 2.0 1.5 1.6 -0.3 0.0 -0.3 1.9 3.0 2.6 1.4

1.3 1.2 1.1 1.3 1.3 1.0 0.9 0.7 0.8 1.5 1.7 1.9 2.1

0.2 0.2 0.2 1.4 1.1 0.9 0.7 1.0 0.9 0.7 1.6 1.9 2.0

-0.1 -0.3 -0.5 1.5 1.0 0.3 0.4 0.7 1.2 0.7 2.6 2.1 2.0

0.4 0.6 0.7 1.4 1.2 1.3 0.9 1.1 0.7 0.9 1.1 1.7 2.1

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g Harmonised index of consumer prices (continued)Monthlydata

BELGIUM

Total HICP Energy Unprocessedfood(1)

Processedfood Underlyingtrendininflation(2)

Non-energyindustrialgoods Services

p.m.Nationalindexofconsumerprices Generalindex Healthindex(3)

EURO AREA(4)

Total HICP Energy Unprocessedfood(1)

Processedfood Underlyingtrendininflation(2)

Non-energyindustrialgoods Services

(percentage changes compared to the corresponding month of the previous year)

NBB.Stat

Sources:Eurostat;Statbel.SMEs.Self-employedandEnergy.(1) Fruit.vegetables.meatandfish.(2) HICPexcludingfoodandenergy.(3) Generalindexexcludingproductswhichareharmfultothehealth(tobacco.alcohol.petrolanddiesel).(4) Euro area = EA11-2000. EA12-2006. EA13-2007. EA15-2008. EA16-2010. EA17-2013. EA18-2014. EA19.

8www.nbb.be

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2016 2017 2018 2019 2020

43.6 44.2 44.2 42.9 43.1

16.0 16.6 16.8 15.6 15.7

13.4 13.3 13.4 13.3 13.0

13.5 13.4 13.3 13.2 13.6

0.8 0.8 0.8 0.7 0.7

7.1 7.2 7.1 7.0 7.1

50.8 51.3 51.4 49.9 50.1

24.7 24.6 24.6 24.5 28.1

25.8 25.1 25.5 25.4 29.1

50.4 49.7 50.1 49.9 57.2

0.3 1.7 1.3 0.1 -7.1

2.7 2.4 2.1 2.0 1.9

-2.4 -0.7 -0.8 -1.9 -9.1

-2.6 -1.3 -0.2 -1.9 -7.1

-0.1 0.2 0.0 0.3 0.2

0.0 0.2 -0.4 -0.2 -2.2

0.2 0.2 -0.1 0.0 0.1

0.3 1.7 1.3 0.1 -7.1

0.6 1.0 1.4 1.0 -5.7

0.6 1.0 1.3 1.0 -5.5

-2.4 -0.7 -0.8 -1.9 -9.1

-1.5 -0.9 -0.4 -0.6 -7.2

-1.4 -0.8 -0.4 -0.5 -6.9

105.0 102.0 99.9 97.7 112.8

90.0 87.5 85.5 83.6 97.3

83.9 81.3 79.3 77.2 90.1

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g Public financesGeneralgovernment-EDPdefinition(1)

REVENUE Fiscalandparafiscalrevenue Directtaxes Indirecttaxes Actual social contributions Capitaltaxes

Non-fiscalandnon-parafiscalrevenue(2)

Total

PRIMARY EXPENDITURE Socialbenefits(3)

Otherexpenditures Total

PRIMARY BALANCE

INTEREST CHARGES

OVERALL BALANCE

p.m. FOR THE SUBSECTORS Federalgovernment Socialsecurity Communitiesandregions Local authorities

INTERNATIONAL COMPARISON Primarybalance Belgium Euro area(4)

EU-27 Overall balance Belgium Euro area(4)

EU-27 Consolidatedgrossdebt Belgium Euro area(4)

EU-27

(percentages of GDP)

NBB.Stat

Sources: NAI. NBB. Eurostat.(1) ExcessiveDeficitProcedure(EDP).definitionoftheTreatyontheFunctioningoftheEuropeanUnion.(2) Propertyincome.imputedsocialsecuritycontributions.transfersfromothersectorsandsalesofgoodsandservices.(3) Fromsocialsecurityandallothersubsectorsofgeneralgovernment.(4) Euro area = EA19.

