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Coronavirus (COVID-19) impact on the Belgian economy - statistics & facts

With social restrictions, lowered supplies, and diminished demand, Belgium’s economy has been directly impacted by the coronavirus (COVID-19) pandemic. For instance, the revenue loss in the tourism industry in Flanders and the Brussels-Capital Region was estimated at 1.7 billion euros in 2020. During that year, the Belgium government balance as a share of GDP decreased by 11 percent, while the GDP per capita went down by 0.4 percent. From a regional perspective, Flander’s GDP is expected to decrease by 11.1 percent in 2020, while the GDP of Wallonia is predicted to fall by 10.3 percent. The Brussels-Capital Region’s GDP will face a lower drop with an estimated decrease of 9.3 percent.

In 2020, the Belgian government debt as a share of GDP jumped from 98.7 percent to over 120 percent. Nonetheless, according to forecasts, the Belgian economy is expected to slowly recover. Although the government balance as a share of GDP is still expected to decrease in 2021, the forecast is less drastic. Indeed, an estimated 5.7 percent decrease is predicted. On the other hand, the GDP per capita is expected to increase by 0.9 percent, and the government debt as a share of GDP is expected to decrease by four percent.

In 2020, employment in Belgium should decline by 0.6 percent and is expected to further decrease by 1.7 percent in 2021. From 2019 to 2021, over a hundred thousand jobs will be lost in Belgium. In 2021, the unemployment rate in the Brussels-Capital region is expected to reach 16.5 percent, while unemployment in Flanders should reach 9 percent. In addition, the unemployment rate in Wallonia is expected to be 15 percent. However, employment is expected to decrease equally across the three regions.

As Belgian lockdown measures were implemented, the consumer confidence indicator dropped significantly. In April 2020, the consumer confidence indicator was -26. The consumer price index, on the other hand, has been on the rise since May 2020. Ultimately, the exact consequences of the coronavirus outbreak for the Belgian economy are yet to be evaluated. Still, predictions lean towards a slow, but ongoing recovery in the following years.

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COVID-19 impact on regional GDP

COVID-19 impact on employment

COVID-19 impact on prices and consumers

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Coronavirus impact on the Belgian economy

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Coronavirus (COVID-19) impact on the Belgian economy - statistics & facts

With social restrictions, lowered supplies, and diminished demand, Belgium’s economy has been directly impacted by the coronavirus (COVID-19) pandemic. For instance, the revenue loss in the tourism industry in Flanders and the Brussels-Capital Region was estimated at 1.7 billion euros in 2020. During that year, the Belgium government balance as a share of GDP decreased by 11 percent, while the GDP per capita went down by 0.4 percent. From a regional perspective, Flander’s GDP is expected to decrease by 11.1 percent in 2020, while the GDP of Wallonia is predicted to fall by 10.3 percent. The Brussels-Capital Region’s GDP will face a lower drop with an estimated decrease of 9.3 percent.

In 2020, the Belgian government debt as a share of GDP jumped from 98.7 percent to over 120 percent. Nonetheless, according to forecasts, the Belgian economy is expected to slowly recover. Although the government balance as a share of GDP is still expected to decrease in 2021, the forecast is less drastic. Indeed, an estimated 5.7 percent decrease is predicted. On the other hand, the GDP per capita is expected to increase by 0.9 percent, and the government debt as a share of GDP is expected to decrease by four percent.

In 2020, employment in Belgium should decline by 0.6 percent and is expected to further decrease by 1.7 percent in 2021. From 2019 to 2021, over a hundred thousand jobs will be lost in Belgium. In 2021, the unemployment rate in the Brussels-Capital region is expected to reach 16.5 percent, while unemployment in Flanders should reach 9 percent. In addition, the unemployment rate in Wallonia is expected to be 15 percent. However, employment is expected to decrease equally across the three regions.

As Belgian lockdown measures were implemented, the consumer confidence indicator dropped significantly. In April 2020, the consumer confidence indicator was -26. The consumer price index, on the other hand, has been on the rise since May 2020. Ultimately, the exact consequences of the coronavirus outbreak for the Belgian economy are yet to be evaluated. Still, predictions lean towards a slow, but ongoing recovery in the following years.

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