1www.nbb.be

1www.nbb.be

2017 2018 2019 2020 2021

1.8 1.5 1.1 1.8 - -6.9 1.4 - 1.5 - 6.5 1.3 -0.0 1.0 1.8 1.3 - 2.8 1.4 - 1.2 - 0.3 1.1 -1.3 4.0 3.2 1.8 - -15.3 1.7 - 1.8 - 15.9 1.4 -5.3 1.2 1.1 1.1 - -10.6 0.9 - 2.0 - 7.7 1.2 -4.4 2.1 1.0 1.6 - -10.2 1.3 - 2.5 - 8.1 1.5 -1.9 1.5 1.4 1.2 - -7.2 1.1 -3.7 1.1 - 6.7 1.1 4.0

2.5 1.9 1.2 - 0.8 -7.7 1.1 -5.2 1.3 6.3 1.2 4.32.7 2.1 1.5 - - -7.4 - - - - 6.1 - -

2.2 2.3 1.2 1.3 - 0.2 1.1 0.4 1.5 - 1.3 1.5 1.52.1 2.1 1.4 1.3 - - - - 1.5 - - - -1.8 1.8 1.5 1.3 - - - - 1.6 - - - -

1.5 1.8 1.2 - 1.1 0.2 1.1 0.2 - 1.4 1.1 1.4 1.41.6 1.8 1.4 - - 0.6 - - - - 1.3 - -

1.4 1.4 2.3 1.6 - - - - 2.1 - - - -1.2 1.8 2.3 1.1 - 5.1 1.6 - 1.5 - -4.0 1.8 -

0.7 1.8 2.1 - 1.6 4.3 1.8 - - 1.2 -1.9 1.6 -1.0 2.1 2.2 - - 4.3 - - - - -1.6 - -

1www.nbb.be

Econ

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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

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

(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° 2020-22 2020-05-29

* Sources: Belgium (NAI, NBB, Statbel, EC); Euro area, EU-27 (ECB, Eurostat).** The2020and2021forecastsfromtheNBBareconsistentwiththeDecember2019estimates(nextupdate:EconomicrevueJune2020).Usersshouldbeawarethat estimatesofthiskindcansometimesbeoutofdateowingtochangesintheinformationavailable.Theoldertheestimates,thegreaterthisriskbecomes.Publicationof theestimatethereforesimplymeansthatitisthelatestestimatereleasedbytheNBB. ECBstaffmacroeconomicprojectionsMarch2020(nextissueJune2020); OECDEconomicOutlookNovember2019(nextreleaseJune2020); ECEuropeanEconomicForecastSpring2020(nextreleaseAutumn2020)andBPNMarch2020(nextreleaseJune2020).*** 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.

2www.nbb.be

2www.nbb.be

2017 2018 2019 2020 2021

1,6 1,4 1,6 1,0 - -1,0 0,7 0,2 0,6 - 1,2 0,5 0,2-5,0 -5,8 -3,8 -5,1 - - - - -1,8 - - - -

76,8 66,4 77,0 47,0 - - - - 30,4 - - - --27,5 -30,4 -18,8 -24,4 - - - - -8,2 - - - -

7,1 6,0 5,4 5,4 - 7,0 5,5 6,1 5,4 - 6,6 5,5 6,1

9,1 8,2 7,6 - 7,6 9,6 7,5 8,5 - 7,6 8,6 7,4 8,38,2 7,3 6,8 - - 9,0 - - - - 7,9 - -

1,6 1,3 0,1 -0,4 - -6,8 -0,6 - -0,9 - -2,4 -0,7 --0,7 -0,8 -1,9 -2,1 - -8,9 -2,0 -4,5 -2,6 - -4,2 -1,9 -3,0

101,8 99,9 98,7 99,2 - 113,8 99,5 103,8 99,8 - 110,0 99,4 103,6

-1,0 -0,5 -0,6 - -1,1 -8,5 -0,9 -3,5 - -1,5 -3,5 -1,0 -2,1-0,8 -0,4 -0,6 - - -8,3 - - - - -3,6 - -