9www.nbb.be

-2

-1

0

1

2

3

4

5

6

2017 2018 2019 2020 2021100

105

110

115

120

125

130

135

140

2017 2018 2019 2020 2021

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2020 2021S O N D J F M A M J J A S

32.8 33.8 32.1 31.8 31.4 31.3 39.4 37.1 36.4 40.7 37.7 36.4 39.8

30.4 29.8 30.6 30.8 29.2 30.4 36.4 33.6 34.5 37.4 32.7 33.3 38.4

2.4 4.0 1.5 1.0 2.1 0.9 3.1 3.5 1.9 3.2 5.0 3.1 1.4

371.1 369.0 368.3 369.7 366.8 364.7 370.9 383.2 394.0 403.9 411.7 420.9 427.9

351.3 347.3 346.8 348.0 344.3 343.3 348.4 357.7 367.5 376.6 381.8 389.1 397.1

19.8 21.7 21.5 21.7 22.5 21.5 22.5 25.6 26.5 27.3 29.9 31.8 30.7

0.6 0.9 1.1 0.4 -0.1 -0.4 -0.2 0.0 1.3 1.6 3.0 4.8 n.

-0.9 -1.4 -1.5 -1.5 -1.6 -1.7 -1.6 -0.1 1.0 2.4 3.9 5.0 n.

1.6 2.3 2.6 1.9 1.6 1.3 1.5 0.1 0.2 -0.8 -0.9 -0.2 n.

-7.6 -8.4 -8.5 -7.8 -8.2 -8.6 -7.0 -1.9 2.1 4.8 6.6 8.0 n.

-8.6 -8.9 -8.3 -7.9 -8.8 -9.1 -7.2 -3.8 0.3 2.3 3.6 5.3 n.

1.1 0.5 -0.2 0.1 0.7 0.6 0.2 2.0 1.8 2.4 2.9 2.6 n.

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g Foreign trade(1)

VALUE

Monthlydata Export Import Balance

Cumulativedataoverthe last 12 months

Export Import Balance

PRICE Export Import TermsoftradeVOLUME Export Import Coverage ratio

(billions of euro)

(percentage changes in the last 12 months compared to the preceding 12 months)

PRICE INDEX(2010 = 100)

Export

Import

BALANCE(inbillionsofeuro)

NBB.Stat

Source: NAI.(1) From15/01/2020thefocusontheevolutionofforeigntradewillbeshiftedtothecommunityconceptinsteadofthenationalconcept. ThefiguresontheNBB.Statwebsiteremainfullyavailableinnationalandincommunityconcept.

10www.nbb.be

140150160170180190200210220230240250260270

-2500-2000-1500-1000-500

0500

1000150020002500

-9

-6

-3

0

3

6

9

2018 2019 2020 20212020 20212018 2019

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2020 2021J J A S O N D J F M A M J

