covid-19 dashboard of economic indicators · 12/22/2020  · evolutie van het aantal opnames in het...

94
COVID-19 Dashboard of Economic Indicators 22 December 2020

Upload: others

Post on 29-Jan-2021

5 views

Category:

Documents


0 download

TRANSCRIPT

  • COVID-19 Dashboardof Economic Indicators

    22 December 2020

  • 2

    COVID-19 in België

  • Evolutie van het aantal opnames in het ziekenhuis

    629

    879

    140

    266

    5759

    7487

    2610

    0

    1000

    2000

    3000

    4000

    5000

    6000

    7000

    8000

    9000

    0

    100

    200

    300

    400

    500

    600

    700

    800

    90015

    /03/

    2020

    22/0

    3/20

    2029

    /03/

    2020

    05/0

    4/20

    2012

    /04/

    2020

    19/0

    4/20

    2026

    /04/

    2020

    03/0

    5/20

    2010

    /05/

    2020

    17/0

    5/20

    2024

    /05/

    2020

    31/0

    5/20

    2007

    /06/

    2020

    14/0

    6/20

    2021

    /06/

    2020

    28/0

    6/20

    2005

    /07/

    2020

    12/0

    7/20

    2019

    /07/

    2020

    26/0

    7/20

    2002

    /08/

    2020

    09/0

    8/20

    2016

    /08/

    2020

    23/0

    8/20

    2030

    /08/

    2020

    06/0

    9/20

    2013

    /09/

    2020

    20/0

    9/20

    2027

    /09/

    2020

    04/1

    0/20

    2011

    /10/

    2020

    18/1

    0/20

    2025

    /10/

    2020

    01/1

    1/20

    2008

    /11/

    2020

    15/1

    1/20

    2022

    /11/

    2020

    29/1

    1/20

    2006

    /12/

    2020

    13/1

    2/20

    2020

    /12/

    2020

    Aantal nieuwe opnames (linkeras) Totaal aantal patiënten in het ziekenhuis (rechteras)

    3Bron: Sciensano, Belgisch Instituut voor de Volksgezondheid: 22 december 2020.https://epidemio.wiv-isp.be/ID/Documents/Covid19/Meest%20recente%20update.pdf

    1. COVID-19 in België: aantal gehospitaliseerde patiënten daalttraag en bevindt zich nog op een veel te hoog niveau

    https://epidemio.wiv-isp.be/ID/Documents/Covid19/Meest%20recente%20update.pdf

  • 4

    GDP and confidence indicatorsfor Belgium

  • 70

    75

    80

    85

    90

    95

    100

    105

    110

    Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4

    2019 2020 2021 2022 2023

    December 2020 projections p.m. June 2020 projections p.m. Scenario without COVID-19

    5

    The Belgian economy is expected to return to its pre-crisis level at theend of 2022, but it will remain below the scenario without COVID-19

    Real GDP in Belgium(quarterly data, index 2019Q4=100, annual growth rates in the top boxes)

    1,7 % -6,7 % 3,5 % 3,1 % 2,3 %

    P R O J E C T I O N S

    Sources: National Accounts Institute (NAI), National Bank of Belgium (NBB).

  • 6

    Het ondernemersvertrouwen veert op in december na deverzwakking in november

    -32

    -11 (maart)

    -36 (april)-34 (mei)

    -12 (nov)-8 (dec)

    -40

    -30

    -20

    -10

    0

    10

    20

    1980 1984 1988 1992 1996 2000 2004 2008 2012 2016 2020

    Brutoreeks Langetermijngemiddelde sinds 1985 Afgevlakte reeks

    Algemene synthetische curve

    Bron: Nationale Bank van België (NBB), laatst beschikbare gegevens: december 2020, perscommuniqué maandelijkse conjunctuurenquête bij de bedrijven.

    https://www.nbb.be/doc/dq/n/dq3/histo/pnc2012.pdf

  • -70-60-50-40-30-20-10

    01020

    2015 2016 2017 2018 2019 2020

    Baromètre de conjoncture – Belgique : Branches d’activité – décembre 2020

    Embellie dans toutes les branches d’activité, sauf dans la construction

    7

    Industrie manufacturière

    CommerceConstruction

    Services aux entreprises

    -70-60-50-40-30-20-10

    01020

    2015 2016 2017 2018 2019 2020

    -70-60-50-40-30-20-10

    01020

    2015 2016 2017 2018 2019 2020

    -70-60-50-40-30-20-10

    01020

    2015 2016 2017 2018 2019 2020

    Moyenne de long terme (depuis 1980)Série dessaisonalisée et lissée Série dessaisonalisée

    Source: Banque nationale de Belgique (BNB), dernières données disponibles: décembre 2020.

  • -9 (mrt)

    -26

    -8 (dec)

    -35

    -30

    -25

    -20

    -15

    -10

    -5

    0

    5

    10

    15

    2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

    ConsumentenvertrouwenLangetermijngemiddelde sinds 1985Historisch minimum

    8

    Het consumentenvertrouwen neemt opnieuw toe in december

    De vertrouwensindicator benadert, door zijntoekomstgerichte karakter, opnieuw zijnniveau van voor de crisis.

    Bron: NBB, laatst beschikbare gegevens: december 2020, perscommuniqué maandelijkse consumentenenquête.

    https://www.nbb.be/doc/dq/n/dq3/histo/pne2012.pdf

  • 9Source: NBB, replies to December 2020 consumer survey (additional COVID-19 questions).1 Households with losses >10% (17 %) and less than three months savings (40 %) = 7 % of the total of households.2 22 % of total respondents.

    How long can you cover your expensesthrough a savings buffer?(in % of the 1 850 respondents, unless otherwise stated)

    Is your household sufferinga loss of income?(in % of 1 850 respondents)

    Around 17 % of households suffer an income loss of more than 10 %and 40 % of them have a savings buffer of less than 3 months1

    Yes:More than >10 %:

    17 %

    70 71 72 71 74

    9 9 8 8 913 12 12 13 105 4 5 5 43 4

    2 4 3

    0

    20

    40

    60

    80

    100

    Aug Sep Oct Nov Dec

    No losses < 10% 10-30%

    30-50% >50%

    12 14 13 9 11 1720 17 13 15

    17 16 15 15 1623 24 21

    21 25

    20 17 17 18 15

    30 20 22 25 21

    51 52 55 59 59

    30 36 39 41 39

    0

    20

    40

    60

    80

    100

    Aug Sep Oct Nov Dec Aug Sep Oct Nov Dec

    Total Households with losses > 10%²Less than 1 month 1 - 3 months4 - 6 months More than 6 months

    No losses: 74 %A large majority ofBelgian householdshas been unaffected

    (so far)

  • 0

    20

    40

    60

    80

    100Se

    pt Oct

    Nov De

    c

    Sept Oct

    Nov De

    c

    Sept Oct

    Nov De

    c

    Sept Oct

    Nov De

    c

    Belgium (1850respondents)

    Flanders (750respondents)

    Wallonia (750respondents)

    Brussels (350respondents)

    No losses < 10% 10 - 30 % 30 - 50% > 50%

    10Source: NBB, replies to December 2020 consumer survey (additional COVID-19 questions).

    Savings buffer decreases sharply in Brusselsin December(in % of respondents with loss of income)

    e)

    In December, the proportion of householdssuffering no loss of income increases in all regions(in % of respondents)

    Flemish households still hold a more favourable position (especiallyregarding savings buffer)

    26272426

    19 16 12 13 17 9 9 1221 19 15 11

    20 2611 17

    2321

    19 2318

    20 1519

    2824

    21 2422 16

    22

    29

    1921

    24 19 1915 16

    16

    19 2628

    2221 28

    28

    21

    39 42 45 45 4756 59 54

    31 31 3543 37

    3139 33

    0

    20

    40

    60

    80

    100

    Sept Oct

    Nov De

    c

    Sept Oct

    Nov De

    c

    Sept Oct

    Nov De

    c

    Sept Oct

    Nov De

    c

    Belgium Flanders Wallonie Brussels

    Less than 1 month 1 - 3 months4 - 6 months More than 6 months

  • 0

    50

    100

    150

    200

    250

    300

    350

    400

    2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

    11Source: Algaba, A., Borms, S., Boudt, K. & Van Pelt, J. (2020). The Economic Policy Uncertainty index for Flanders, Wallonia and Belgium. Research note. doi: 10.2139/ssrn.3580000.The index reflects normalized frequency counts of news articles related to economic policy uncertainty, latest available data: November 2020.

    Economic Policy Uncertainty index for Belgium(monthly indicator)

    Economic policy uncertainty has increased again since October andit remains very elevated (at the level of the global financial crisis)

    Belgian governmentformation

    April 2020: COVID-19

    Belgian government fallsover UN Migration Pact

    European debt crisis

    Global financial crisis

  • 12

    Labour market

  • 13Source: Institut des Comptes Nationaux (ICN), dernières données disponibles: troisième trimestre 2020.

    L’emploi salarié plus durement impacté que l’emploi indépendant(emploi en personnes - variation trimestrielle en %)

    0,50,4 0,4 0,4

    -0,2

    -0,7

    0,3

    -1,0

    -0,8

    -0,6

    -0,4

    -0,2

    0,0

    0,2

    0,4

    0,6

    0,8

    2019-T1 2019-T2 2019-T3 2019-T4 2020-T1 2020-T2 2020-T3

    Indépendants Salariés Emploi total

  • 0,92

    0,40

    0,31

    0,19

    0,05

    0,03

    -0,14

    -0,33

    -0,33

    -0,35

    0,26

    -1,77

    0,26

    -0,39

    -1,73

    -0,61

    -0,14

    0,08

    -0,39

    -0,44

    -0,76

    -2,0 -1,5 -1,0 -0,5 0,0 0,5 1,0 1,5

    Business services

    Health and social services

    Information and communication

    Trade, hotels and restaurants, transport

    Other services

    Construction

    Administration and education

    Industry

    Property business

    Agriculture

    Financial activities

    Total employment

    2020 Q2 2020 Q3Source: NAI, latest available data: third quarter 2020.

    14

    Impact on employment stronger for some branches of activity(QoQ variation in %, 2020 Q3)

    pm thousandsof people

    4 887

    113

    60

    30

    562

    855

    291

    213

    1 002

    129

    657

    975

  • 15Source: Federgon, dernières données disponibles: octobre 2020.

