1. Healthcare

General Statistics Departement
Economic indicators
for Belgium
N° 2015-05 30/01/2015
WEekly PUBLICATIon
g Summary
BELGOSTAT
FORECASTS**
ACTUAL FIGURES*
2011
2012
2013
REAL GDP(1)
2014
NBB
ECB
EC
2015
OECD
BPN***
NBB
ECB
EC
OECD
BPN***
(percentage changes compared to the previous year)
Belgium
Final consumption
private
0.6
0.8
0.3
0.7
-
1.2
0.7
-
1.0
-
1.0
1.1
-
public
0.8
1.4
1.1
0.9
-
0.9
0.1
-
0.8
-
-0.3
-0.4
-
Gross fixed capital formation
4.0
0.0
-2.2
2.7
-
3.6
3.1
-
2.3
-
0.9
2.5
-
Exports of goods and services
6.6
1.9
2.9
2.9
-
3.0
3.5
-
3.1
-
2.9
3.9
-
Imports of goods and serices
7.4
1.8
1.7
2.0
-
2.9
2.5
-
3.6
-
2.8
3.7
-
GDP
1.6
0.1
0.3
1.0
-
0.9
1.0
1.0
0.9
-
0.9
1.4
1.1
International comparison of GDP
Euro area(2)
1.6
-0.7
-0.4
-
0.8
0.8
0.8
0.8
-
1.0
1.1
1.1
1.1
EU-28
1.6
-0.4
0.1
-
-
1.3
n.
-
-
-
1.5
n.
-
HICP
3.4
2.6
1.2
(percentage changes compared to the previous year)
0.6
0.6
0.6
0.5
0.8
-
0.9
0.7
0.7
National general index
3.5
2.8
1.1
n.
-
-
n.
-
n.
-
-
n.
-
National health index
3.1
2.6
1.3
0.4
-
-
-
-
0.7
-
-
-
-
Euro area(2)
2.7
2.5
1.3
0.5
0.5
0.5
0.5
0.5
0.7
0.7
0.8
0.6
0.6
EU-28
3.1
2.6
1.5
-
-
0.6
n.
-
-
-
1.0
n.
-
CONSUMER PRICES
Belgium
International comparison of HICP
Labour costs per hour worked
2.3
3.2
2.4
0.8
-
n.
n.
-
0.6
-
n.
n.
-
Unit labour costs
2.5
4.0
2.2
0.3
-
-0.1
-0.1
-
0.3
-
0.0
0.3
-
Belgium
2.2
3.2
2.4
n.
-
-
0.8
-
-
-
-
-
-
Three main neighbouring countries(5)
2.2
3.1
2.3
n.
-
-
2.1
-
-
-
-
-
-
Euro area(2)
0.5
1.8
1.4
-
-
1.1
1.1
-
-
-
0.9
1.2
-
EU-28
0.4
2.0
1.4
-
-
1.1
n.
-
-
-
1.0
n.
-
International comparison
Labour costs per hour worked(4)
Unit labour costs
_____________________________________________________________________________________________________________________
*
**
***
(1)
(2)
(3)
(4)
(5)
Sources: Belgium (NAI, NBB, FPS, EC); Euro area, EU-28 (ECB, Eurostat).
The forecasts from the NBB date from December 2014. Users should be aware that estimates of this kind can sometimes be out of date owing to changes in
the information available. The older the estimates, the greater this risk becomes. Publication of the estimate therefore simply means that it is the latest estimate
released by the NBB.
ECB monthly Bulletin December 2014 (next issue March 2015);
OECD preliminary version November 2014 (next release May 2015);
EC European Economics Forecast Autumn 2014 (next release ‘Winter 2015’) and BPN January 2015 (next release March 2015).
Average of the credit institutions which participate in the «Belgian Prime News».
The actual figures for the real GDP of Belgium are based on calendar adjusted data and are drawn up according to the new ESA 2010, which is not yet the case for the
areas in comparison. The forecasts for real GDP in Belgium, the ECB are data adjusted for calendar effects that were drawn up under the ESA 1995
while EC, OECD and NBB forecasts were defined by ESA 2010.
Euro area = EA18, except the OECD forecasts.
Except for the actual figures of the Euro area and the EU-28 and the EC and OECD forecasts which pertain to the whole economy.
Published by the Central Council for the Economy (CCE) and based on OECD data or the most recent national data for compensation per employee and CCE estimates
for the number of hours worked.
France, Germany, Netherlands.
