M A R K E T B E AT
BELGIUM Industrial Q2 2021 YoY Chg
12-Mo. Forecast
333 (L) 596 (SI)
Belgian economy on track to pre-crisis levels.
Take-up (YTD) (000s sq m)
The economic growth is expected to be back on track due to the success of the vaccination campaign and the relaxing of constraining measures. Economic growth is set to increase to 5.5% which means that the GDP will be around pre-crisis levels at the end of 2021 after which growth levels will stabilise to 3.3% in 2022 and 1.6% in 2023.
58 (L) 63 (SI) Prime rent, (EUR/sq m/year)
4.50 (L) 6.00 (SI)
Unemployment rate is forecasted at 5.8% this year and should peak in 2022 at around 6%. It is expected that a lot of temporarily unemployed people will resume work in the second half of 2021 or will be able to find new jobs. In some sectors there is even a shortage of workers and employers are having trouble filling in vacancies.
Prime yield (%, 3/6/9 lease) L: logistics SI: semi-industrial
Core inflation in Belgium is projected at 2.2% in 2021, 2.1% in 2022 and 1.8% in 2023. This is due to the fact companies are confronted with rising commodity prices which puts pressure on the price paid by the end consumer. Combined with the fact that consumer spending is set to increase after a record year of saving, inflation is set to rise.
ECONOMIC INDICATORS Q2 2021 YoY Chg
12-Mo. Forecast
5.5% 2021 GDP Growth
EXPECTED INFLATION UP UNTIL 2023
GDP GROWTH AND UNEMPLOYMENT RATE
5.8% 2021 Unemployment Rate
3% 10% 8%
2%
6%
2.2% Consumer Price Index
4%
2%
2% 1%
0% Source: NationalBank of Belgium, June 2021 Please note the economic data can vary significantly from one source to the other. Therefore, the figures provided should merely be used as an indication or trend.
-2% 1%
-4% -6%
0%
-8%
2015 2015
2016
2017
2018
2019
2020
2021
2022
2016
2017
2018
2019
2020
2023 inflation
GDP Growth Source: NationalBank of Belgium, June 2021
Unemployment Rate Source: NationalBank of Belgium,, June2021
2021
2022
2023