    Chute brutale du travail intérimaire en avril, reprise partielle par après(données mensuelles, en milliers d’heures)

    350

    400

    450

    500

    550

    600

    650

    700

    750

    800

    2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

  • 16Sources: Actiris, Forem, VDAB, dernières données disponibles: novembre 2020.

    VDABActiris

    L’évolution des opportunités d’emplois suit les mesures de(dé)confinement(moyenne mensuelle des offres d’emplois reçues par les services publics de l’emploi régionaux via le circuit ordinaire)

    Forem

    0

    500

    1 000

    1 500

    2 000

    2 500

    3 00020

    20 M

    120

    20 M

    220

    20 M

    320

    20 M

    420

    20 M

    520

    20 M

    620

    20 M

    720

    20 M

    820

    20 M

    920

    20 M

    1020

    20 M

    11

    2019

    11M

    2020

    11M

    0

    5 000

    10 000

    15 000

    20 000

    25 000

    30 000

    2020

    M1

    2020

    M2

    2020

    M3

    2020

    M4

    2020

    M5

    2020

    M6

    2020

    M7

    2020

    M8

    2020

    M9

    2020

    M10

    2020

    M11

    2019

    11M

    2020

    11M

    0

    1 000

    2 000

    3 000

    4 000

    5 000

    6 000

    7 000

    8 000

    2020

    M1

    2020

    M2

    2020

    M3

    2020

    M4

    2020

    M5

    2020

    M6

    2020

    M7

    2020

    M8

    2020

    M9

    2020

    M10

    2020

    M11

    2019

    11M

    2020

    11M

  • 17Source: Federgon, dernières données disponibles (séries dessaisonalisées): novembre 2020.

    Les prévisions d’emplois issues des enquêtes de conjonctureégalement(données désaisonnalisées et lissées)

    -50

    -40

    -30

    -20

    -10

    0

    10

    20

    30

    40

    2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

    IndustrieConstruction (gros œuvre de bâtiments)CommerceServices aux entreprises

    Série dessaisonalisée et lissée Série dessaisonalisée

  • Mass redundancy procedures: above 2019 average

    ◆ Since lockdown (April 2020)

    ◇ 97 procedures

    ◇ 8 394 workers concerned

    ◆ pm January 2019 – December 2019

    ◇ 81 procedures

    ◇ 5 087 workers concerned

    18Source: Federal Public Service Employment, Labour and Social Dialogue (FPS ELSD), latest data available: 17 December 2020.

    0

    5

    10

    15

    20

    25

    0

    500

    1 000

    1 500

    2 000

    2 500

    Janu

    ary

    Febr

    uary

    Mar

    ch

    April

    May

    June July

    Augu

    st

    Sept

    embe

    r

    Oct

    ober

    Nov

    embe

    r

    Dece

    mbe

    r

    Workers (LHS) pm Average 2019 (LHS)

    Cases (RHS) pm Average 2019 (RHS)

  • 19Source: NEO, latest available data: November 2020.

    Annual variation(monthly data, thousands of people)

    Limited rise in unemployment for the time being …

    -60

    -40

    -20

    0

    20

    40

    60

    80

    2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

    Flanders Wallonia Brussels Belgium

    ◆ Peak observed in May: +38 000, situation in November: +22 000

  • 20Source: NEO, latest available data: November 2020.

    … concentrated on men and medium and highly-educated peopleAnnual variation(monthly data)

    -15

    -10

    -5

    0

    5

    10

    15

    20

    25

    Men

    Wom

    en

    Less

    than

    6 m

    onth

    s

    6-12

    mon

    ths

    1 yea

    r and

    mor

    e

    Youn

    ger t

    han

    20

    20-3

    0 ye

    ars

    30-5

    0 ye

    ars

    50 a

    nd o

    lder

    Low-

    educ

    ated

    Med

    ium

    -edu

    cate

    d

    High

    ly-ed

    ucat

    ed

    In thousands of people In %

  • 21Source: NEO, latest available data: November 2020.

    Temporary unemployment: following lockdown measures

    93030%

    1 14636%

    91729%

    56118%

    34011%

    30810%

    2337%

    2658%

    1 033

    1 233

    986

    615

    410331 281

    423509

    0

    200

    400

    600

    800

    1 000

    1 200

    1 400

    March April May June July August September October November

    Payments pm Employer's request (DRS) pm highest level recorded during the financial crisis

    Average number of days per worker

    March April May June July August September October8.9 15.5 11.1 9.8 8.6 8.7 9.2 9.5

    Monthly effective use and access demands(payments linked to COVID-19, thousands of people and % of private salaried employment, p.m. DRS linked to COVID-19, thousands of people,monthly data)

  • 22Source: Federal Public Service Social Security, confidential data, latest available data: November 2020.1 Data related to payments.

    Bridging right, provisional data1(thousands of people and % of self-employed in principal activity)

    Self-employed: unprecedent use of financial support

    396(53 %)

    414(55 %) 379

    (51 %)

    144(19 %) 115

    (15 %)113

    (15 %) 79(11 %)

    93(12 %)

    122(16 %)

    0

    50

    100

    150

    200

    250

    300

    350

    400

    450

    500

    March April May June July August September October November

    Before the crisis, about 90 self-employed benefited of the bridging right.At the peak of the crisis, in April, they were 414 000.

  • 64

    65

    66

    67

    68

    69

    70

    71

    7220

    16T1

    2016

    T220

    16T3

    2016

    T420

    17T1

    2017

    T220

    17T3

    2017

    T420

    18T1

    2018

    T220

    18T3

    2018

    T420

    19T1

    2019

    T220

    19T3

    2019

    T420

    20T1

    2020

    T220

    20T3

    2020

    M10

    e

    Trimestriel Mensuel

    23Source: Statbel, dernières données disponibles: en trimestriel: 3ème trimestre – en mensuel: octobre 2020.1 Les indicateurs mensuels sont sujets à de plus fortes fluctuations aléatoires que les résultats trimestriels et annuels car ils reposent sur un douzième de l’échantillon annuel. Les variations d’une

    période à l’autre doivent être interprétés avec prudence..

    Taux de chômage(15-64)

    Taux d’emploi(20-64)

    La crise sanitaire a interrompu une dynamique positive(taux harmonisés issus des enquêtes force de travail1)

    0

    1

    2

    3

    4

    5

    6

    7

    8

    9

    2016

    T120

    16T2

    2016

    T320

    16T4

    2017

    T120

    17T2

    2017

    T320

    17T4

    2018

    T120

    18T2

    2018

    T320

    18T4

    2019

    T120

    19T2

    2019

    T320

    19T4

    2020

    T120

    20T2

    2020

    T3

    2020

    M10

    e

  • 24

    ERMG survey

  • The ERMG survey allows to monitor the COVID-19 impact oncompanies and self-employed in real time¹◆ Surveys conducted by (selection of) the following federations:

    25

    Round Period Federations Replies Comment1 23-24 March BECI, UWE, VOKA 1 700 Results not published2 30-31 March BECI, UNIZO, UWE, VOKA 4 725 First press release3 6-7 April BECI, BOERENBOND, NSZ, UNISOC, UNIZO, UWE, VOKA 6 900 UNISOC was analysed separately4 14-15 April BECI, NSZ, UNIZO, UWE, VOKA 5 5005 20-21 April BECI, NSZ, UNIZO, UWE, VOKA 3 5286 27-28 April BECI, NSZ, UNIZO, UWE, VOKA 4 2087 5-6 May BECI, BOERENBOND, UNIZO, UWE, VOKA 2 6758 12-13 May BECI, UNIZO, UWE, VOKA 2 1859 25-27 May BECI, NSZ, UNIZO, UWE, VOKA 2 99310 8-10 June BECI, NSZ, UNIZO, UWE, VOKA 2 36511 22-24 June BECI, NSZ, UNIZO, UWE, VOKA 3 13612 17-19 August BECI, NSZ, UCM, UNIZO, UWE, VOKA 4 43013 21-23 September BECI, NSZ, UNIZO, UWE, VOKA 2 86814 19-21 October BECI, UCM, UNIZO, UWE, VOKA 5 13115 9-10 November BECI, NSZ, UCM, UNIZO, UWE, VOKA 5 63116 7-9 December BECI, UCM, UNIZO, UWE, VOKA 3 798

    Source: ERMG survey, latest available data: 8 December 2020.¹ Note that changes over time should be interpreted with care as the companies participating to the survey and the composition of the sample can differ from one week to another.

  • Recovery

    -33 -33-36

    -33 -34 -32-29 -31

    -26-23

    -17

    -13 -14 -14-17

    -14

    -40

    -30

    -20

    -10

    0

    23 M

    arch

    30 M

    arch

    6 Ap

    ril

    13 A

    pril

    20 A

    pril

    27 A

    pril

    5 M

    ay

    12 M

    ay

    26 M

    ay

    9 Ju

    ne

    23 Ju

    ne

    18 A

    ugus

    t

    22 S

    epte

    mbe

    r

    20 O

    ctob

    er

    10 N

    ovem

    ber

    8 De

    cem

    ber

    26Source: ERMG survey, latest available data: 8 December 2020.¹ This approach excludes the human health industry, the public sector and firms that were identified as belonging to a miscellaneous ‘other’ industry.² 2022 revenue expectations were not asked in the surveys before December.

    Expected impact on next years’ turnover(in %, weighted average based on revenues and industry value added¹)

    COVID-19 impact on weekly turnover(in %, weighted average based on revenues and industry value added¹)

    -10 -10 -11 -12-9

    -6

    -40

    -30

    -20

    -10

    0

    2021 2022Expectation of Survey 18 AugustExpectation of Survey 22 SeptemberExpectation of Survey 20 OctoberExpectation of Survey 10 NovemberExpectation of Survey 8 December

    While the current revenue loss and the 2021 outlook have improved,the recovery is still expected to remain slow and only partial

    Lockdown I StabilisationLockdown

    II Recovery

    NA²

    NA²

    NA²

    NA²

  • -100

    -80

    -60

    -40

    -20

    0

    Arts,entertainmentand recreation

    Accommodationand foodservices

    Transportationand logistics¹

    Retail sales(non-food)

    Wholesale Real estateactivities

    Support services Agriculture Manufacturing Construction Information andcommunication

    Financial andinsuranceactivities

    Retail sales(food)

    March-April (Lockdown I)(Rounds 2-6)

    May-June(Rounds 7-11)

    August-October(Rounds 12-14)

    November (Lockdown II)(Round 15)

    December(Round 16)

    27

    Revenues have improved in most industries (especially in non-foodretail and real estate activities), but not in the worst-hit industries

    Source: ERMG survey, latest available data: 8 December 2020.¹ The changes of the revenue loss in the transport and logistics sector over time should be interpreted with caution because the hard-hit passenger aviation companies seem to have been

    underrepresented in the survey rounds between August and November.