_____________________________________________________________________________________________________________________
Economic indicators for Belgium (percentage changes compared to the previous year)
Belgium
N° 2015-05 30/01/2015
LABOUR COSTS IN THE PRIVATE SECTOR(3)
1
www.nbb.be
g Summary
(continued)
ACTUAL FIGURES*
2011
2012
FORECASTS**
2013
2014
NBB
ECB
EC
2015
OECD
BPN***
NBB
ECB
EC
OECD
BPN***
LABOUR MARKET
(annual changes in percentages)
Belgium
Total employment
1.4
0.3
-0.3
0.4
-
0.2
0.4
0.3
0.4
-
0.4
0.6
0.5
Unemployment
-3.7
2.5
4.3
2.3
-
1.5
1.2
-
9.3
-
-0.9
-0.2
-
(annual changes in thousands)
Total employment
62.7
13.5
-13.0
17.8
-
8.9
17.5
-
19.3
-
18.8
29.6
-
Unemployment
-20.7
13.9
23.9
13.2
-
6.2
5.1
-
55.4
-
-3.7
-0.8
-
8.4
8.4
8.4
(annual averages in percentages of labour force)
Harmonised unemployment rate(1) 7.2
7.6
8.4
8.5
-
8.5
8.5
8.5
8.8
-
International comparison of harmonised unemployment rate(1)
Euro area(2)
10.1
11.3
12.0
-
-
11.6
11.4
11.6
-
-
11.3
11.1
11.3
EU-28
9.6
10.5
10.8
-
-
10.3
n.
-
-
-
10.0
n.
-
GENERAL GOVERNMENT(3)
(percentages of GDP)
Belgium
Primairy balance
-0.5
-0.7
0.3
-0.2
-
0.1
n.
-
0.4
-
0.1
n.
-
Overall balance
-3.9
-4.1
-2.9
-3.2
-
-3.0
-2.9
-2.8
-2.5
-
-2.8
-2.1
-2.4
102.1
104.0
104.5
106.6
-
105.8
106.1
106.8
107.0
-
107.3
106.4
107.3
Consolidated gross debt
International comparison of overall balance
Euro area(2)
-4.1
-3.6
-2.9
-
-
-2.6
-2.6
-2.6
-
-
-2.4
-2.3
-2.3
EU-28
-4.5
-4.2
-3.2
-
-
-3.0
n.
-
-
-
-2.7
n.
-
-1.3
-0.9
0.1
1.4
-
-0.3
0.2
1.1
1.3
-
-0.5
0.6
1.1
0.5
1.9
2.4
-
-
2.5
3.0
2.4
-
-
2.6
3.1
2.5
CURRENT ACCOUNT
(percentages of GDP)
Belgium
International comparison
Euro area(2)
0.2
1.0
1.4
1.4
n.
1.5
n.
EU-28
______________________________________________________________________________________________________________________
Economic indicators for Belgium N° 2015-05 30/01/2015
2
www.nbb.be
*
**
***
(1) (2) (3) Sources: Belgium (NAI, NBB, FPS, EC); Euro area, EU-28 (ECB, Eurostat).
The forecasts from the NBB date from December 2014. Users should be aware that estimates of this kind can sometimes be out of date owing to changes in the
information available. The older the estimates, the greater this risk becomes. Publication of the estimate therefore simply means that it is the latest estimate released
by the NBB.
ECB monthly Bulletin December 2014 (next issue March 2015);
OECD preliminary version November 2014 (next release May 2015);
EC European Economics Forecast Autumn 2014 (next release ‘Winter 2015’) and BPN January 2015 (next release March 2015).
Average of the credit institutions which participate in the «Belgian Prime News».
This series corresponds with the results of the Labour Force Survey (LFS, Population older than 15 years), monthly adjusted by using the administrative national
unemployment figures, in accordance with the Eurostat’s methodology.
Euro area = EA18, except the OECD forecasts.
The forecasts for general government in Belgium, as well as the forecasts of the ECB have been drawn up according to the ESA 1995 while EC, OECD and NBB
forecasts were defined by ESA 2010.
_____________________________________________________________________________________________________________________
g Real
GDP
BELGOSTAT
2012
2013
IV
I
II
2014
III
IV
I
II
III
IV
98156
98481
n.
GDP(1)
(millions of euro)
Belgium
97111
GDP in chained 2012 euros
96921
97155
97539
97695
98067
(percentage changes)
vs the previous quarter
0.1
-0.2
0.2
0.4
0.2
0.4
0.1
0.3
0.1(4)
vs the corresponding quarter of the
previous year
0.1
-0.3
0.2
0.6
0.6
1.2
1.0
1.0
0.9(4)
(percentage changes)
International comparison
vs the previous quarter
Euro area(2)
-0.4
-0.4
0.3
0.2
0.2
0.3
0.1
0.2
n.
EU-28
-0.4
-0.1
0.4
0.3
0.4
0.4
0.2
0.3
n.
Euro area(2)
-0.9
-1.2
-0.6
-0.3
0.4
1.1
0.8
0.8
n.
EU-28
-0.7
-0.7
-0.1
0.2
0.9
1.5
1.3
1.3
n.
vs the corresponding quarter of the
previous year
MAIN COMPONENTS OF EXPENDITURE(1)
(percentage changes compared to the corresponding quarter of the previous year)
Final private consumption
0.7
0.4
0.6
0.4
-0.1
0.4
0.6
1.1
n.
Final public consumption
1.8
1.4
1.2
1.1
0.6
0.5
0.3
-0.3
n.
Gross fixed capital formation
-2.5
-2.9
-3.1
-2.1
-0.6
2.3
3.3
9.7
n.
business
-3.7
-2.1
-2.3
-1.3
1.1
3.2
4.4
14.3
n.
housing
-1.2
-3.6
-4.0
-3.6
-3.0
0.5
0.8
0.8
n.
public
1.9
-5.9
-6.1
-4.3
-5.4
0.2
2.2
-0.7
n.
