World Economy/Belgium

🇧🇪

Belgium

BEL

Europe • Sovereign Currency: EUR

Analyze Belgium with Schema AI

Nominal GDP

$0.66T

2024

Annual GDP Growth

+1.0%

YoY Q3 2024

Inflation (CPI)

3.2%

Oct 2024 YoY

Policy Rate

3.25%

ECB Deposit Facility Rate

10Y Sovereign Yield

3.02%

10Y Belgian OLO

Unemployment Rate

5.5%

Sep 2024

Debt-to-GDP

105.2%

2024

Trade Balance

+$1.2B

Aug 2024

BLOOMBERG ECONOMICS MONETARY POLICY TRANSMISSION

🇧🇪EUROPEAN CENTRAL BANK POLICY DASHBOARD

Target Instrument: Deposit Facility Rate • Sovereign: Belgium (BEL)

STANCE: neutral

Next Meeting: 2026-10-29

LOOSER CONDITIONSIN LINE WITH TARGETTIGHTER CONDITIONS

STATUTORY BENCHMARK

3.25%Unchanged (0 bps)

Deposit Facility Rate

REAL CARRY SPREAD (r - π)

+0.05%

Neutral Equilibrium

OVERNIGHT BENCHMARK (€STR)

3.20%-5 bps

Euro Short-Term Rate

YIELD CURVE SLOPE (10Y - r)

-0.23%

Inverted Term Structure

WAGES & PRICES2 METRICS

Headline CPI Inflation (YoY)Oct 2024 YoY

Elevated above price stability band (+1.2% vs target)

StatbelRef

3.20%

MILD LOOSE

Distance to Inflation Target (2.0%)Oct 2024 YoY

Headline inflation exceeds 2% anchor by 1.20 percentage points

StatbelRef

+1.20%

MILD LOOSE

SUPPLY & DEMAND2 METRICS

Annual Real GDP Growth RateQ3 2024

Sluggish real economic momentum

NBBRef

1.00%

MILD TIGHT

Unemployment Rate (Labor Slack)Sep 2024

Balanced labor market matching full employment capacity

EurostatRef

5.50%

IN LINE

FINANCIAL CONDITIONS4 METRICS

Deposit Facility RateECB Deposit Facility Rate

Official statutory policy target rate set by European Central Bank

European Central BankRef

3.25%

IN LINE

Real Carry Rate (Policy - CPI)Calculated

Positive real return regime delivering restrictive monetary drag

European Central Bank vs Statbel

+0.05%

IN LINE

10-Year Sovereign Benchmark Yield10Y Belgian OLO

Long-term sovereign borrowing benchmark discounting term premium & inflation risk

Belgian Debt AgencyRef

3.02%

LOOSER

Yield Curve Slope (10Y - Policy Rate)Calculated

Inverted yield curve by 0.23% signaling restrictive monetary drag

Sovereign Debt Desk vs Central Bank Target

-0.23%

TIGHTER

EXTERNAL & FISCAL2 METRICS

Current Account / Trade BalanceAug 2024

Trade balance surplus reinforcing sovereign foreign exchange buffer

NBBRef

+$1.2B

MILD LOOSE

General Government Debt / GDP2024

High public debt burden consuming fiscal policy maneuverability

NBB / EurostatRef

105.20%

MILD TIGHT

HISTORICAL RATE DECISION TRAJECTORY (DEPOSIT FACILITY RATE)

Verified Chronological Decisions

2026-10-09

3.25%

Policy Assessment Summary: Key ECB interest rate on the deposit facility.