    COVID-19 impact on weekly turnover(in %, weighted average based on revenues)

  • -100

    -80

    -60

    -40

    -20

    0

    Arts,entertainmentand recreation

    Accommodationand foodservices

    Transportationand logistics

    Retail sales(non-food)

    Wholesale Real estateactivities

    Support services Agriculture¹ Manufacturing Construction Information andcommunication

    Financial andinsuranceactivities

    Retail sales(food)

    Week of December 8 2021 Q1 2021 2022

    28

    Most industries do not expect a full recovery even by 2022

    Source: Round 16 of ERMG survey, latest available data: 8 December 2020¹ The expectations in agriculture should be interpreted with care, as it is largely driven by one very large agriculture firm with a pessimistic outlook.

    Expected COVID-19 impact on current and next years’ turnover (Survey 8 December)(in %, weighted average based on revenues)

  • 29Source: ERMG survey, latest available data: 8 December 2020.¹ Weighted average based on the industry value added.² The results for this sector are based on only a few respondents and should therefore be interpreted with caution. In addition, the changes of the aviation revenue loss over time should be interpreted

    with caution because the hard-hit passenger aviation companies seem to have been underrepresented in many survey rounds before December.

    Impact of the COVID-19 crisis on company turnover by industry(in %, weighted average based on revenues)

    Survey30 March

    Survey6 April

    Survey13 April

    Survey20 April

    Survey27 April

    Survey5 May

    Survey12 May

    Survey26 May

    Survey9 June

    Survey23 June

    Survey18 Aug

    Survey22 Sept

    Survey20 Oct

    Survey10 Nov

    Survey8 Dec

    Aviation² -20 -40 -77 -63 -53 -61 -87 -88 -57 -6 -34 -32 -13 -15 -85Events and recreation -74 -92 -84 -88 -88 -84 -89 -92 -63 -86 -81 -81 -74 -77 -79Accommodation and food service activities -93 -83 -88 -95 -84 -87 -93 -85 -75 -50 -42 -39 -65 -66 -78Retail sales (non-food) -86 -85 -78 -70 -82 -70 -25 -29 -12 -6 -9 -16 -19 -51 -24Road transport (persons) -28 -45 -71 -67 -67 -84 -69 -34 -61 -35 -11 -11 -24 -13 -23Human Resources -40 -46 -20 -36 -33 -37 -36 -35 -33 -12 -14 -13 -12 -11 -19Engineering services -34 -62 -13 -30 -27 -20 -16 -14 -10 -17 -10 -25 -21 -12 -16Wholesale -50 -48 -59 -47 -44 -34 -43 -17 -36 -24 -6 -8 -15 -19 -15Liberal professions -25 -21 -15 -28 -27 -22 -27 -12 -11 -15 -14 -8 -10 -12 -13Real estate activities -36 -44 -43 -31 -28 -60 -38 0 -9 -21 -10 -24 -12 -37 -13Manufacture of transport equipment² -32 -63 -74 -29 -75 -59 -47 -36 -16 -23 -4 -16 -15 -21 -12Manufacture of machinery and electrical equipment -25 -29 -29 -30 -32 -30 -24 -35 -20 -10 -19 -9 -14 -10 -11Agriculture and fishing -34 -23 -11 1 -3 -33 0 -17 -4 -19 -2 -10 -5 -12 -10Manufacture of textiles, wearing apparel and shoes -48 -57 -70 -70 -57 -62 -50 -50 -29 -23 -9 -4 -7 -19 -10Manufacture of wood and paper products, and printing -52 -20 -26 -49 -32 -26 -23 -30 -30 -28 -11 -6 -15 -14 -10Manufacture of pharmaceutical and chemical products -14 -20 -24 -11 -11 -23 -18 -21 -19 -21 -12 -10 -11 -8 -10Manufacture of food products -14 -17 -24 -20 -15 -21 -17 -22 -21 -12 -8 -9 -11 -12 -9Consultancy -8 -16 -15 -28 -20 -23 -25 -20 -12 -19 -12 -10 -10 -14 -9Logistics -29 -26 -23 -15 -16 -24 -10 -39 -25 -34 -7 -17 -10 -11 -8Manufacture of plastic and non-metallic products -24 -14 -20 -15 -23 -21 -17 -22 -22 -11 -14 -12 -11 -10 -8Construction -47 -46 -43 -46 -44 -29 -34 -14 -20 -5 -11 -9 -9 -9 -7Metallurgy -21 -12 -34 -18 -33 -31 -25 -36 -27 -31 -25 -24 -18 -10 -6Manufacture of computer, electronic and optical products -43 -9 -17 -37 -34 -14 -27 -27 -9 -21 -43 -21 -10 -11 -5Information and communication -15 -21 -18 -23 -21 -29 -43 -27 -30 -17 -9 -21 -8 -13 -4Manufacture of furniture -61 -63 -80 -58 -67 -36 -60 -30 -21 -6 -19 -19 -1 -7 -3Financial and insurance activities -20 -9 -8 -17 -10 -10 -17 -11 -10 -10 -9 -7 -9 -10 -1Retail sales (food) -3 -4 -8 0 -5 -8 -16 1 -9 -6 1 -11 -1 -9 1

    < -50 %

    0 to -10 %

    -10 to -20 %

    -20 to -50 %

    > 0 %

  • -70

    -60

    -50

    -40

    -30

    -20

    -10

    0

    Self-employed 1 - 10 10 - 20 20 - 50 50 - 250 250 - 1000 > 1000

    March- April (Lockdown I)(Rounds 2-6)

    May-June(Rounds 7-11)

    August-October(Rounds 12-14)

    November (Lockdown II)(Round 15)

    December(Round 16)

    30Source: ERMG survey, latest available data: 8 December 2020.¹ Results are not stratified by industry.

    Reported impact on weekly turnover, by number of employees(in %, unweighted average¹)

    Revenues recover somewhat for the smaller firms/self-employed,but they remain the hardest hit by far …

  • -60

    -50

    -40

    -30

    -20

    -10

    0

    Self-employed 1 - 10 10 - 20 20 - 50 50 - 250 250 - 1000 > 1000

    Flemish Region Walloon Region Brussels-Capital Region

    31Source: Round 16 of ERMG survey, latest available data: 8 December 2020.¹ Results are not stratified by industry.

    Reported impact on weekly turnover by number of employees (Survey 8 December)(in %, unweighted average¹)

    … and small Brussels firms suffer more, which could be explained bythe drop in commuters (due to telework) and (tourism/business) travel

  • 32Source: ERMG survey, latest available data: 8 December 2020.¹ Weighted average based on industry value added. Please note that there are no results for the surveys in May and June.² Liquidity problems was not included in the surveys of March and April.

    Reasons for the current revenue loss(in % of responding firms¹, multiple reasons are possible)

    Lack of demand remains the key issue of the revenue loss, while theforced closure of the activities is cited less but remains important …

    0

    20

    40

    60

    Lack of demand Forced closure Social Distancing Supply chain problems Staff shortage Liquidity problems Other Not applicable:no revenue loss

    March-April (Lockdown I)(Rounds 2-6)

    August-October(Rounds 10-14)

    November (Lockdown II)(Round 15)

    December(Round 16)

    NA²

  • 33Source: ERMG survey of 8 December.

    … and less staff is absent in December due to illness

    0,0

    0,5

    1,0

    1,5

    2,0

    2,5

    3,0

    3,5

    4,013

    Apr

    il

    20 A

    pril

    27 A

    pril

    5 M

    ay

    12 M

    ay

    26 M

    ay

    9 Ju

    ne

    23 Ju

    ne

    18 A

    ugus

    t

    22 S

    epte

    mbe

    r

    20 O

    ctob

    er

    10 N

    ovem

    ber

    8 De

    cem

    ber

    Sick leave(in % of the total number of employees of the companies in the survey (excluding self-employed))

    Higher sick leave in Walloniaand in industries wheretelework is less feasible

  • 34Source: ERMG survey, latest available data: 8 December 2020.1 Weighted average based on the industry value added.

    The concern indicator has decreased in December

    Concern about the impact of the current situation on the commercial activities(Indicator¹ between 1 (low concern) and 10 (strong concern))

    7,1 7,27,2

    7,0 7,1 6,96,7

    6,6

    6,3

    5,9

    6,7

    6,3

    7,0 6,9

    6,5

    5

    6

    7

    830

    Mar

    ch

    6 Ap

    ril

    13 A

    pril

    20 A

    pril

    27 A

    pril

    5 M

    ay

    12 M

    ay

    26 M

    ay

    9 Ju

    ne

    23 Ju

    ne

    18 A

    ugus

    t

    22 S

    epte

    mbe

    r

    20 O

    ctob

    er

    10 N

    ovem

    ber

    8 De

    cem

    ber

    34

  • 35

    The investment outlook has become a little less gloomy: the averagefirm expects its investment to be about 20 % below normal in 2021

    -60

    -50

    -40

    -30

    -20

    -10

    0

    Arts,entertainmentand recreation

    Accommodationand foodservices

    Agriculture Wholesale andretail trade

    Transportationand logistics

    Real estateactivities

    Information andcommunication

    Supportservices

    Manufacturing Construction Financial andinsuranceactivities

    2020 Investment 2021 Investment Belgium¹ 2020 Belgium¹ 2021

    COVID-19 impact on expected investment in 2020 and 2021 (Survey 8 December)(in %, unweighted average)

    35Source: Round 16 of ERMG survey, latest available data: 8 December 2020.1 Weighted average based on the industry value added.

  • 0

    10

    20

    30

    40

    50

    60

    70

    80

    None Yes, due to revenue loss Yes, due to late payments Yes, due to insufficient credit lines Yes, due to delayed governmentpayments

    March-April (Lockdown I)(Rounds 2-6)

    May-June(Rounds 7-11)

    August-October(Rounds 12-14)

    November (Lockdown II)(Round 15)

    December(Round 16)

    36

    Liquidity problems have eased somewhat in December, except forthose related to credit access and delayed government payments …

    Source: ERMG survey, latest available data: 8 December 2020.¹ Weighted average based on the industry value added.