Exports of goods and services
3.1
-0.6
2.3
4.7
5.1
5.1
4.6
2.6
n.
Imports of goods and services
1.8
-1.2
1.7
3.0
3.2
2.9
2.7
4.1
n.
GDP
0.1
-0.3
0.2
0.6
0.6
1.2
1.0
1.0
0.9(4)
Industry
0.1
-1.9
-0.4
-0.6
0.2
2.0
1.7
2.1
n.
Construction
-1.1
-1.9
-2.5
-1.5
0.6
4.1
3.5
2.8
n.
Services
0.2
0.4
0.8
1.0
0.7
0.8
0.7
0.5
n.
GDP
0.1
-0.3
0.2
0.6
0.6
1.2
1.0
1.0
0.9(4)
1,5
10
1
8
0,5
6
0
4
−0,5
2
−1
0
−1,5
−2
−2
−4
Final public consumption
Private final consumption expenditure
Gross fixed capital formation
Final consumption expenditure of general government
2014
2013
2012
2011
2010
2009
2008
2014
2013
2012
2011
2010
2009
2008
2007
Final private consumption
2007
−2,5
−6
−3
Belgium
(2)
Euro area
eu28 European Union (25 countries)
EU-28
Economic indicators for Belgium INTERNATIONAL COMPARISON OF GDP(3)
BELGIUM(3)
N° 2015-05 30/01/2015
MAIN COMPONENTS OF VALUE ADDED(1)
eurozone Euro−zone (EUR−11 up to 31.12.2000 / EUR−12 from 1.1.2001)
Gross fixed capital formation
be Belgium
Sources: Belgium (NAI); Euro area, EU-28 (Eurostat).
(1) Adjusted for seasonal and calendar effects.
(2) Euro area = EA18.
(3) Percentage changes versus previous quarter.
(4) Flash estimate.
______________________________________________________________________________________________________________________
3
www.nbb.be
g Activity
Activity
and labour market indicators
BELGOSTAT
2013
D
2014
J
F
M
A
M
J
J
A
S
O
N
D
(percentage changes in the average for the last 3 months compared to the corresponding period
of the previous year)
Industrial production,
excluding building
3.7
3.3
5.0
5.2
4.4
2.2
1.8
-0.1
-1.3
-0.1
0.6
0.2
n.
-4.8
-3.2
-0.6
-4.4
-5.0
-8.3
-10.1
-11.1
-10.4
-6.9
-6.2
-5.9
-3.9
III
IV
I
New car registrations
2012
I
II
2013
II
2014
III
IV
I
II
(percentage changes compared to the corresponding period of the previous year
Total turnover(1)
4.1
0.3
-0.1
-0.6
-3.2
-0.1
-0.5
0.7
2.5
1.5
Investments(1)
3.9
-0.1
0.7
-10.0
-8.7
-7.3
2.9
5.0
2.5
5.0
Labour market
BELGOSTAT
EMPLOYMENT
2012
II
III
2013
IV
I
Belgium
II
2014
III
IV
I
II
III
(in thousands)
Domestic employment(2)
4557.5
4554.5
61.8
62.1
61.9
61.3
62.0
62.3
61.6
61.5
61.9
62.0
Euro area(4)
63.9
64.1
63.7
62.9
63.6
63.8
63.6
63.2
63.9
64.4
EU-28
64.2
64.5
64.1
63.3
64.1
64.5
64.3
64.0
64.8
65.5
O
N
D
590
Employment rate(3)
4550.0 4543.8 4538.2 4543.3 4545.1 4548.6
(percentages of the population of working age)
4558.7
4560.1
International comparison of the employment rate(3)
Economic indicators for Belgium N° 2015-05 30/01/2015
BELGOSTAT
UNEMPLOYMENT
Euro area(4)
11.9
11.8
11.8
11.7
11.6
11.6
11.5
11.6
11.5
11.5
11.5
11.5
11.4
EU-28
10.6
10.6
10.5
10.4
10.3
10.3
10.2
10.1
10.1
10.0
10.0
10.0
9.9
4
www.nbb.be
2013
2014
D
J
F
M
A
M
Unemployment(5)
596
612
603
593
582
617
602
591
< 25 years old
117
120
116
110
104
98
98
124
130
131
121
114
111
≥ 25 years old
479
492
487
483
478
470
470
496
498
486
481
477
479
8.6
8.5
8.5
8.4
Belgium
J
J
A
(in thousands, end of period)
568
567
619
627
S
(percentages of the labour force)
Harmonised unemployment rate(6)
8.4
8.5
8.4
8.4
8.4
8.4
8.4
8.6
8.6
International comparison of harmonised unemployment rate(6)
_________________________________________________________________________________________________________________________________________
Sources: NBB; FPS Economy, SMEs, Self-employed and Energy; NEO; FEBIAC; Eurostat; NAI.
(1) Based on VAT-declaration.
(2) Quarterly average of the number of employees and self-employed persons, seasonally adjusted.