5.3 4.8 3.3 3.9 5.2 5.6 3.8 5.8 6.4 5.9 7.3 7.4 8.7

4.4 4.0 3.4 4.1 5.2 4.9 4.6 5.5 5.0 5.5 6.1 6.7 7.6

3.3 3.3 2.4 2.6 2.8 2.6 1.8 2.6 3.5 2.7 2.9 2.5 2.1

4.4 4.4 4.4 4.3 4.2 5.4 4.8 5.1 5.7 5.7 6.3 6.0 6.8

-6.8 -6.9 -7.0 -7.1 -6.9 -7.3 -7.4 -7.4 -7.8 -8.0 -8.0 -7.9 -7.8

0.4 0.4 0.4 0.3 0.2 0.2 -0.1 0.4 0.4 0.5 0.6 0.5 0.4

1.9 0.7 0.8 -0.4 2.6 4.2 1.5 2.1 6.1 5.5 6.0 7.7 9.2

-12.0 -13.1 -7.8 -10.4 -7.1 -1.5 -1.2 -2.6 -0.2 3.7 5.1 -0.4 7.0

28.6 24.2 25.5 22.6 22.5 17.9 15.1 12.2 12.5 12.6 11.7 8.5 3.1

-40.5 -37.3 -33.3 -33.0 -29.6 -19.3 -16.3 -14.7 -12.7 -8.9 -6.6 -9.0 3.9

14.5 17.9 19.6 26.6 29.5 18.1 21.7 25.0 31.7 12.0 11.3 12.4 10.0

0.2 0.1 -0.6 1.5 1.8 2.7 0.5 0.2 0.8 1.0 1.6 0.1 0.6

-1.2 -4.6 -10.8 -18.3 -22.1 -15.5 -20.3 -21.2 -26.9 -11.8 -12.1 -4.6 -8.7

0.3 0.4 0.3 0.1 0.4 0.4 0.9 0.7 0.6 0.6 0.2 0.2 0.3

-3.8 -4.5 -2.9 -4.6 -2.9 -1.5 -2.2 -4.2 -0.7 -1.0 -1.8 -0.2 0.1

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g Balance of payments

CURRENT ACCOUNT Goods Services Primaryincomes Secondaryincomes

CAPITAL ACCOUNT

FINANCIAL ACCOUNT Direct investment Equitycapital Other capital Portfolioinvestment Financialderivatives Other transactions NBB’sreserves

ERRORS AND OMISSIONS

(cumulative data over the last 12 months. in billions of euro)

BALANCE OF CURRENT ACCOUNT (quarterlydatainpercentageofGDP)

INTERNATIONAL INVESTMENT POSITION (quarterlydatainbillionsofeuro)

Netexternalassetposition(right-handscale)

Assets

Liabilities(left-handscale)

NBB.Stat

NBB.Stat

Sources: NBB. NAI.

11www.nbb.be

-1,0

-0,5

0,0

0,5

1,0

1,5

2,0

-2

-1

0

1

2

3

0

0,5

1

1,5

2

2,5

3

-1

0

1

2

3

4

-1,0

-0,5

0,0

0,5

1,0

1,5

2,0

25/11/2020 25/10/2021 25/11/2021

2019 2020

2019 2020

2019 2020

2019 2020

2021

2021 2021

2021

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g Financial markets

Interest rates

EUROSYSTEMEURO

EURO YIELD CURVE

Mainrefinancingoperations(¹)

Marginallendingfacility

Depositfacility

PUBLIC DEBT

BELGIUM

INTERNATIONAL COMPARISON

Treasurycertificates

Referenceloan:OLO10years

Tohouseholdsforhousepurchases:floatingrateandupto1yearinitialratefixation

over10yearsinitialratefixation

Tonon-financialcorporations:

uptoanamountofEUR1million(3)

overanamountofEUR1million(3)

LONG TERM(4)

UnitedStates

Germany

Japan

logarithmic scale

1w. 1m. 3m. 6m. 1y. 3y. 5y. 10y.

NBB.Stat

LENDING RATES BY CREDIT INSTITUTIONS

Sources: ECB. NBB.(1) Minimumbidrate.(2) Weightedaveragerate.(3) Floatingrateandupto1yearinitialratefixation.(4) Ten-yeargovernmentbond.

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0,6

0,8

1,0

1,2

1,4

1,6

15000

18500

22000

25500

29000

32500

36000

39500

1800

2300

2800

3300

3800

4300

4800

5300

10

20

30

40

50

60

70

80

90

100

31000

34000

37000

40000

43000

46000

49000

52000

55000

58000

60

70

80

90

100

110

120

130

140

2020

2020 20212020 2021

2021 2020 2021

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2020 2021S O N D J F M A M J J A S

12803 12909 13018 13121 13173 13219 13303 13377 13471 13544 13678 13707 13742

14133 14247 14367 14491 14546 14600 14694 14776 14883 14967 15116 15146 15187

252.3 254.4 260.7 263.3 260.6 261.9 264.4 265.5 270.7 272.7 273.0 285.6 286.6

12.1 14.3 12.9 12.7 10.7 10.8 9.2 9.4 11.0 10.9 11.4 10.8 10.6

334.9 335.0 336.2 336.8 338.5 340.2 341.2 341.2 343.1 343.7 341.5 333.3 333.0

28.8 29.4 28.4 27.4 29.9 28.7 26.0 25.9 26.0 28.8 28.4 27.6 32.0

628.1 633.1 638.2 640.2 639.7 641.6 640.9 642.0 650.8 656.1 654.3 657.3 662.2

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g Financial markets (continued)

Exchangerates

Stockandcommoditiesmarket

Sources:ECB.BIS.Euronext.