    Do you have liquidity problems?(in % of responding firms¹, multiple answers are possible)

  • 0

    10

    20

    30

    40

    50

    60

    70

    80

    90

    100

    Belgium¹ Accommodationand foodservices

    Arts,entertainmentand recreation

    Retail sales (non-food)

    Real estateactivities

    Information andcommunication

    Agriculture Construction Support services Retail sales(food)

    Wholesale Manufacturing Transportationand logistics

    Financial andinsuranceactivities

    < 1 month 1 - 3 months 3 - 6 months 6 - 12 months >12 months

    37

    … and almost 60 % of firms need additional financing within one year

    Source: Round 16 of ERMG survey, latest available data: 8 December 2020.¹ Weighted average based on the industry value added.

    How long can you still meet your current financial obligations without having to rely on additionalcapital injections or additional loans?(in % of responding firms)

  • 0

    5

    10

    15

    20

    25

    30

    35

    Belgium¹ Accommodationand food services

    Arts,entertainmentand recreation

    Transportationand logistics

    Real estateactivities

    Retail sales (non-food)

    Retail sales (food) Construction Information andcommunication

    Financial andinsuranceactivities

    Support services Agriculture Wholesale Manufacturing

    Week of August 18(Round 12)

    Week of October 20(Round 14)

    Week of November 10(Round 15)

    Week of December 8(Round 16)

    38

    Bankruptcy risk has decreased again in December but remainselevated …

    Source: ERMG survey, latest available data: 8 December 2020.¹ The results of the September survey were left out as the sample was not representative (small firms based in Wallonia and Brussels, which regard the risk of bankruptcy as higher, were much less

    represented in that survey).² Weighted average based on the industry value added.

    Firms that consider bankruptcy to be likely or highly likely¹(in % of responding firms)

  • 0

    5

    10

    15

    20

    25

    30

    35

    40

    Belgium¹ Accommodationand food services

    Arts,entertainmentand recreation

    Transportationand logistics

    Real estateactivities

    Retail sales (non-food)

    Retail sales (food) Construction Information andcommunication

    Financial andinsuranceactivities

    Support services Agriculture Wholesale Manufacturing

    Survey 18 August Survey 22 September Survey 20 October Survey 10 November Survey 8 December

    39

    … and firms estimate that many companies in their industry arecurrently in a bankruptcy process or already went bankrupt

    Source: ERMG survey, latest available data: 8 December 2020.¹ Weighted average based on the industry value added.

    Estimate of respondents on the proportion of companies in their sector that already are currentlyin a bankruptcy process or that already went bankrupt(in %, unweighted average)

  • -40

    -35

    -30

    -25

    -20

    -15

    -10

    -5

    0

    5

    Belgium¹ Arts,entertainmentand recreation

    Accommodationand foodservices

    Wholesale Retail sales(non-food)

    Transportationand logistics

    Support services Manufacturing Financial andinsuranceactivities

    Retail sales(food)

    Agriculture Construction Real estateactivities

    Information andcommunication

    2020 2021

    40Source: Round 16 of ERMG survey, latest available data: 8 December 2020.1 Average, weighted by the number of private sector employees in the industries.

    Expected change in staff size in 2020 and 2021 (Survey 8 December)(in % of total staff size of the firms in the survey, excluding self-employed)

    The number of employees in the private sector is expected to declineby almost 5 % by the end of 2021 …

  • 41Source: Round 16 of ERMG survey, latest available data: 8 December 2020.1 Average, weighted by the number of private sector employees in the industries.

    Expected change of staff size in 2020 and 2021 (Survey 8 December)(in number of employees, excluding self-employed)

    … corresponding to an expected decline by about 110 000 employeesin the private sector

    -120 000

    -100 000

    -80 000

    -60 000

    -40 000

    -20 000

    0

    Belgium¹-35 000

    -30 000

    -25 000

    -20 000

    -15 000

    -10 000

    -5 000

    0

    5 000

    Accommodationand foodservices

    Wholesale andretail trade

    Support services Manufacturing Arts,entertainmentand recreation

    Transportationand logistics

    Financial andinsuranceactivities

    Agriculture Real estateactivities

    Construction Information andcommunication

    2020 2021

  • 42Source: ERMG survey, latest available data: 8 December 2020.¹ Average, weighted by the number of the private sector employees of the industries in the Belgian economy.

    Workforce organisation over time, Belgium¹(in % of total staff size of the firms in the survey, excl. self-employed)

    The number of employees in full- and part-time telework has furtherincreased, while the number of temporary unemployed has declined

    0

    20

    40

    60

    80

    10020

    Apr

    il

    27 A

    pril

    5 M

    ay

    12 M

    ay

    26 M

    ay

    9 Ju

    ne

    23 Ju

    ne

    18 A

    ugus

    t

    22 S

    epte

    mbe

    r

    20 O

    ctob

    er

    10 N

    ovem

    ber

    8 De

    cem

    ber

    temporarily unemployed telework mix telework/workplace at workplace sick leave on leave

    0

    20

    40

    60

    80

    100

    Arts,

    ent

    erta

    inm

    ent a

    ndre

    crea

    tion

    Acco

    mm

    odat

    ion

    and

    food

    serv

    ices

    Reta

    il sale

    s (no

    n-fo

    od)

    Tran

    spor

    tatio

    n an

    d lo

    gisti

    cs

    Who

    lesa

    le

    Finan

    cial a

    nd in

    sura

    nce

    activ

    ities

    Real

    esta

    te a

    ctivi

    ties

    Reta

    il sale

    s (fo

    od)

    Man

    ufac

    turin

    g

    Supp

    ort s

    ervic

    es

    Cons

    truct

    ion

    Info

    rmat

    ion

    and

    com

    mun

    icatio

    n

    Agric

    ultu

    re

    Workforce organisation by industry (8 December)(in % of total staff size of the firms in the survey, excl. self-employed)

  • 43

    The current use of telework decreases productivity in about half ofthe firms

    Source: Round 16 of ERMG survey, latest available data: 8 December 2020.¹ Average, weighted by the estimated number of private sector employees of the industries in the Belgian economy

    Impact of current recourse to teleworking on workers’ productivity (Survey 8 December)(in % of firms polled, at aggregate level and in the four sectors making the most use of teleworking)

    0

    10

    20

    30

    40

    50

    60

    70

    80

    90

    100

    Belgium¹ Financial andinsurance activities

    Real estateactivities

    Supportservices

    Information andcommunication

    Strong positive impact

    Slightly positive impactNo impact

    Slightly negative impact

    Strong negative impact

  • 0,0

    0,5

    1,0

    1,5

    2,0

    2,5

    3,0

    3,5

    4,0

    4,5

    5,0

    Belgium¹ Support services Information andcommunication

    Financial andinsuranceactivities

    Real estateactivities

    Manufacturing Transportationand logistics

    Arts,entertainmentand recreation

    Wholesale andretail trade

    Construction Agriculture Accommodationand foodservices

    Before COVID-19 Week of 20 October² After COVID-19

    44Source: Round 14 of ERMG survey, latest available data: 20 October 2020.¹ Average, weighted by the number of private sector employees in the industries.² The average days of telework for the week of 20 October is computed based on the survey question on the workforce organisation. It pertains to the staff that is currently working (thus excluding

    temporarily unemployed and absent staff) and it assumes that partial telework corresponds to 2 days a week.

    Use of telework in October and before and after the COVID-19 crisis (Survey 20 October)(average number of days per week, weighted averages based on staff size, excluding self-employed)

    The use of telework is expected to remain almost twice as large afterthe COVID-19 crisis …

  • 45Source: Round 13 of ERMG survey, latest available data: 22 September 2020.

    Do you expect that the way of working in your company will be permanently different fromthe situation before the crisis? (Survey 22 September)(in % of responding firms, multiple answers are possible)

    … as the crisis will have a lasting impact on the way of working withincreased use of telework, more flexible working hours and less travel

    0

    15

    30

    45

    60

    75

    90

    Yes, increased use oftelework

    Yes, more flexibleworking hours

    Yes, less business travel Yes, reorganisation ofteams

    Yes, other No

    Information and communication Support services Financial and insurance activitiesTransportation and logistics Manufacturing Real estate activitiesConstruction Arts, entertainment and recreation Wholesale and retail tradeAgriculture Accommodation and food services

  • 0

    10

    20

    30

    40

    50

    60

    70

    Belgium¹ Retail sales(non-food)

    Retail sales(food)

    Accommodationand food services

    Financial andinsuranceactivities

    Support services Information andcommunication

    Real estateactivities

    Manufacturing Agriculture Construction Wholesale Arts,entertainmentand recreation

    Transportationand logistics

    Before the COVID-19 crisis Week of 10 November After the COVID-19 crisis

    46Source: Round 15 of ERMG survey, latest available data: 10 November 2020.¹ Weighted average based on the industry value added

    Share of companies that generate sales through distance orders or online sales (Survey 10 November)(in % of responding firms, sectors are ranked by increase from the pre-COVID-19 situation)

    The COVID-19 crisis has led to a structural increase in E-sales/distanceorders, especially in retail, accommodation and financial services

  • 47Source: Round 12 of ERMG survey, latest available data: 18 August 2020.

    Do you expect that, as a result of the COVID-19 crisis, the production of your company that iscurrently produced outside the EU will be moved to a country within the EU? (Survey 18 August)(In % of responding firms)

    Only few firms have non-EU production and the vast majority ofthese firms will not reshore this production

    0

    20

    40

    60

    80

    100

    Yes, 100% of ournon-EU production

    Yes, 20-50% of ournon-EU production

    Yes, 0-50% of ournon-EU production

    No, we keep ournon-EU production

    Not applicable:I do not have

    non-EU productionAgriculture Manufacturing Financial and insurance activitiesTransportation and logistics Information and communication Wholesale and retail tradeSupport services Arts, entertainment and recreation Accommodation and food servicesConstruction Real estate activities

  • 48

    Credit indicatorshouseholds

  • 49Bron: NBB, laatste beschikbare gegevens: oktober 2020 (laatste bijwerking: 11 december 2020).1 Andere activa bevatten voornamelijk verzekeringsproducten en niet-genoteerde aandelen.