(3) Harmonised data from yearly survey.
(4) Euro area = EA18.
(5) Fully unemployed persons receiving benefits, compulsorily and voluntarily registered job-seekers; gross data.
(6) This series corresponds with the results of the Labour Force Survey (LFS, population older than 15 years), monthly adjusted by using
the administrative national unemployment figures, in accordance with the Eurostat’s methodology. Seasonally adjusted data.
______________________________________________________________________________________________________________________
g Business
survey
BELGOSTAT
OVERALL SYNTHETIC CURVE(1)
10
10
MANUFACTURING INDUSTRY
84
0
0
−10
−10
−20
−20
−30
−30
−40
−40
2009
2010
2011
2012
2013
2014
2015
82
80
78
76
2009
2010
2011
2012
2013
2014
72
70
2015
brute des
BUILDING INDUSTRY
Degr d’utilisationSERVICES
de la capacit de production instal
TRADE & BUSINESS-RELATED
30
15
10
5
services (right-hand scale)
20
5
10
0
0
0
−5
−5
−10
−10
−20
−15
−10
−30
−20
−15
trade
−25
2009
2010
2011
68
liss
cs_Serie brute des
−20
74
use of production
capacity(2)
(right-hand scale)
cs_Serie lis
10
86
2012
2013
2014
2015
−30
2009
2010
2011
−40
2012
2013
2014
2015
−50
Seasonally adjusted and smoothed series
liss
brute adjusted
des
Seasonally
series
survey
EXPECTATIONS(4) ON THE GENERAL ECONOMIC
SITUATION
CONSUMER CONFIDENCE INDEX(3)
5
20
0
10
−5
0
−10
−10
−15
2015
2014
2013
2012
2011
2010
2009
2015
2014
2013
2012
2011
−40
2010
−30
2009
−30
2008
−25
2008
−20
−20
N° 2015-05 30/01/2015
BELGOSTAT
Economic indicators for Belgium g Consumer
Indicateur de confiance des consommateurs nouveau
Situation économique globale au cours des douze prochains m
Source: NBB.
(1) Weighted average of the synthetic curve of manufacturing industry, building industry, trade and business-related services.
(2) Percentage of production capacity utilisation, seasonally adjusted.
(3) Includes expectations on the general economic situation, unemployment, financial situation and saving capacity.
(4) Over the next 12 months.
5
______________________________________________________________________________________________________________________
www.nbb.be
g Harmonised
index of consumer prices
Annual data
2009
2010
2011
2012
2013
2014
(percentage changes compared to the previous year)
BELGIUM
0.0
2.3
3.4
2.6
1.2
0.5
-14.0
10.0
17.0
6.0
-4.6
-6.0
Unprocessed food(1)
0.4
3.5
0.2
3.4
4.4
-1.3
Processed food
1.7
1.0
3.1
3.1
3.2
2.2
Underlying trend in inflation(2)
2.1
1.1
1.5
1.9
1.4
1.5
Non-energy industrial goods
1.4
0.8
1.0
0.9
0.8
0.5
Services
2.6
1.4
1.9
2.5
1.9
2.2
General index
-0.1
2.2
3.5
2.8
1.1
0.3
Health index(3)
0.6
1.7
3.1
2.7
1.2
0.4
Total HICP
Energy
p.m. National index of consumer prices
EURO AREA(4)
0.3
1.6
2.7
2.5
1.3
0.4
-8.1
7.4
11.9
7.6
0.6
-1.9
Unprocessed food(1)
0.2
1.3
1.8
3.0
3.5
-0.8
Processed food
1.1
0.9
3.3
3.1
2.2
1.2
Underlying trend in inflation(2)
1.4
1.0
1.4
1.5
1.1
0.8
Non-energy industrial goods
0.6
0.5
0.8
1.2
0.6
0.1
Services
2.0
1.4
1.9
1.8
1.4
1.2
Total HICP
Energy
6
HICP TOTAL
4
UNDERLYING TREND IN INFLATION
5
3
4
3
2
2
1
1
0
−1
0
−2
2009
Economic indicators for Belgium N° 2015-05 30/01/2015
6
www.nbb.be
2010
2011
2012
eurozone
Belgium
Euro area
be
2013
2014
2015
2009
2010
2011
2012
2013
2014
2015
eurozone
be
Sources: Eurostat; FPS Economy, SMEs, Self-employed and Energy.
(1) Fruit, vegetables, meat and fish.
(2) HICP excluding food and energy.
(3) General index excluding products which are harmful to the health (tobacco, alcohol, petrol and diesel).
(4) Euro area = EA11-2000, EA12-2006, EA13-2007, EA15-2008, EA16-2010, EA17-2013, EA18.
______________________________________________________________________________________________________________________
g Harmonised
(continued)
Monthly data
index of consumer prices
BELGOSTAT
2014
J
F
M
A
M
J
2015
J
A
S
O
N
D
J
(percentage changes compared to the corresponding month of the previous year)
BELGIUM
Total HICP
Energy
1.1
1.0
0.9
0.9
0.8
0.7
0.6
0.4
0.2
0.3
0.1
-0.4
n.