Monetaryaggregates(1)

EURO AREA M3excludingcurrencyincirculation M3

ofwhich:byMFI(2) in BELGIUM Deposits overnight withagreedmaturityupto2years redeemableatnoticeupto3months Others M3(3) components M3(3)

(end of period. in billions of euro)

REFERENCE EXCHANGE RATE NOMINAL EFFECTIVE EXCHANGE RATE (2010 = 100)

USdollar/euroPoundsterling/euroJapaneseyen(100)/euro

USdollarEuro

Japaneseyen

STOCK MARKET COMMODITIES MARKET

Left-handscale:

Right-handscale:DowJonesIndustrial

BEL 20DJEuropeStoxx50PIDXNikkei

GoldinBrussels(EUR/kg.left-handscale)

Brent(USD/barrel.right-handscale)

NBB.Stat

NBB.Stat

NBB.Stat

Sources: NBB. ECB.(1) M3comprisescurrencyincirculation.depositswithagreedmaturityupto2years.repurchaseagreements(excludetheRepurchase agreementswithCentralcounterparties-CCPs).moneymarketfundshares/units.moneymarketpaperanddebtsecuritiesupto2years.(2) MonetaryFinancialInstitutions.(3) Excludingcurrencyincirculation.

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2019 2020 2021I II III IV I II III IV I II

1358.2 1375.5 1396.9 1406.9 1346.9 1405.8 1417.3 1461.4 1475.3 1506.0

210.2 218.1 220.2 216.3 221.7 245.9 231.5 227.6 230.2 242.6

1439.0 1435.0 1504.2 1476.3 1417.4 1410.0 1406.4 1428.5 1453.6 1491.8

291.5 296.0 298.4 304.3 306.4 309.2 312.7 315.5 319.2 324.4

612.0 626.7 646.7 618.2 652.0 693.8 686.6 687.3 682.3 694.7

1928.9 1939.3 1989.2 1991.9 1902.8 1905.6 1902.5 1931.9 1937.5 1974.1

1066.7 1079.5 1098.5 1102.7 1040.5 1096.6 1104.6 1145.9 1156.0 1181.6

-401.9 -408.6 -426.5 -401.9 -430.3 -447.9 -455.1 -459.7 -452.1 -452.1

-489.9 -504.4 -485.0 -515.5 -485.4 -495.7 -496.1 -503.4 -483.9 -482.3

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g Conventional signs indicatesdatawhichhavebeenupdatedsincethepreviouspublication.0.0 nilorlessthanhalfthesmallestdigitconsidered.- datanon-existentormeaningless. n. not available. e estimate.

g InformationWesuggestpeoplewantingmoreinformationaboutthecontents.themethodology.themethodsofcalculationsandthesourcestogetintouchwiththeStatisticalinformationsystemsoftheNationalBankofBelgium.

Nino Di Zinno tel.: +32 2 221 21 36 FrankyVanDeWalle tel.:+3222212967E-mail:datashop@nbb.be

EditorRudiAcx HeadoftheGeneralStatisticsDepartment

NationalBankofBelgiumboulevarddeBerlaimont14BE-1000Brussels

Closingdate2021-11-26 Nextissue:2021-12-03

Allrightsreserved.Reproductionforeducationalandnon-commercialpurposesispermittedprovidedthatthesourceisacknowledged.

g Financial accounts

FINANCIAL ASSETS Individuals General government Non-financialcorporations

FINANCIAL LIABILITIES Individuals General government Non-financialcorporations

NET FINANCIAL WEALTH Individuals General government Non-financialcorporations

(end of period outstanding amounts in billions of euro)

NBB.Stat

Source: NBB.