1,2 -1,4 -1,2 -2,0 - -0,1 -1,5 -2,0 -2,1 - -0,3 -1,8 -1,2

3,1 3,1 2,7 - 3,1 2,7 3,1 2,4 - 3,1 3,0 2,9 2,23,1 3,0 2,8 - - 2,7 - - - - 3,0 -

2www.nbb.be

Economic indicators for B

elgium

N

° 2020-22

2020-05-29

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)

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

* Sources: Belgium (NAI, NBB, Statbel, EC); Euro area, EU-27 (ECB, Eurostat).** The2020and2021forecastsfromtheNBBareconsistentwiththeDecember2019estimates(nextupdate:EconomicrevueJune2020).Usersshouldbeawarethat estimatesofthiskindcansometimesbeoutofdateowingtochangesintheinformationavailable.Theoldertheestimates,thegreaterthisriskbecomes.Publicationof theestimatethereforesimplymeansthatitisthelatestestimatereleasedbytheNBB. ECBstaffmacroeconomicprojectionsMarch2020(nextissueJune2020); OECDEconomicOutlookNovember2019(nextreleaseJune2020); ECEuropeanEconomicForecastSpring2020(nextreleaseAutumn2020)andBPNMarch2020(nextreleaseJune2020).*** Averageofthecreditinstitutionswhichparticipateinthe«Belgian Prime News».(1) ThisseriescorrespondswiththeresultsoftheLabourForceSurvey(LFS,Populationolderthan15years),monthlyadjustedbyusingtheadministrativenational unemploymentfigures,inaccordancewiththeEurostat’smethodology.(2) Euroarea=EA19,excepttheOECDforecasts.

3www.nbb.be

-12-10-8-6-4-202468

1012

2012 2013 2014 2015 2016 2017 2018 2019 2020

-4,8

-4

-3,2

-2,4

-1,6

-0,8

0

0,8

1,6

2012 2013 2014 2015 2016 2017 2018 2019 2020

3www.nbb.be

2018 2019 2020I II III IV I II III IV I

108 784 109 098 109 282 110 158 110 268 110 587 111 037 111 572 107 561

0.2 0.3 0.2 0.8 0.1 0.3 0.4 0.5 -3.61.5 1.5 1.5 1.5 1.4 1.4 1.6 1.3 -2.5

0.3 0.4 0.2 0.4 0.5 0.1 0.3 0.1 -3.8(4)

0.4 0.4 0.3 0.5 0.5 0.2 0.4 0.2 -3.3(4)

2.6 2.2 1.6 1.2 1.4 1.2 1.3 1.0 -3.2(4)

2.7 2.4 1.9 1.5 1.7 1.5 1.6 1.3 -2.6(4)

1.8 1.4 1.3 1.4 0.5 0.6 1.4 1.8 -4.80.8 1.6 0.7 1.2 1.4 1.5 2.2 2.2 -1.33.8 3.3 3.8 5.0 4.2 3.7 3.9 0.9 -2.63.8 3.0 4.0 4.6 3.9 3.5 4.1 1.4 -1.4-1.0 0.1 0.3 4.7 5.6 6.8 4.4 3.0 -4.613.9 11.3 9.7 8.9 4.0 -0.8 1.4 -6.1 -6.61.8 0.7 1.8 0.5 0.7 2.2 1.1 0.4 -3.01.9 1.3 3.2 1.9 1.1 2.3 0.6 0.1 -3.81.5 1.5 1.5 1.5 1.4 1.4 1.6 1.3 -2.5

-0.8 -1.7 -1.9 -2.2 -0.2 0.6 1.4 1.3 -1.71.6 2.5 5.2 5.3 4.3 3.8 3.5 3.5 -2.62.1 2.2 2.3 2.3 1.8 1.7 1.7 1.1 -2.11.5 1.5 1.5 1.5 1.4 1.4 1.6 1.3 -2.5

3www.nbb.be

Econ

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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

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

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

4www.nbb.be

4www.nbb.be

2017 2018 2019 2020IV I II III IV I II III IV I

4775.3 4789.8 4807.6 4826.8 4844.2 4864.4 4880.3 4906.3 4924.4 4916.7

64.1 63.9 63.7 65.0 65.2 64.5 65.6 65.8 65.3 n.69.6 69.3 69.0 70.1 70.5 69.8 71.0 70.7 70.5 n.

