Belgium: consumer forecasts of country's economic situation 2023

In October 2023, according to Belgian respondents, the forecast of Belgium's economic situation for the next 12 months is rather negative. Indeed, the percentage of consumers negatively viewing Belgium's economic situation for the year to come was higher than the consumers perceiving it positively, standing at -17.

This negative perception of Belgium's economic future was shared by consumers from June 2018 to February 2021. However, from May to September 2021, Belgian consumers forecasted a favorable development of Belgium's economic situation. Overall, consumer's opinions regarding the development of Belgium's economy fluctuated significantly.

Consumer forecasts of the economic situation in Belgium for the next 12 months, from January 2018 to October 2023

Characteristic	Consumer forecasts economic situation
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Release date

October 2023

More information

Region

Belgium

Survey time period

January 2018 to October 2023

Number of respondents

1,850 respondents

Method of interview

Telephone interview

Supplementary notes

Every month a completely different representative sample of 1,850 people is questioned about the macroeconomic situation in Belgium and their own financial position and consumer behavior. The sample is representative for the geographic, social and demographic differences in Belgium and they are asked to answer a qualitative questionnaire with their own assessment or expectation. The questionnaire is built around different topics; the Belgian economic situation, personal financial situation and personal attitude towards savings and consumer behavior.
Macroeconomic questions on unemployment and the Belgian economy, and personal questions about the financial position of the household and the savings of the household are used to calculate the consumer confidence indicator. The source explains: "For each question, calculations are performed to find the percentage of all participating consumers reporting an improvement (positive responses), the percentage reporting a deterioration (negative responses) and the percentage stating that there has been no change. In calculating these three percentages, responses are unweighted and the difference between the 'positive' and 'negative' percentages constitutes the balance (the response) for the question. For example, if the number of positive responses equals the number of negative responses the balance for the question is zero; conversely, a balance of +10 means that positive responses outnumbered negative responses by 10 percentage points."

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