Country Economic Forecasts > Belgium

First national account estimates show the Belgian economy expanded by 0.2% q/q in Q3 versus 0.5% in Q2. We expect the slowdown to have originated from international trade and weaker capital spending growth. Going forward however, consumer spending growth is forecast to double to 1.6% in 2017 helped by rising employment levels and slightly lower inflation, and despite the extension of the wage restraint period until 2017. Meanwhile, investment is forecast at a solid 3% next year, despite Donald Trumps election win adding fresh uncertainty. Although the economic outlook remains broadly positive therefore, the weaker than expected Q3 data have led us to revise down our GDP growth forecast for 2016 to 1.2% from 1.5% before further below the 1.6% seen for the Eurozone overall.