M A R K E T B E AT
BELGIUM Retail Q1 2022 YoY Chg
136,000 sq m Q1 2022 Take-up
1,550 €/sq m/y. High Street Prime Rent
4.35%
High Street Prime Yield Source: Cushman & Wakefield
-
12-Mo. Forecast
Inflation and uncertainties will shape 2022 and 2023. Inflation in Belgium climbs to 8.2% in the first quarter of 2022, a record since 1983. In February 2022, Russian invasion of Ukraine pushed global energy prices sky-high. With the conflict showing no signs of ending, and EU restrictive measures against Russia, energy prices will continue to drive inflation in Belgium. Combined with the fact that consumer spending is set to increase after a record year of saving and their willingness to go out and travel, inflation will remain at high levels in 2022. After the COVID-19 outbreak, a new period of uncertainties began with the crisis in Ukraine. Belgian growth could be affected despite a robust first quarter of 2022,with a GDP growth around 2.7%. Growth is expected to slow down and stabilise at 2.2% for the next two years and slow down further to 1.1% in 2025. The unemployment rate decreased to a level of 5.5% in the first quarter and is expected to decline further and stabilise around 5.2% by the end 2022 and 4.9% in 2023. This is due to a lot of temporarily unemployed people have resumed work in the early of 2022.
BELGIAN ECONOMIC INDICATORS YoY Chg
12-Mo. Forecast
2.7% 2022 GDP Growth
5.5% Unemployment rate
8.2% Consumer Price Index Source: Moody’s Analytics, March 2022
GDP GROWTH AND UNEMPLOYMENT RATE
CONSUMERS PRICE INDEX 9%
8%
8%
6%
7%
4%
6% 5%
2%
4%
0%
3%
-2%
2%
-4%
1% 0%
-6% 20 16
20 17
20 18
20 19
GDP Gro wth
20 20
20 21
20 22
20 23
20 24
20 25
2016
2017
2018
2019
2020
Un empl oymen t Ra te
Sources: Moody’s Analytics, BNB, Eurostat, March 2022
Sources: Moody’s Analytics, BNB, March 2022
2021
2022
2023
2024
2025