66.8 66.4 67.3 67.8 67.6 67.3 68.0 68.2 68.3 n.71.4 71.0 71.9 72.3 72.2 72.0 72.7 72.8 72.9 n.

67.1 66.8 67.7 68.2 67.9 67.7 68.5 68.8 68.6 n.71.7 71.4 72.4 72.8 72.6 72.4 73.2 73.4 73.3 n.

2019 2020A M J J A S O N D J F M A

465 452 453 495 500 489 477 465 470 475 472 478 49975 70 70 85 91 95 89 84 83 83 81 80 83

389 382 383 409 409 394 388 381 387 392 391 398 416

5.5 5.5 5.4 5.3 5.2 5.2 5.2 5.2 5.2 5.2 5.2 5.3 n.

7.6 7.6 7.5 7.6 7.5 7.5 7.4 7.4 7.3 7.3 7.3 7.4 n.6.8 6.7 6.7 6.7 6.7 6.7 6.6 6.6 6.5 6.5 6.5 6.6 n.

2019 2020A M J J A S O N D J F M A

4.2 4.5 6.4 4.9 3.4 5.5 6.0 4.2 4.8 3.3 5.4 0.8 n.

-3.1 -5.1 -6.7 -5.0 -6.7 3.5 6.7 27.4 30.4 21.7 6.4 -18.3 -48.9

2017 2018 2019 2020IV I II III IV I II III IV I

4.9 1.2 3.1 4.3 2.7 2.3 -0.5 0.7 -0.3 -4.0

2.9 2.2 3.0 9.8 14.0 5.7 2.9 2.7 -3.7 -1.8

4www.nbb.be

Economic indicators for B

elgium

N

° 2020-22

2020-05-29

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

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.

(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

5www.nbb.be

4045505560657075808590

-40-35-30-25-20-15-10

-505

10

2013 2014 2015 2016 2017 2018 2019 2020-40-35-30-25-20-15-10-505

10

2013 2014 2015 2016 2017 2018 2019 2020

-70-60-50-40-30-20-100102030

-70

-60

-50

-40

-30

-20

-10

0

10

2013 2014 2015 2016 2017 2018 2019 2020-30

-25

-20

-15

-10

-5

0

5

10

2013 2014 2015 2016 2017 2018 2019 2020

-50

-40

-30

-20

-10

0

10

20

2013 2014 2015 2016 2017 2018 2019 2020-30

-25

-20

-15

-10

-5

0

5

10

2013 2014 2015 2016 2017 2018 2019 2020

5www.nbb.be

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g Business survey

g Consumer survey

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

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

6www.nbb.be

0

1

2

3

2014 2015 2016 2017 2018 2019 2020-2

-1

0

1

2

3

4

5

2014 2015 2016 2017 2018 2019 2020

6www.nbb.be

2014 2015 2016 2017 2018 2019

0.5 0.6 1.8 2.2 2.3 1.2-6.0 -8.0 -0.6 9.9 8.9 -0.8-1.3 2.1 2.6 -0.2 1.8 -0.42.1 1.6 3.5 1.8 2.9 1.71.5 1.6 1.8 1.5 1.3 1.50.3 0.5 1.0 0.8 0.8 1.02.3 2.4 2.2 1.9 1.6 1.8

0.3 0.6 2.0 2.1 2.1 1.40.4 1.1 2.1 1.8 1.8 1.5

0.4 0.2 0.2 1.5 1.8 1.2-1.9 -6.8 -5.1 4.9 6.4 1.1-0.8 1.6 1.4 2.4 2.3 1.41.2 0.6 0.6 1.5 2.1 1.90.8 1.1 0.8 1.0 1.0 1.00.1 0.3 0.4 0.3 0.3 0.31.2 1.5 1.1 1.4 1.5 1.5

6www.nbb.be

Economic indicators for B

elgium

N

° 2020-22

2020-05-29

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

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.