-4.3
-3.5
-3.0
-6.9
-4.9
-4.7
-6.0
-6.5
-8.2
-6.2
-7.3
-11.3
n.
Unprocessed food(1)
1.7
0.2
-0.5
0.6
-2.5
-3.5
-1.1
-2.3
-2.4
-2.4
-1.8
-2.1
n.
Processed food
2.4
2.1
2.3
2.9
2.9
2.7
2.9
2.3
1.9
1.5
1.1
1.1
n.
Underlying trend in inflation(2)
1.7
1.6
1.5
1.8
1.7
1.7
1.5
1.5
1.6
1.5
1.3
1.3
n.
Non-energy industrial food
0.9
0.7
0.5
0.5
0.7
0.7
0.2
0.6
0.5
0.3
0.2
0.2
n.
Services
2.3
2.2
2.1
2.7
2.4
2.3
2.3
2.1
2.3
2.3
2.0
2.0
n.
p.m. National index of consumer prices
General index
1.1
1.0
0.9
0.6
0.4
0.3
0.3
0.0
-0.1
0.1
-0.1
-0.4
-0.7
Health index(3)
1.3
1.2
1.0
0.7
0.3
0.1
0.2
0.0
0.0
0.1
-0.0
-0.0
0.0
0.8
0.7
0.5
0.7
0.5
0.5
0.4
0.4
0.3
0.4
0.3
-0.2
-0.6(5)
-1.2
-2.3
-2.1
-1.2
0.0
0.1
-1.0
-2.0
-2.3
-2.0
-2.6
-6.3
-8.9(5)
1.3
0.9
-0.1
-0.7
-2.1
-2.8
-2.6
-2.4
-0.9
0.0
0.2
-1.0
-0.9(5)
Processed food
2.0
1.8
1.7
1.6
1.5
1.4
1.1
1.0
1.0
0.8
0.6
0.5
0.4(5)
Underlying trend in inflation(2)
0.8
1.0
0.7
1.0
0.7
0.8
0.8
0.9
0.8
0.7
0.7
0.7
0.6(5)
Non-energy industrial food
0.2
0.4
0.2
0.1
0.0
-0.1
0.0
0.3
0.2
-0.1
-0.1
0.0
-0.1(5)
Services
1.2
1.3
1.1
1.6
1.1
1.3
1.3
1.3
1.1
1.2
1.2
1.2
1.0(5)
EURO AREA(4)
Total HICP
Energy
Unprocessed food
(1)
_____________________________________________________________________________________________________________________
Economic indicators for Belgium N° 2015-05 30/01/2015
Sources: Eurostat; FPS Economy, SMEs, Self-employed and Energy.
(1) Fruit, vegetables, meat and fish.
(2) HICP excluding food and energy.
(3) General index excluding products which are harmful to the health (tobacco, alcohol, petrol and diesel).
(4) Euro area = EA11-2000, EA12-2006, EA13-2007, EA15-2008, EA16-2010, EA17-2013, EA18.
(5) Flash estimate.
_____________________________________________________________________________________________________________________
7
www.nbb.be
g Public
finances
BELGOSTAT
General government - EDP definition(1)
2009
2010
2011
2012
2013
(percentages of GDP)
REVENUE
Fiscal and parafiscal revenue
42.0
42.3
43.0
44.1
44.8
Direct taxes
14.9
15.2
15.7
16.1
16.7
Indirect taxes
12.5
12.7
12.7
13.1
12.9
Actual social contributions
14.0
13.7
13.8
14.1
14.2
0.6
0.7
0.7
0.9
1.0
Capital taxes
5.8
6.0
6.3
6.6
6.7
47.7
48.4
49.3
50.7
51.5
Social benefits(3)
24.3
23.9
24.1
24.7
25.2
Other expenditures
25.3
25.0
25.8
26.6
26.1
Total
49.6
48.9
49.8
51.4
51.2
PRIMARY BALANCE
-1.8
-0.6
-0.5
-0.7
0.3
INTEREST CHARGES
3.6
3.4
3.4
3.4
3.2
OVERALL BALANCE
-5.5
-4.0
-3.9
-4.1
-2.9
Federal government
-3.8
-3.0
-3.5
-3.4
-2.4
Social security
-0.7
-0.2
0.1
-0.1
-0.1
Communities and regions
-0.8
-0.7
-0.3
0.0
-0.2
Local authorities
-0.1
-0.1
-0.2
-0.5
-0.2
Belgium
-1.8
-0.6
-0.5
-0.7
0.3
Euro area(4)
-3.5
-3.4
-1.1
-0.6
-0.1
EU-28
-4.2
-3.8
-1.5
-1.0
-0.5
Non-fiscal and non-parafiscal revenue(2)
Total
PRIMARY EXPENDITURE
p.m. FOR THE SUBSECTORS
INTERNATIONAL COMPARISON
Primary balance
Overall balance
-5.5
-4.0
-3.9
-4.1
-2.9
Euro area(4)
n.
-6.1
-4.1
-3.6
-2.9
EU-28
n.