    Minwaarden op bestaande beleggingen maar meer deposito’s enaankoop aandelen en beleggingsfondsen door gezinnen in 2020

    Netto financiële investeringen(in € miljard)

    Min- en meerwaarden op financiële activa vanhuishoudens(in € miljard)

    ◆ In 2020Q1 veroorzaakten de sterke daling in de beurskoersen waardedalingen in de financiëleactiva van de particulieren voor 63,1 miljard euro.Door het herstel van de beurzen vertoont 2020Q2 positieve herwaarderingen van 37,1 miljard.Oktober toont een beperkte daling. In november herstellen de beurskoersen echter fors.Negatieve prijseffecten waren beduidend hoger tijdens de financiële crisis van 2008.

    ◆ p.m. de totale financiële activa van de particulieren bedroegen 1 406 miljard eind juni 2020.

    -80-60-40-20

    020406080

    2008

    2009

    2010

    2011

    2012

    2013

    2014

    2015

    2016

    2017

    2018

    2019

    2020

    Q1

    2020

    Q2

    2020

    Q3

    2020

    Okt

    Financiële rekeningen Schatting

    Andere activa¹ Deposito's Beleggingsfondsen Schuldbewijzen Genoteerde aandelen Totaal

    -10-505

    10152025

    2019

    Q1

    2019

    Q2

    2019

    Q3

    2019

    Q4

    2020

    Q1

    2020

    Q2

    2020

    Q3

    2020

    Okt

    Financiële kwartaalrekeningen Schatting

    ◆ De transacties in financiële activa van de particulieren in het tweedekwartaal tonen forse investeringen voor totaal 19,1 miljard euro,voornamelijk door de stijging van de deposito’s, illustratief voorhet “geforceerd sparen” van de gezinnen. In het tweedekwartaal werd er voornamelijk in beleggingsfondsengeïnvesteerd. Zoals vaak in het derde kwartaal daaldende deposito’s ook in 2020Q3, maar minderuitgesproken dan in de voorgaande jaren.

  • 50Bron: Schema A, laatste beschikbare gegevens: oktober 2020.

    Alle deposito’s(Maandelijkse nettogroei, € miljoen)

    Deposito’s Belgische huishoudens(€ miljard, sector, maandelijkse gegevens)

    Deposito’s van Belgische huishoudens

    150

    200

    250

    300

    350

    400

    450jan

    -15

    apr-

    15ju

    l-15

    okt-

    15jan

    -16

    apr-

    16ju

    l-16

    okt-

    16jan

    -17

    apr-

    17ju

    l-17

    okt-

    17jan

    -18

    apr-

    18ju

    l-18

    okt-

    18jan

    -19

    apr-

    19ju

    l-19

    okt-

    19jan

    -20

    apr-

    20ju

    l-20

    okt-

    20

    Alle deposito's Spaarboekje

    -2 000

    0

    2 000

    4 000

    6 000

    8 000

    10 000

    jan-1

    9fe

    b-19

    mrt-

    19ap

    r-19

    mei

    -19

    jun-

    19ju

    l-19

    aug-

    19se

    p-19

    okt-

    19no

    v-19

    dec-

    19jan

    -20

    feb-

    20m

    rt-20

    apr-

    20m

    ei-2

    0ju

    n-20

    jul-2

    0au

    g-20

    sep-

    20ok

    t-20

  • Negatieve saldi op rekeningen / kredietkaarten

    51

    Negatieve saldi op rekeningen(stock, in € miljoen, maandelijkse gegevens)

    Bron: Ad hoc rapportering, Febelfin, op basis van 7 banken, laatst beschikbaregegevens: 30 november 2020.Bron: Schema A, voorschotten rekening courant, laatste beschikbare gegevens: oktober 2020.

    Aantal rekeningen “teveel in het rood”(aantal, in duizend, wekelijkse gegevens)

    1 000

    1 500

    2 000

    2 500

    3 000

    3 50012

    /201

    4

    05/2

    015

    10/2

    015

    03/2

    016

    08/2

    016

    01/2

    017

    06/2

    017

    11/2

    017

    04/2

    018

    09/2

    018

    02/2

    019

    07/2

    019

    12/2

    019

    05/2

    020

    10/2

    020

    0

    50

    100

    150

    200

    250

    W 13

    /4W

    20/

    4W

    27/

    4W

    4/5

    W 11

    /5W

    18/5

    W 2

    5/5

    W 1/

    6W

    8/6

    W 15

    /6W

    22/

    6W

    29/

    6W

    6/7

    W 13

    /7W

    20/

    7W

    27/

    7W

    3/8

    W 10

    /8W

    17/8

    W 2

    4/8

    W 3

    1/8

    W 7

    /9W

    14/9

    W 2

    1/9

    W 5

    /10

    W 19

    /10

    W 2

    /11

    W 16

    /11

    W 3

    0/11

  • Bankkredieten van Belgische huishoudens

    52Bron: Schema A, laatste beschikbare gegevens: oktober 2020.

    Hypothecaire leningen(maandelijkse nettogroei , € miljoen)

    Stock(€ miljard)

    Consumentenleningen(maandelijkse nettogroei , € miljoen)

    Groeivoet(op jaarbasis, %)

    150170190210230250270

    2015 2016 2017 2018 2019 2020-4 000-2 000

    02 0004 0006 0008 000

    jan-1

    9fe

    b-19

    mrt-

    19ap

    r-19

    mei

    -19

    jun-

    19ju

    l-19

    aug-

    19se

    p-19

    okt-

    19no

    v-19

    dec-

    19jan

    -20

    feb-

    20m

    rt-20

    apr-

    20m

    ei-2

    0ju

    n-20

    jul-2

    0au

    g-20

    sep-

    20ok

    t-20

    - 200- 150- 100- 50

    0 50

    100 150

    jan-1

    9fe

    b-19

    mrt-

    19ap

    r-19

    mei

    -19

    jun-

    19ju

    l-19

    aug-

    19se

    p-19

    okt-

    19no

    v-19

    dec-

    19jan

    -20

    feb-

    20m

    rt-20

    apr-

    20m

    ei-2

    0ju

    n-20

    jul-2

    0au

    g-20

    sep-

    20ok

    t-20

    -5

    0

    5

    10

    15

    2007

    2008

    2009

    2010

    2011

    2012

    2013

    2014

    2015

    2016

    2017

    2018

    2019

    2020

    Belgium Euro area

  • 0

    50

    100

    150

    200

    250

    300

    35020

    0720

    0820

    0920

    1020

    1120

    1220

    1320

    1420

    1520

    1620

    1720

    1820

    1920

    20

    53Bron: Centrale voor Kredieten aan Particulieren (CKP), laatste beschikbare gegevens: 15 december 2020

    Wanbetalingsgraad(Aantal uitstaande achterstallige contracten, % van alle uitstaandecontracten in CKP/ENR)

    Nieuwe leningen(geregistreerd bedrag per werkdag in CKP, in € miljoenen)

    Hypotheekleningen: nieuwe leningen en wanbetalingsgraad

    Gemiddelde per werkdag over de laatste 12 maandenGemiddelde per werkdag over de laatste maandGemiddelde per werkdag over de laatste 5 werkdagen

    07/0

    304

    /04

    02/0

    530

    /05

    27/0

    625

    /07

    22/0

    819

    /09

    17/1

    014

    /11

    12/1

    2

    0,0%

    0,2%

    0,4%

    0,6%

    0,8%

    1,0%

    1,2%

    1,4%

    2007

    2008

    2009

    2010

    2011

    2012

    2013

    2014

    2015

    2016

    2017

    2018

    2019

    2020

    05101520253035404550

    24/0

    322

    /04

    21/0

    519

    /06

    18/0

    716

    /08

    14/0

    913

    /10

    11/1

    110

    /12

    Aantal uitstaande achterstallige contracten(dagelijkse gegevens, rechterschaal in duizenden)

    Aantal uitstaande achterstallige contracten(maandelijkse gegevens, rechterschaal in duizenden)

    Wanbetalingsgraad(dagelijkse gegevens, linkerschaal in %)

    Wanbetalingsgraad(maandelijkse gegevens, linkerschaal in %)

  • 07/0

    304

    /04

    02/0

    530

    /05

    27/0

    625

    /07

    22/0

    819

    /09

    17/1

    014

    /11

    12/1

    2

    54Bron: CKP, laatste beschikbare gegevens: 15 december 2020.1 Leningen en verkopen op afbetaling (uitgezonderd kredietopeningen).

    Wanbetalingsgraad(Aantal uitstaande achterstallige contracten, % van alle uitstaandecontracten in CKP/ENR)

    Nieuwe leningen(geregistreerd bedrag per werkdag in CKP, in € miljoenen)

    Consumentenkredieten1: nieuwe leningen en wanbetalingsgraad

    Gemiddelde per werkdag over de laatste 12 maandenGemiddelde per werkdag over de laatste maandGemiddelde per werkdag over de laatste 5 werkdagen

    0

    10

    20

    30

    40

    50

    60

    7020

    0720

    0820

    0920

    1020

    1120

    1220

    1320

    1420

    1520

    1620

    1720

    1820

    1920

    200

    50.00 0

    10 0.000

    15 0.000

    200.0 00

    250.0 00

    0%

    2%

    4%

    6%

    8%

    10%

    12%

    2007

    2008

    2009

    2010

    2011

    2012

    2013

    2014

    2015

    2016

    2017

    2018

    2019

    2020

    0

    50

    100

    150

    200

    250

    24/0

    322

    /04

    21/0

    519

    /06

    18/0

    716

    /08

    14/0

    913

    /10

    11/1

    110

    /12

    Aantal uitstaande achterstallige contracten(dagelijkse gegevens, rechterschaal in duizenden)

    Aantal uitstaande achterstallige contracten(maandelijkse gegevens, rechterschaal in duizenden)

    Wanbetalingsgraad(dagelijkse gegevens, linkerschaal in %)

    Wanbetalingsgraad(maandelijkse gegevens, linkerschaal in %)

  • 0

    20 000

    40 000

    60 000

    80 000

    100 000

    120 000

    140 000

    160 000

    10/0

    517

    /05

    24/0

    531

    /05

    07/0

    614

    /06

    21/0

    628

    /06

    05/0

    712

    /07

    19/0

    726

    /07

    02/0

    809

    /08

    16/0

    823

    /08

    30/0

    806

    /09

    13/0

    920

    /09

    27/0

    911

    /10

    25/1

    008

    /11

    22/1

    106

    /12

    ◆ Aantal consumentenleningen die genieten ofgenoten hebben van een moratorium zoalsgeregistreerd in de Centrale voor Kredieten aanParticulieren (op 6 december)

    ◇ 8 367 leningen

    ◇ waarvan 8 111 leningen op afbetaling(0,4 % van alle leningen op afbetaling)

    55Bronnen: CKP, Febelfin.