(percentage changes compared to the previous year)

HICP TOTAL UNDERLYING TREND IN INFLATION

Euro area

Belgium

7www.nbb.be

7www.nbb.be

2019 2020M J J A S O N D J F M A M

1.7 1.3 1.2 0.9 0.6 0.2 0.4 0.9 1.4 1.0 0.4 0.0 -0.2(5)

3.7 -1.3 -2.8 -4.6 -5.3 -9.0 -8.6 -3.7 -0.3 -5.6 -11.8 -16.8 -18.9(5)

-0.1 0.6 0.3 0.7 -2.5 -2.5 -1.1 0.3 1.1 1.6 2.8 5.7 6.4(5)

1.4 1.7 1.6 1.8 1.7 1.5 1.6 1.5 1.6 2.2 2.6 2.7 2.7(5)

1.5 1.6 1.7 1.4 1.3 1.5 1.5 1.5 1.6 1.7 1.5 1.3 1.3(5)

1.1 1.0 1.6 1.0 0.9 1.0 0.9 1.0 0.4 1.0 1.0 1.0 0.9(5)

1.8 2.0 1.8 1.7 1.7 1.8 1.9 1.8 2.4 2.1 1.9 1.6 1.6(5)

1.9 1.7 1.4 1.3 0.8 0.5 0.4 0.8 1.4 1.1 0.6 0.6 0.51.8 1.9 1.5 1.4 1.0 0.7 0.5 0.7 1.1 1.0 0.8 1.1 1.1

1.2 1.3 1.0 1.0 0.8 0.7 1.0 1.3 1.4 1.2 0.7 0.3 0.1(5)

3.8 1.7 0.5 -0.6 -1.8 -3.1 -3.2 0.2 1.9 -0.3 -4.5 -9.7 -12.0(5)

0.4 0.7 1.7 2.5 0.7 0.7 1.8 2.1 2.3 2.6 3.6 7.6 6.5(5)

1.9 1.9 2.0 1.9 1.8 1.8 2.0 2.0 2.0 2.0 2.1 2.3 2.4(5)

0.8 1.1 0.9 0.9 1.0 1.1 1.3 1.3 1.1 1.2 1.0 0.9 0.9(5)

0.3 0.3 0.4 0.3 0.2 0.3 0.4 0.5 0.3 0.5 0.5 0.3 0.2(5)

1.0 1.6 1.2 1.3 1.5 1.5 1.9 1.8 1.5 1.6 1.3 1.2 1.3(5)

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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

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.(5) Flash estimate.

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

NBB.Stat

8www.nbb.be

8www.nbb.be

2015 2016 2017 2018 2019

44.4 43.6 44.1 44.3 43.316.3 16.0 16.6 16.8 15.813.2 13.4 13.3 13.4 13.514.1 13.5 13.4 13.3 13.30.9 0.8 0.8 0.8 0.7

6.9 7.1 7.1 7.2 7.151.3 50.7 51.2 51.4 50.4

24.7 24.7 24.5 24.6 24.826.1 25.7 25.1 25.5 25.550.8 50.4 49.6 50.1 50.3

0.5 0.3 1.6 1.3 0.1

2.9 2.7 2.3 2.1 2.0

-2.4 -2.4 -0.7 -0.8 -1.9

-1.3 -2.6 -1.3 -0.2 -2.00.2 -0.1 0.2 0.0 0.2-1.4 0.0 0.2 -0.4 -0.20.1 0.2 0.2 -0.1 0.1

0.5 0.3 1.6 1.3 0.10.3 0.7 1.0 1.4 1.00.3 0.7 1.0 1.3 1.0

-2.4 -2.4 -0.7 -0.8 -1.9-2.0 -1.5 -1.0 -0.5 -0.6-1.9 -1.3 -0.8 -0.4 -0.6

105.2 104.9 101.8 99.9 98.790.9 90.0 87.8 85.8 84.184.7 84.0 81.6 79.6 77.8

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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