-6.4
-4.5
-4.2
-3.2
Belgium
Consolidated gross debt
Economic indicators for Belgium N° 2015-05 30/01/2015
8
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99.3
99.6
102.1
104.0
104.5
Euro area(4)
n.
83.7
85.8
89.0
90.9
EU-28
n.
78.2
80.8
83.5
85.4
Belgium
_________________________________________________________________________________________________________________________________________
Sources: NAI, NBB, Eurostat.
(1) Excessive Deficit Procedure (EDP), definition of the Treaty on the Functioning of the European Union.
(2) Property income, imputed social security contributions, transfers from other sectors and sales of goods and services.
(3) From social security and all other subsectors of general government.
(4) Euro area = EA18.
______________________________________________________________________________________________________________________
g Foreign
trade(1)
BELGOSTAT
2013
N
2014
D
J
F
M
A
M
J
J
A
S
O
N
VALUE
(billions of euro)
Monthly data
Export
20.4
19.0
20.2
20.3
21.5
21.5
20.6
21.1
21.1
17.3
21.4
22.4
19.7
Import
21.0
20.5
21.5
20.6
22.4
21.4
20.5
21.2
20.8
19.0
22.5
22.0
20.0
Balance
-0.6
-1.5
-1.4
-0.4
-0.9
0.1
0.0
-0.1
0.3
-1.7
-1.1
0.4
-0.2
Cumulative data over the
last 12 months
Export
242.0
243.3
244.1
245.1
245.1
245.7
245.5
246.3
246.0
245.9
246.3
246.6
246.0
Import
250.8
252.0
252.4
252.4
252.1
252.3
251.9
252.3
252.3
252.5
253.8
253.5
252.5
-8.8
-8.6
-8.2
-7.3
-7.0
-6.6
-6.4
-6.0
-6.3
-6.6
-7.5
-6.9
-6.5
Balance
(percentage changes in the last 12 months compared to the preceding 12 months)
PRICE
Export
0.3
0.0
-0.4
-0.3
-0.5
-0.5
-0.4
-0.4
-0.5
-0.7
-0.7
-0.2
n.
Import
0.0
-0.2
-0.6
-0.7
-0.9
-1.2
-1.2
-1.4
-1.4
-1.2
-1.4
-1.0
n.
Terms of trade
0.3
0.2
0.3
0.4
0.4
0.7
0.8
1.0
0.9
0.5
0.8
0.8
n.
VOLUME
Export
1.1
2.1
2.7
3.6
4.3
4.1
3.7
4.1
3.3
3.7
3.1
2.3
n.
Import
0.1
1.1
1.6
1.9
2.3
2.3
2.1
2.6
2.2
2.3
2.5
1.8
n.
Coverage ratio
1.0
1.0
1.1
1.7
2.0
1.8
1.6
1.5
1.1
1.4
0.6
0.5
n.
3
2
1
0
−1
−2
Export
Import
2010
2011
Uitvoer
2012
2013
2014
−3
2009
2010
2011
2012
2013
2014
Grafique Balance sheet 7
Invoer
Sources: NAI.
(1) National concept.
______________________________________________________________________________________________________________________
N° 2015-05 30/01/2015
2009
Economic indicators for Belgium 155
150
145
140
135
130
125
120
115
110
105
100
BALANCE
(in billions of euro)
PRICE INDEX
(2000 = 100)
9
www.nbb.be
g Balance
of payments
BELGOSTAT
2013
S
2014
O
N
D
J
F
M
A
M
J
J
A
S
(cumulative data over the last 12 months, in billions of euro)
CURRENT ACCOUNT
-5.2
-3.5
-2.8
0.6
1.2
2.6
3.6
5.1
5.7
8.2
6.2
6.1
5.8
Goods
-9.6
-8.8
-7.6
-7.7
-7.1
-6.1
-5.7
-5.3
-5.0
-4.6
-5.0
-5.2
-6.1
Services
6.4
6.9
6.8
7.1
6.9
7.4
7.8
8.4
8.8
9.1
7.6
7.4
7.1
Primary incomes
5.8
6.2
5.9
9.1
9.2
9.2
9.4
10.1
9.9
11.8
11.7
11.8
12.6
Secondary incomes
-7.8
-7.8
-7.8
-7.9
-7.9
-7.9
-8.0
-8.1
-8.1
-8.1
-8.1
-8.0
-7.9
CAPITAL ACCOUNT
2.2
2.3
2.4
-0.1
-0.2
-0.2
-0.1
-0.1
-0.1
-0.1
-0.2
-0.2
-0.2
FINANCIAL ACCOUNT
-3.8
-2.6
-0.6
0.2
1.0
2.7
4.2
6.7
6.2
8.5
6.1
7.3
6.8
Direct investment
-10.5
-10.5
-6.4
-3.9
-2.5
4.5
7.4
16.0
21.7
35.5
36.0
33.4
33.3
Equity capital
-47.8
-33.9
-40.6
-29.2
-30.7
-31.0