    Aantal hypotheekleningen onder moratorium

    Moratoria voor leningen aan gezinnen

    4,4 %

    0,6 %

    Aantal hypotheekleningen met een lopend moratoriumwaarvan: verlenging van eerder verleende moratoria

    Aantal hypotheekleningen die genieten of genoten hebben van een moratoriumzoals geregistreerd in de Centrale voor Kredieten aan Particulieren

    Febelfincijfers voor de 7 grootste banken

  • 56Bron: Febelfin, laatste beschikbare gegevens: 30 november 2020.

    Achterstanden bij leningen aan huishoudens stabiel sinds juni

    0,0

    0,5

    1,0

    1,5

    2,0

    2,5

    3,0

    3,5

    4,0

    4,513

    /4

    20/4

    27/4 4/5

    11/5

    18/5

    25/5 1/6

    8/6

    15/6

    22/6

    29/6 6/7

    13/7

    20/7

    27/7 3/8

    10/8

    17/8

    24/8

    31/8 7/9

    14/9

    21/9

    5/10

    19/1

    0

    2/11

    16/1

    1

    30/1

    1

    Hypothecaire leningen Consumentenkredieten

    Betalingsachterstand (1-30 dagen) op hypothecaire leningen en consumentenleningen(wekelijkse gegevens, aantal leningen met een betalingsachterstand van 1-30 dagen als % van het totaal aantal leningen)

  • 57

    Credit indicatorscorporates

  • 58Sources: ECB, NBB.

    Impact of the COVID-19 crisis on lending to non-financialcorporations (NFCs)◆ Credit developments: (see next slides)

    ◇ While annual NFC growth of utilised loans had accelerated in March and April (in large part due todrawdowns of credit lines by multinationals), it has slowed since May.

    ◇ The annual growth rate of authorised (granted) credit is now lower than that observed before the pandemic◇ The annual growth rate of used credits in September and in October are influenced by a base effect due to a

    large one-off transaction that took place one year earlier (only in the Central Corporate Credit Register data)◇ Monthly growth rates of utilised and authorised loans have been low since June, with some monthly growth

    rates being negative◇ Loan arrears have been stable since May◇ Small or medium-sized enterprises (SMEs) have larger proportions of loans in moratorium than larger firms

    ◆ According to the October 2020 Bank lending survey:◇ Demand for loans from Belgian enterprises in 2020Q3 was driven by liquidity needs, but also curbed by a

    decline in fixed investment◇ Slight tightening in credit standards prompted by higher risk perception and lower risk tolerance

  • 59Sources: ECB, NBB.

    Firms perceived less favorable credit conditions◆ Belgian firms reported a slight improvement of their credit conditions in 2020Q3 compared to

    2020Q2◇ Slight improvement in the assessment of the general credit conditions by firms

    - Mainly due to the industry sector and large firms- From 2020, the balance of the opinions (favorable vs unfavorable) is below the historical average

    ◇ Small deterioration with respect to 2020Q2 regarding requirements for collateral(source: NBB survey on credit conditions)

    ◆ SMEs feared a significant impact on bank loan availability in 2020Q4 and 2021Q1◇ Small deterioration regarding obstacles impeding access to bank financing between April and September

    2020 compared to the previous six months- Proportion of SMEs not applying for bank credit because of possible rejection, or applying for a loan but only

    receiving a limited part of the amount requested, refusing credit because the cost was too high, or having theirapplication rejected = 7.2 % (against 5,9 % on average in 2017-2019 and 5.2 % from October 2019 to March 2020)

    ◇ But SMEs expected a sharp deterioration in availability of bank loans over the next six months(October 2020-March 2021)- Widespread across sectors(source: SAFE survey, conducted between 7 September and 16 October 2020)

  • 60

    Non-financial corporations

    NFC credit growth in Belgium: slowdown after the peak in March andApril(year-on-year % changes1, up to October 2020)

    Sources: European Central Bank (ECB), NBB (Balance Sheet Items), latest available data: 31 October 2020.1 Loans granted by resident MFIs to residents, including securitised loans and loans otherwise transferred.

    -10

    -5

    0

    5

    10

    15

    20

    2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

    Belgium Euro area

  • Reduced contribution of multinational corporations to total creditgrowth, after massive drawdowns of credit lines in March and April …

    -2

    0

    2

    4

    6

    8

    10

    2017 2018 2019 2020

    Local corporations Multinational corporations¹ Total

    -2

    0

    2

    4

    6

    8

    10

    2017 2018 2019 2020

    61Sources: NBB (Central Corporate Credit Register), latest available data: 31 October 2020.1 Firms with direct investment abroad or at least partially owned by foreign investors (10 % threshold), identified by SX.

    Year-on-year growth rates for utilised credit(%)

    Year-on-year growth rates for authorised credit(%)

  • -2

    0

    2

    4

    6

    8

    10

    2017 2018 2019 2020

    Up to one year (or undefined) One to two years Two to five years Over five years Total

    -2

    0

    2

    4

    6

    8

    10

    2017 2018 2019 2020

    62Source: NBB (Central Corporate Credit Register), latest available data: 31 October 2020.

    Decomposition of YoY used corporate creditgrowth by maturity(%)

    … which also translates into a lower contribution of short-term loans

    Decomposition of YoY authorized corporatecredit growth by maturity(%)

  • -2

    -1

    0

    1

    2

    3

    2020m3 2020m4 2020m5 2020m6 2020m7 2020m8 2020m9 2020m10

    utilised authorised

    Slightly positive growth of authorised loans in October; no furtherdecline in utilised loans

    63Source: NBB (Central Corporate Credit Register), latest available data: October 2020.

    Monthly growth rates of loans for October ofprevious years(in %)

    Monthly growth rates of authorised andutilised loans(in %)

    -2

    -1

    0

    1

    2

    3

    2017m10 2018m10 2019m10 2020m10

  • - 4- 2 0 2 4 6 8

    10 12

    Arts,

    ent

    erta

    inm

    ent

    and

    recr

    eatio

    n

    Hore

    ca

    Who

    lesa

    le a

    ndre

    tail t

    rade

    Real

    esta

    te a

    ctivi

    ties

    Cons

    truct

    ion

    Man

    ufac

    turin

    g

    Tran

    spor

    tatio

    nan

    d sto

    rage

    Info

    rmat

    ion

    and

    com

    mun

    icatio

    n

    Supp

    ort s

    ervic

    es

    Agric

    ultu

    re, f

    ores

    try

    and

    fishi

    ngFin

    ancia

    l and

    insu

    ranc

    eac

    tiviti

    es

    Oth

    erMar-Oct 2020 4-y avg Mar-Oct

    -4-202468

    1012

    Arts,

    ent

    erta

    inm

    ent

    and

    recr

    eatio

    n

    Hore

    ca

    Who

    lesa

    le a

    ndre

    tail t

    rade

    Real

    esta

    te a

    ctivi

    ties

    Cons

    truct

    ion

    Man

    ufac

    turin

    g

    Tran

    spor

    tatio

    nan

    d sto

    rage

    Info

    rmat

    ion

    and

    com

    mun

    icatio

    n

    Supp

    ort s

    ervic

    es

    Agric

    ultu

    re, f

    ores

    try

    and

    fishi

    ngFin

    ancia

    l and

    insu

    ranc

    eac

    tiviti

    es

    Oth

    er

    64Source: NBB (Central Corporate Credit Register), latest available data: October 2020.Note: Sectors are ordered based on the initial fall in sales due to the crisis (greater declines from right to left). “Other” contains all other sectors in the economy.

    March-October growth rates of utilised loans(in %)

    March-October growth rates of authorisedloans(in %)

    Growth in authorised and utilised loans since start of crisis is belowhistorical averages for many vulnerable sectors

  • 58

    98

    55

    91

    45

    82

    18

    90

    46

    88

    0

    10

    20

    30

    40

    50

    60

    70

    80

    90

    100

    ShortTerm

    LongTerm

    ShortTerm

    LongTerm

    ShortTerm

    LongTerm

    ShortTerm

    LongTerm

    ShortTerm

    LongTerm

    Self-employed(1)

    SMEs(2)

    Corporates(3)

    Public(4)

    Sum of(1) to (4)= total

    65

    Loan developments - weeklyNFCs in weekly reporting = Self-employed + SMEs + Corporates + Public Sector Entities

    Utilisation rate (=utilised/authorized)(last weekly observation, in %)

    Evolution of total loans to NFCs(in %)

    99.9

    97.4

    80

    85

    90

    95

    100

    10531

    /05

    14/0

    6

    28/0

    6

    12/0

    7

    26/0

    7

    09/0

    8

    23/0

    8

    06/0

    9

    20/0

    9

    11/1

    0

    08/1

    1

    06/1

    2

    Authorised Utilised

    Total loans to NFCs represented as an indexnormalized to 100 % by end May stock of loans

    Source: NBB/Febelfin ad hoc weekly reporting, latest available data: 6 December 2020.Note: Firm classification was provided by the banks on a best effort basis. It may differ from the official firm classification.