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

(percentages of GDP)

NBB.Stat

9www.nbb.be

-2

-1

0

1

2

3

4

2017 2018 2019 2020100

105

110

115

120

125

130

135

2017 2018 2019 2020

9www.nbb.be

2019 2020M A M J J A S O N D J F M

34.9 34.2 34.1 32.7 34.2 29.8 33.4 35.6 32.6 30.3 33.9 32.9 31.433.8 33.6 33.9 31.4 31.2 28.3 31.3 33.5 31.0 29.4 32.3 30.3 29.61.1 0.6 0.2 1.4 3.0 1.5 2.1 2.1 1.6 0.8 1.6 2.6 1.7

397.0 399.9 400.7 398.4 399.2 397.6 398.1 398.1 397.0 397.7 397.9 398.6 395.0385.3 388.7 390.9 389.2 387.9 385.7 385.5 384.6 382.0 381.0 380.6 380.0 375.911.7 11.2 9.8 9.2 11.2 12.0 12.6 13.5 15.1 16.7 17.3 18.5 19.2

6.1 6.1 5.7 4.6 4.4 3.3 2.5 1.4 0.7 0.7 0.8 1.2 n.8.1 8.4 7.7 6.3 5.7 4.8 3.5 2.7 1.9 1.9 1.7 1.7 n.-2.0 -2.2 -1.9 -1.7 -1.4 -1.5 -1.0 -1.4 -1.2 -1.2 -1.0 -0.6 n.

-2.5 -2.1 -1.5 -1.5 -2.0 -1.8 -1.3 -0.8 -0.5 -0.5 -0.5 -0.8 n.-2.7 -2.5 -1.3 -1.1 -2.1 -2.3 -1.6 -1.9 -2.4 -2.4 -2.6 -2.9 n.0.2 0.4 -0.2 -0.4 0.1 0.5 0.3 1.1 1.9 1.9 2.2 2.2 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)

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

NBB.Stat

10www.nbb.be

140150160170180190200210220230240250260270

-2500

-1500

-500

500

1500

2500

3500

-9

-6

-3

0

3

6

9

2017 2018 2019 20202019 20202017 2018

10www.nbb.be

2018 2019D J F M A M J J A S O N D

-6.4 -7.5 -7.6 -7.7 -8.2 -8.0 -9.0 -7.9 -7.7 -7.8 -7.4 -6.1 -5.8-0.7 -1.9 -1.6 -1.9 -2.0 -3.1 -3.7 -2.4 -2.3 -2.3 -1.8 -0.9 -0.30.0 0.3 0.2 0.2 0.1 0.1 -0.3 -0.4 -0.1 0.0 0.0 0.6 0.51.2 1.1 0.9 1.0 0.7 1.9 1.9 1.7 1.4 1.0 1.1 0.9 0.5-6.8 -6.9 -7.1 -7.0 -6.9 -6.9 -6.9 -6.8 -6.7 -6.5 -6.6 -6.6 -6.5

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

-7.8 -9.8 -9.2 -10.2 -12.3 -10.7 -11.1 -11.9 -11.5 -10.7 -9.1 -2.9 -5.27.4 3.3 13.0 9.5 -2.0 5.5 11.9 13.1 8.7 4.3 -12.0 -2.4 8.9

39.7 44.8 41.7 52.3 52.4 60.3 63.3 67.1 66.3 62.0 41.3 29.8 33.2-32.2 -41.4 -28.7 -42.8 -54.4 -54.8 -51.4 -54.0 -57.6 -57.7 -53.3 -32.2 -24.2-3.0 0.5 -23.6 -12.5 -19.3 -28.6 -23.0 -28.3 -27.5 -19.0 -16.2 -2.1 -7.34.3 1.2 0.9 1.7 0.6 0.3 -0.3 -0.3 0.1 -1.7 -3.0 -3.0 -4.2

-17.2 -15.5 -0.3 -9.4 7.6 11.5 0.0 2.9 6.8 5.3 21.9 4.3 -2.70.7 0.7 0.6 0.4 0.8 0.6 0.4 0.5 0.4 0.4 0.3 0.2 0.0

-1.6 -2.4 -1.9 -2.8 -4.5 -3.1 -2.5 -4.4 -4.2 -3.3 -2.2 2.7 0.0

10www.nbb.be

Economic indicators for B

elgium

N

° 2020-22

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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

Sources: NBB, NAI.