-31.1
-25.1
-29.4
-24.6
-22.9
-25.5
-28.2
Other capital
-97.9
-84.7
-84.4
-62.4
-46.4
-28.1
-19.0
-46.0
-25.2
-6.7
-19.5
-12.6
-2.2
Portfolio investment
-32.2
-29.6
-22.6
-22.0
-22.5
-23.0
-24.7
-27.3
-8.1
-7.7
-5.7
6.6
-6.4
Financial derivatives
-7.9
-3.9
-3.3
-2.1
-2.0
-1.2
-3.0
-1.3
-2.4
-2.5
-1.1
-1.7
0.0
Other transactions
47.2
41.9
32.3
28.5
28.3
22.7
24.8
19.8
-4.7
-16.2
-22.6
-30.4
-19.5
NBB’s reserves
-0.3
-0.4
-0.5
-0.4
-0.4
-0.4
-0.2
-0.4
-0.3
-0.6
-0.5
-0.6
-0.6
ERRORS AND OMISSIONS
-0.8
-1.4
-0.2
-0.2
0.0
0.3
0.8
1.7
0.7
0.4
0.1
1.4
1.2
BELGOSTAT
BALANCE OF CURRENT ACCOUNT(1)
(quarterly data in percentage of GDP)
INTERNATIONAL INVESTMENT POSITION
(annual data in billions of euro)
12
9
12
2000
300
9
1500
270
1000
240
500
210
6
6
3
3
0
0
−3
2014
2013
2012
2011
2010
2009
2008
−9
2007
−6
0
180
−500
150
−3
−1000
120
−6
−1500
90
−9
−2000
60
2007
2008
2009
2010
2011
2012
Assets
Lopende rekening in % bbp
Economic indicators for Belgium N° 2015-05 30/01/2015
10
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(left-hand scale)
Assets
Liabilities
Net external asset position (right-hand scale)
Liabilities
Net
Sources: NBB, NAI.
(1) Between 2009 and 2010 a methodological rupture appears after the entry into force of a new manual of the balance of payments, called BPM6.
_____________________________________________________________________________________________________________________
g Financial
Interest rates
markets
BELGOSTAT
EURO
4
EUROSYSTEM AND MONEY MARKET
4
3
3
2
logarithmic scale
2
1
1
0
−1
EURO YIELD CURVE
2012
0
2014
2013
1w.
1m.
3m.
Main refinancing operations(¹)
EONIA(2)
29/1/2014
Marginal lending facility
3-month Euribor
29/12/2014
6m.
1y.
3y. 5y.
10y.
Main refinancing operations (MRO) (fixed rate or minimum bid rate)
29/1/2015
Deposit facility
Marginal lending facility
Deposit facility
hulplijn
BELGIUM
Average weighted rate of overnight interbank deposits LENDING
(EONIA) RATES BY CREDIT
PUBLIC DEBT
INSTITUTIONS
4
3
Rate of 3−month interbank deposits (Euribor)
4
hulplijn
3
2
2
1
1
0
−1
2012
2013
0
2014
2012
2013
2014
To households for house purchases:
3 months
For house purchases: Floating rate and up to 1 year initial rate fixation
floating rate and up to 1 year initial rate fixation
Treasury certificates
10Y
Reference
loan: OLO 10 years
house
purchases:
overFor
10 years
initial
rate fixationOver 10 years initial rate fixation
To non-financial corporations:
hulplijn
Other loans up to an amount of EUR 1 million
up to an amount of EUR 1 million(3)
(3)
overOther
an amount
of EUR
million
loans
over1an
amount
of EUR 1 million
N° 2015-05 30/01/2015
LONG TERM(5)
SHORT TERM(4)
4
1,25
1
3
0,75
0,5
2
0,25
0
1
0
hulplijn
4
3
2
1
−0,25
2012
2013
Left-hand scale:
2014
−0,5
0
US dollar
Eurorates: United States Dollar at 3 months (daily data) (ls)
Euribor
hulplijn (ls) Japanese yen
Right-hand scale:
Euribor 3 months (ls)
Eurorates: Japanese Yen at 3 months (daily data) (rs)
2012
2013
2014
United
United
StatesStates
Germany
Japan
Japan
Germany
hulplijn
Sources: ECB, NBB.
(1) Minimum bid rate.
(2) Weighted average rate.
(3) Floating rate and up to 1 year initial rate fixation.
(4) At 3 months.
(5) Ten-year government bond.