  • 103.2

    101.4

    9092949698

    100102104

    31/0

    507

    /06

    14/0

    621

    /06

    28/0

    605

    /07

    12/0

    719

    /07

    26/0

    702

    /08

    09/0

    816

    /08

    23/0

    830

    /08

    06/0

    913

    /09

    20/0

    927

    /09

    11/1

    025

    /10

    08/1

    122

    /11

    06/1

    2

    97.1

    92.69092949698

    100102104

    31/0

    507

    /06

    14/0

    621

    /06

    28/0

    605

    /07

    12/0

    719

    /07

    26/0

    702

    /08

    09/0

    816

    /08

    23/0

    830

    /08

    06/0

    913

    /09

    20/0

    927

    /09

    11/1

    025

    /10

    08/1

    122

    /11

    06/1

    2Authorised Utilised

    101.7

    100.3

    9092949698

    100102104

    31/0

    507

    /06

    14/0

    621

    /06

    28/0

    605

    /07

    12/0

    719

    /07

    26/0

    702

    /08

    09/0

    816

    /08

    23/0

    830

    /08

    06/0

    913

    /09

    20/0

    927

    /09

    11/1

    025

    /10

    08/1

    122

    /11

    06/1

    2

    Total loans to NFCs represented as an index normalized to 100 % by end May stock of loans66

    Stable loans for firms except for a slight decline for corporatesNFCs in weekly reporting = Self-employed + SMEs + Corporates + Public Sector Entities

    Evolution of total loans to SMEsLatest observation (authorized) 83 billion EUR

    Evolution of total loans to self-employedLatest observation (authorized) 23 billion EUR

    103.1

    101.9

    9092949698

    100102104

    31/0

    507

    /06

    14/0

    621

    /06

    28/0

    605

    /07

    12/0

    719

    /07

    26/0

    702

    /08

    09/0

    816

    /08

    23/0

    830

    /08

    06/0

    913

    /09

    20/0

    927

    /09

    11/1

    025

    /10

    08/1

    122

    /11

    06/1

    2

    Total loans to public sector entitiesLatest observation (authorized) 37 billion EUR

    Evolution of total loans to corporatesLatest observation (authorized) 139 billion EUR

    Source: NBB/Febelfin ad hoc weekly reporting, latest available data: 6 December 2020.Note: Firm classification was provided by the banks on a best effort basis. It may differ from the official firm classification.

  • 0

    200

    400

    600

    800

    1000

    1200

    1400

    03/0

    510

    /05

    17/0

    524

    /05

    31/0

    507

    /06

    14/0

    621

    /06

    28/0

    605

    /07

    12/0

    719

    /07

    26/0

    702

    /08

    09/0

    816

    /08

    23/0

    830

    /08

    06/0

    913

    /09

    20/0

    927

    /09

    04/1

    011

    /10

    18/1

    025

    /10

    01/1

    108

    /11

    15/1

    122

    /11

    29/1

    106

    /12

    Self-employed SMEs Corporates Public

    67

    Number of loans in arrears or in default are not increasing (yet?)(arrears – weekly)

    Number of loans in arrears or in default(in thousands of people)

    Amounts in arrears or in default(in € millions)

    0

    5

    10

    15

    20

    25

    30

    35

    40

    45

    50

    3/05

    10/0

    517

    /05

    24/0

    531

    /05

    7/06

    14/0

    621

    /06

    28/0

    65/

    0712

    /07

    19/0

    726

    /07

    2/08

    9/08

    16/0

    823

    /08

    30/0

    86/

    0913

    /09

    20/0

    927

    /09

    4/10

    11/1

    018

    /10

    25/1

    01/

    118/

    1115

    /11

    22/1

    129

    /11

    6/12

    Source: NBB/Febelfin ad hoc weekly reporting, latest available data: 6 December 2020.Note: Firm classification was provided by the banks on a best effort basis. It may differ from the official firm classification.

    The observed increase for SMEs on 20th September is due to a technical correction.

  • 3%

    53%

    39%

    5%

    Self-employed SMEs Corporates Public

    8%

    30%

    49%

    13%

    68

    Total loan amounts by type of counterpartyLoan amounts in moratorium by type of counterparty

    SMEs are the main beneficiaries of moratorium relative to their shareof total loans(moratorium – weekly)

    Source: NBB/Febelfin ad hoc weekly reporting, latest available data: 6 December 2020.Note: Firm classification was provided by the banks on a best effort basis. It may differ from the official firm classification.

  • 69

    0,11,3

    0,2

    4,7

    1,0

    6,2

    0,2 0,5 0,3

    3,5

    02468

    101214161820

    Short Term Long Term Short Term Long Term Short Term Long Term Short Term Long Term Short Term Long Term

    Self-employed(1)

    SMEs(2)

    Corporates(3)

    Public(4)

    Sum of(1) to (4) = total

    Long term loans are the main type of loans in moratorium(moratorium – weekly)

    % of exposures in moratorium(last weekly observation)

    Source: NBB/Febelfin ad hoc weekly reporting, latest available data: 6 December 2020.Note: Firm classification was provided by the banks on a best effort basis. It may differ from the official firm classification.

  • 70

    Total loan amounts by type of counterpartyLoan amounts under state guarantee by type ofcounterparty

    Take-up of the state guarantee - by type of counterpartyResults, taking into account only state guarantee I(weekly data)

    3,55%

    45,95%50,33%

    0,17%

    Self-employed SMEs Corporates Public

    Source: NBB/Febelfin ad hoc weekly reporting, latest available data: 6 December 2020.Note: Firm classification was provided by the banks on a best effort basis. It may differ from the official firm classification.

    8%

    30%

    49%

    13%

  • 71

    Bankruptcies andnew business registrations

  • 0

    100

    200

    300

    400

    500

    600

    700

    Aug 2020 Sep 2020 Oct 2020 Nov 2020 Mid-Dec 2020(current month)

    72

    Source: Statbel, latest available data: 13 December 2020.1 Declaration of bankruptcy by the company court.2 Although the moratorium on filings for bankruptcies came to an end on 17 June 2020, the tax administration and the ONSS applied a de facto moratorium on tax and social security debts.

    Other measures taken were the deferment of payment of the annual company contribution (until 31 October 2020) and the social security contributions (until 15 December 2020), and the reintroduction of a temporarysuspension of seizures. On Friday 6 November 2020, a new moratorium on bankruptcies until 31 January 2021 was approved towards businesses forced to close temporarily following the emergency measures takento limit COVID-19 and a further extension to 31 December for the payment of the annual company contribution. A new draft judicial reorganisation procedure is expected by 31 January 2021. For employersstruggling with the crisis, the ONSS agrees to an exceptional amicable payment plan with a maximum duration of 24 months for the settlement of sums due for the year 2020 (a.o. holiday pay for the 2019financial year, the 1st, 2nd, 3rd and 4th quarters of 2020). At the level of the FPS Finance, companies in difficulty as a result of the coronavirus can apply for support measures until 31 March 2021 by meansof a payment plan, exemption from interest on arrears and remission of fines for non-payment regarding several taxes..

    (# by activity)Bankruptcies(# by region)

    The number of bankruptcies1 stabilises in November and remainsbelow the 2019 level …... since several provisions adopted to support businesses are still in place2

    ◆ About 96 % of bankruptcies are within the ‘0 to 9 workers’company size class

    0

    200

    400

    600

    800

    1 000

    1 200

    1 400

    Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

    2020 VLA 2020 BRU 2020 WAL 2019 Belgium Transport & other servicesTradeIndustries & energy

    Hotel & restaurantBuildingAgriculture & fisheries

  • 73Source: Statbel, latest available data: 13 December 2020.1 Declaration of bankruptcy by the company court.

    (# by activity)Bankruptcies1(# by region)

    Weekly bankruptcies figures falling steadily since mid-November …… increasingly below the 2015-19 average

    0

    50

    100

    150

    200

    250

    300

    3-910-1617-2324-3031-Sep 67-1314-2021-2728-Oct 45-1112-1819-2526-Nov 12-89-1516-2223-2930-Dec 67-13 (p)

    August September October November Dec

    VLA BRU WAL Avg 2015-19 Belgium

    ◆ Since August 31, the number of bankruptcies remains 33 % below the2015-19 average while in August, declared bankruptcies were close to it

    0

    50

    100

    150

    200

    250

    300

    3-910-1617-2324-3031-Sep 67-1314-2021-2728-Oct 45-1112-1819-2526-Nov 12-89-1516-2223-2930-Dec 67-13 (p)

    August September October November Dec

    Transport & other servicesTradeIndustries & energy

    Hotel & restaurantBuildingAgriculture & fisheries

  • 74

    New businesses1

    Business startups remain low in September according to seasonalpatterns… but are still higher than in 2019

    0

    2 000

    4 000

    6 000

    8 000

    10 000

    12 000

    14 000

    16 000

    18 000

    Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

    VLA BRU WAL 2019 Belgium

    Source: Statbel, latest available data: September 2020.1 Business creation as measured by entities registering (first registrations & re-registrations) as a VAT unit in the Crossroads Bank for Enterprises.

  • 75

    Financial markets

  • 0

    10

    20

    30

    40

    50

    60

    70

    80

    90

    100

    2008

    2009

    2010

    2011

    2012

    2013

    2014

    2015

    2016

    2017

    2018

    2019

    2020

    VIX VSTOXX

    Financial markets supported by vaccine prospects

    60

    70

    80

    90

    100

    110

    120

    130

    140

    04/2

    018

    06/2

    018

    08/2

    018

    10/2

    018

    12/2

    018

    02/2

    019

    04/2

    019

    06/2

    019

    08/2

    019

    10/2

    019

    12/2

    019

    02/2

    020

    04/2

    020

    06/2

    020

    08/2

    020

    10/2

    020

    12/2

    020

    BEL 20 Euro Stoxx 50 FTSE 100 S&P 500

    ◆ Despite increasing number of COVID-19 cases and mobility restrictions in the US and Europe (and disappointing US job and retail sales data forNovember), markets performed well due to prospects of successful vaccines.

    ◆ Progress made towards a new fiscal stimulus in the US, optimism over a Brexit deal and the ECB decision to extend its PEPP also had a favorableimpact in December.

    ◆ However, volatility remains above its historical average.

    76Source: Refinitiv, latest available data: 17 December 2020.

    Major stock market indices(01/2018=100)

    Implied stock market volatility(in %)

  • -80-60-40-20

    020406080

    100120140160

    07/2

    019

    08/2

    019

    09/2

    019

    10/2

    019

    11/2

    019

    12/2

    019

    01/2

    020

    02/2

    020

    03/2

    020

    04/2

    020

    05/2

    020

    06/2

    020

    07/2

    020

    08/2

    020

    09/2

    020

    10/2

    020

    11/2

    020

    12/2

    020

    Crude Oil WTI Metals index

    Copper Gold

    ◆ The announcement of positive vaccine clinical trialresults and fast-tracked vaccination plans raised theprospects of future demand, which sustained oilprices. Moreover, OPEC and Russia agreed to asmaller than initially planned increase in supply fromJanuary onwards.

    ◆ Despite declining from its August peak, gold priceremains high in an uncertain environment.