(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

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

28/05/2019 28/04/2020 28/05/2020

2018

2018

2018 2019

2019

2019

2018 2019

11www.nbb.be

11www.nbb.be

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g Financial markets

Interest rates

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

EUROSYSTEM

EUROEURO 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

12www.nbb.be

0,60,70,80,91,01,11,21,31,41,51,61,7

14000

16000

18000

20000

22000

24000

26000

28000

30000

32000

1800

2300

2800

3300

3800

4300

4800

10

20

30

40

50

60

70

80

90

100

27000

30000

33000

36000

39000

42000

45000

48000

51000

54000

60

70

80

90

100

110

120

130

140

2018

2018 2018

2018

2019 2019

20192019

12www.nbb.be

2019 2020A M J J A S O N D J F M A

11412 11491 11550 11598 11713 11678 11729 11827 11764 11782 11875 12205 12364

12591 12675 12741 12798 12915 12883 12937 13042 12995 13006 13104 13458 13637

226.7 231.1 228.6 228.1 225.1 227.6 230.1 232.7 229.1 230.5 230.9 240.5 248.3

14.5 14.0 13.2 13.0 12.8 12.9 11.9 11.9 11.0 11.3 10.2 12.1 12.7

318.1 321.2 323.4 323.8 325.2 325.2 325.4 325.7 327.6 328.8 329.5 328.2 329.1

24.2 26.4 26.4 22.9 24.8 24.6 22.8 21.3 21.0 21.6 25.6 30.9 32.4

583.5 592.8 591.6 587.7 587.9 590.4 590.2 591.7 588.6 592.3 596.3 611.8 622.7

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Economic indicators for B

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N

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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)

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

(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

13www.nbb.be

13www.nbb.be

2017 2018 2019III IV I II III IV I II III IV

1321.0 1335.2 1325.3 1336.2 1331.6 1309.0 1357.5 1376.4 1394.2 1400.2 201.1 200.5 202.9 203.8 203.3 203.2 205.3 211.6 212.5 206.9

1485.8 1538.9 1507.2 1507.9 1493.6 1413.0 1460.8 1429.8 1478.1 1464.8

276.1 278.2 281.6 284.5 285.9 289.7 293.1 297.6 301.0 306.3 588.7 582.9 592.1 591.2 590.6 590.2 611.5 626.5 646.7 618.2

1931.5 1952.8 1933.7 1935.6 1915.7 1859.6 1900.9 1888.0 1921.4 1916.3

1044.8 1057.0 1043.7 1051.7 1045.8 1019.3 1064.4 1078.8 1093.2 1094.0 -387.6 -382.4 -389.3 -387.4 -387.4 -387.0 -406.2 -414.9 -434.1 -411.3 -445.7 -413.9 -426.6 -427.7 -422.1 -446.6 -440.1 -458.2 -443.3 -451.5

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

g InformationWesuggestpeoplewantingmoreinformationaboutthecontents,themethodology,themethodsofcalculationsandthesourcestogetintouchwiththeStatisticalinformationsystemsoftheNationalBankofBelgium.

AlexanderFoket tel.:+3222213045NinoDiZinno tel.:+3222212136E-mail:datashop@nbb.be

EditorRudiAcx HeadoftheGeneralStatisticsDepartment

NationalBankofBelgiumboulevarddeBerlaimont14BE-1000Brussels

Closingdate2020-05-29 Nextissue:2020-06-05

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)

Source: NBB.

NBB.Stat