______________________________________________________________________________________________________________________
Economic indicators for Belgium INTERNATIONAL COMPARISON
11
www.nbb.be
g Financial
Exchange rates
markets (continued) BELGOSTAT
NOMINAL EFFECTIVE EXCHANGE RATE (2010 = 100)
REFERENCE EXCHANGE RATE
1,7
1,6
1,5
1,4
1,3
1,2
1,1
1
0,9
0,8
0,7
0,6
2012
2013
150
140
130
120
110
100
90
80
70
2014
2012
2013
US dollar / euro
US dollar
US
dollar
Pound
sterling
/ euro
Euro
Japanese
yensterling
(100) / euro
Pound
Japanese yen
100 Japanese yen (graf)
D:QRDA:XM:02
BELGOSTAT
hulplijn
hulplijn
STOCK MARKET
2012
D:QRDA:JP:02
D:QRDA:US:02
Stock and commodities market
5000
4500
4000
3500
3000
2500
2000
1500
1000
2014
COMMODITIES MARKET
2013
18000
16500
15000
13500
12000
10500
9000
7500
6000
2014
150
140
130
120
110
100
90
80
70
60
50
40
44000
40000
36000
32000
28000
24000
20000
2012
2013
2014
Left-hand scale:
Gold
in Brussels
scale)
BEL 20
Gold
price in (EUR/kg)(left-hand
Brussels (EUR/kg)
(ls)
Euronext Brussels
− Belgian securities − forward market − BEL 20 (30/12/90
= 1000)
DJ Europe Stoxx 50 P IDX
Brent (USD/barrel)(right-hand scale)
hulplijn (ls)
DJ EUROPE STOXX 50 P IDX (ls)
Right-hand scale:
hulplijn (ls)
Nikkei
Brent −USD/barrel (rs)
Dow Jones Industrial
Dow Jones Industrial (rs)
Sources: ECB, BIS, Euronext.
Nikkei (rs)
______________________________________________________________________________________________________________________
Economic indicators for Belgium N° 2015-05 30/01/2015
12
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Monetary aggregates(1)
BELGOSTAT
2013
D
2014
J
F
M
A
M
J
J
A
S
O
N
D
(end of period, in billions of euro)
EURO AREA
M3 excluding currency in circulation
8932
8947
8957
8963
8982
9043
9052
9073
9121
9133
9154
9241
9337
M3
9853
9855
9867
9880
9904
9971
9987
10017
10068
10080
10105
10198
10317
overnight
131.8
134.1
132.3
136.8
138.3
138.6
142.9
141.5
139.0
146.6
145.8
148.6
146.1
with agreed maturity up to 2 years
26.8
26.1
24.9
24.2
25.6
23.8
25.7
26.6
28.2
26.1
28.4
26.3
24.7
redeemable at notice up to 3 months
270.7
273.8
274.8
275.6
275.4
276.7
277.6
278.3
278.8
279.7
279.8
281.4
276.4
of which: by MFI(2) in BELGIUM
Deposits
Others M3(3) components
M3(3)
4.5
3.9
4.1
4.0
1.6
2.9
7.2
9.8
10.2
8.8
7.8
6.6
10.4
433.9
438.0
436.1
440.7
440.8
441.9
453.4
456.2
456.2
461.2
461.9
462.8
457.6
Sources: NBB, ECB.
(1) M3 comprises currency in circulation, deposits with agreed maturity up to 2 years, repurchase agreements (exclude the Repurchase
agreements with Central counterparties - CCPs), money market fund shares/units, money market paper and debt securities up to 2 years.
(2) Monetary Financial Institutions.
(3) Excluding currency in circulation.
______________________________________________________________________________________________________________________
g Financial
accounts
BELGOSTAT
2012
II
III
2013
IV
I
II
2014
III
IV
I
II
III
1146.6
(end of period outstanding amounts in billions of euro)
FINANCIAL ASSETS
Individuals
1052.4
1061.5
1076.2
1087.2
1089.7
1097.6
1114.4
1124.2
1137.7
General government
165.1
161.9
163.5
156.6
165.2
158.9
161.9
159.2
167.3
161.2
Non-financial corporations
1286.6
1272.1
1295.6
1286.0
1303.5
1283.7
1265.9
1261.7
1275.0
1268.2
Individuals
225.0
225.7
227.5
230.6
233.3
234.5
235.4
237.2
242.2
245.6
General government
499.1
509.1
518.8
520.4
518.8
515.2
517.6
541.5
555.0
559.2
Non-financial corporations
1585.1
1575.4
1583.3
1610.0
1609.9
1609.4
1612.7
1613.5
1641.5
1637.2
FINANCIAL LIABILITIES
NET FINANCIAL WEALTH
Individuals
827.4
835.8
848.7
856.6
856.4
863.2
879.0
887.0
895.5
901.0
General government
-334.0
-347.2
-355.4
-363.8
-353.6
-356.4
-355.7
-382.3
-387.8
-398.0
Non-financial corporations
-276.5
-281.2
-264.6
-301.4
-283.0
-302.5
-323.7
-328.3
-342.4
-345.3
______________________________________________________________________________________________________________________
Source: NBB.
______________________________________________________________________________________________________________________
g Conventional
0.0
-
n.
e
signs
indicates data which have been updated since the previous publication.
nil or less than half the smallest digit considered.
data non-existent or meaningless.
not available.
estimate.
g Information
We suggest people wanting more information about the contents, the methodology, the methods of calculations and the sources to get in touch with
the Statistical information systems of the National Bank of Belgium.
Alexander Foket
tel.: +32 2 221 30 45 fax: +32 2 221 31 34
Nino Di Zinno
tel.: +32 2 221 21 36
mail: [email protected]
Head of the General Statistics Department
National Bank of Belgium boulevard de Berlaimont 14 BE-1000 Brussels
Closing date: 30/01/2015 Next issue: 06/02/2015
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Economic indicators for Belgium Rudi Acx
N° 2015-05 30/01/2015
Editor
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