    ◆ Prices of other metals tied to industrial demand arebenefitting from the prospect of a post-pandemicrecovery and investments in green technologies.

    77Source: Datastream, latest available data: 17 December 2020.Note: the metals index includes aluminium, copper, lead, iron ore, tin, nickel and zinc.

    Commodity price indices(01/07/2019 = 100)

    Oil prices responded positively to vaccination plans

  • Corporate spreads closer to their pre-crisis level

    0

    100

    200

    300

    400

    500

    600

    700

    800

    90007

    /201

    9

    08/2

    019

    09/2

    019

    10/2

    019

    11/2

    019

    12/2

    019

    01/2

    020

    02/2

    020

    03/2

    020

    04/2

    020

    05/2

    020

    06/2

    020

    07/2

    020

    08/2

    020

    09/2

    020

    10/2

    020

    11/2

    020

    12/2

    020

    US BBB Euro BBB US BB Euro BB

    ◆ Despite episodes of renewed uncertainty related tothe sanitary and economic prospects, spreads easedgradually since late March, helped by supportivemonetary and fiscal policies

    ◆ After a temporary surge related to the increase inCOVID-19 cases and the uncertainty around the USfiscal stimulus and elections, corporate spreadsrecently eased following US elections results and thefavorable vaccine trial results

    78Source: BofA Merrill Lynch from Datastream, latest available data: 17 December 2020.

    Corporate bond spreads (€ or $ denominated)(Difference vis-à-vis sovereign, basis points)

  • 0,0

    0,5

    1,0

    1,5

    2,0

    2,5

    3,0

    3,501

    /201

    803

    /201

    805

    /201

    8

    07/2

    018

    09/2

    018

    11/2

    018

    01/2

    019

    03/2

    019

    05/2

    019

    07/2

    019

    09/2

    019

    11/2

    019

    01/2

    020

    03/2

    020

    05/2

    020

    07/2

    020

    09/2

    020

    11/2

    020

    Belgium Spain France Italy Netherlands

    Sovereign bond spreads trending downwards

    ◆ Sovereign spreads now closer to their pre-crisis levelswith IT spread reaching a two-year low.

    ◆ Despite the increase in new COVID-19 cases in Europeand the following mobility restrictions, sovereignspreads still follow a downward trend, also helped byfavorable vaccine prospects and an extension of theECB’s PEPP duration and amount (by €500 billion).

    79Source: Refinitiv, latest available data: 17 December 2020.

    10-year spreads vis-à-vis Germany (EA)(%)

  • 80

    International outlook

  • 81Sources: OECD, OxCGRT, Google.1 Country sample consists of 45 OECD and major non-OECD countries. Each dot represents a country-quarter. China is excluded because of lack of Google mobility data.2 Oxford Stringency index codifies 9 types of containment measures. Index levels take values between 0 (no restrictions) and 100 (hard nationwide lockdown).3 Google mobility report scores for category “retail and recreation”. Level scores indicate percentage deviation from pre-COVID baseline.

    … and changes in mobility3Overall, GDP growth disparities1 areassociated with changes in intensityof confinement measures2 …

    Cross-country growth disparities correlate with lockdown stringency,and mobility

    BE Q1

    BE Q2

    BE Q3

    -30

    -20

    -10

    0

    10

    20

    30

    -40 -20 0 20 40 60 80

    Real

    GDP

    gro

    wth

    (qoq

    %)

    Oxford stringency index (qoq change)

    2020Q12020Q22020Q3

    BE Q1

    BE Q2

    BE Q3

    -30

    -20

    -10

    0

    10

    20

    30

    -60 -40 -20 0 20 40 60

    Real

    GDP

    gro

    wth

    (qoq

    %)

    Google mobility retail/recreation (qoq change)

  • 82

    Composite mobility indicator1(% change from pre-COVID-19 baseline; 7-day moving average)

    New COVID infections and lockdowns weigh on mobility, but less sothan during first wave

    -100

    -80

    -60

    -40

    -20

    0

    20

    4022

    /02

    01/0

    309

    /03

    17/0

    325

    /03

    02/0

    410

    /04

    18/0

    426

    /04

    04/0

    512

    /05

    20/0

    528

    /05

    05/0

    613

    /06

    21/0

    629

    /06

    07/0

    715

    /07

    23/0

    731

    /07

    08/0

    816

    /08

    24/0

    801

    /09

    09/0

    917

    /09

    25/0

    903

    /10

    11/1

    019

    /10

    27/1

    004

    /11

    12/1

    120

    /11

    28/1

    106

    /12

    14/1

    222

    /12

    Belgium Netherlands France Germany Spain UK Sweden US Japan

    Sources: Google, Apple. Construction of mobility composite inspired by Capital Economics.1 Composite indicator is a simple average of changes in Google mobility report scores for categories “retail and recreation”, “workplaces”, and “transit stations”, and changes in Apple routing requests for

    driving. Pre-COVID-19 baseline is the median value (for the corresponding day of the week) of each sub-indicator over the period January – 6 February. Latest values are for 17 November.

  • 83Source: Refinitiv.

    Service sector PMIs(diffusion index; 50+ signals expected expansion)

    Manufacturing PMIs(diffusion index; 50+ signals expected expansion)

    Second wave of COVID infections and lockdowns weigh onsentiment in services sector

    30

    35

    40

    45

    50

    55

    6012

    /201

    9

    1/20

    20

    2/20

    20

    3/20

    20

    4/20

    20

    5/20

    20

    6/20

    20

    7/20

    20

    8/20

    20

    9/20

    20

    10/2

    020

    11/2

    020

    12/2

    020

    Euro area US Japan China(Caixin) UK

    10

    20

    30

    40

    50

    60

    70

    12/2

    019

    01/2

    020

    02/2

    020

    03/2

    020

    04/2

    020

    05/2

    020

    06/2

    020

    07/2

    020

    08/2

    020

    09/2

    020

    10/2

    020

    11/2

    020

    12/2

    020

  • 84

    Euro area: extra-EA-19 goods export volumes2(% change yoy)

    World goods trade volumes1(average of exports and imports, % change yoy)

    World trade regains some momentum, with China leading the way

    -30

    -25

    -20

    -15

    -10

    -5

    0

    5

    10

    15

    20

    1/20

    18

    3/20

    18

    5/20

    18

    7/20

    18

    9/20

    18

    11/2

    018

    1/20

    193/

    2019

    5/20

    19

    7/20

    19

    9/20

    19

    11/2

    019

    1/20

    20

    3/20

    20

    5/20

    20

    7/20

    209/

    2020

    World Advanced economiesEmerging economies Euro areaChina

    -40-35-30-25-20-15-10-505

    101520

    1/20

    18

    3/20

    18

    5/20

    18

    7/20

    18

    9/20

    18

    11/2

    018

    1/20

    19

    3/20

    19

    5/20

    19

    7/20

    19

    9/20

    19

    11/2

    019

    1/20

    20

    3/20

    20

    5/20

    20

    7/20

    20

    9/20

    20

    Consumer goods (excl. transport eqp.)

    Intermediate goods

    Capital goodsSources: Netherlands Bureau for Economic Policy Analysis (CPB), Eurostat, Refinitiv.1 Latest available data: September 2020.2 Latest available data: August 2020.

    Chinese exportsboosted by demandfor COVID-19-relatedproducts, incl. PPE,medical equipment,work-from-homeelectronics.

  • 85

    Real GDP forecasts(%)

    Forecasts for 2020/2021OECD Economic Outlook: “Turning hope into reality“

    -14-12-10-8-6-4-202468

    1020

    2020

    2120

    2020

    2120

    2020

    2120

    2020

    2120

    2020

    2120

    2020

    2120

    2020

    2120

    2020

    2120

    2020

    2120

    2020

    2120

    2020

    2120

    2020

    21

    World Euroarea

    DE FR IT ES NL BE UK US JP CN

    OECD Econimic Outlook Dec 2020 OECD Interim Economic Outlook Sept 2020Consensus Dec 2020 (survey mean) Consensus Sep 2020 (survey mean)

    Moderate upward revisions for 2020since September reflect:

    ◆ Progress with vaccines andtreatment

    ◆ Continued fiscal and monetarypolicy support, leading to rapidrecovery in some sectors

    ◆ Assumption that renewed virusoutbreaks remain contained

    Sources: OECD, Consensus Economics.

  • 86

    World GDP1(index, 2019Q4 = 100)

    Towards a 95 % world economyConsiderable uncertainty remains around baseline projections

    86889092949698

    100102104106108110

    2019Q4 2020Q1 2020Q2 2020Q3 2020Q4 2021Q1 2021Q2 2021Q3 2021Q4 2022Q1 2022Q2 2022Q3 2022Q4OECD Nov 2019 OECD Jun 2020 (single-hit) OECD Sep 2020

    OECD Dec 2020 baseline Dec 2020 upside Dec 2020 downside

    World GDPstill 5 % belowpre-virus pathby end 2022

    Source: OECD1 Dashed lines represent upside scenario (resurgence in business and consumer confidence) and downside scenario (heightened uncertainty under receding prospects

    for early deployment of vaccine) around baseline OECD (December) projections.

  • 87

    Selected European countries: Real GDP1(index, 2019Q4 = 100)

    Major blocs: Real GDP1(index, 2019Q4 = 100)

    Expected recoveryVariations across countries

    7580859095

    100105110115

    2019

    Q4

    2020

    Q1

    2020

    Q2

    2020

    Q3

    2020

    Q4

    2021

    Q1

    2021

    Q2

    2021

    Q3

    2021

    Q4

    Euro areaUSChinaJapanConsensus forecast (15/12, average of last 8+ revisions)

    75

    80

    85

    90

    95

    100

    105

    2019

    Q4

    2020

    Q1

    2020

    Q2

    2020

    Q3

    2020

    Q4

    2021

    Q1

    2021

    Q2

    2021

    Q3

    2021

    Q4

    GermanyFranceSpainUKConsensus forecast (15/12, average of last 8+ revisions)

    Sources: US Bureau of Economic Analysis (BEA), Consensus Economics, Destatis, Eurostat, Institut national de la statistique et des études économiques (INSEE), Instituto Nacional de Estadística (INE),Japanese Cabinet Office (JP CAO), National Bureau of Statistics of China (NBS), Office for National Statistics (ONS), Refinitiv.

    1 Consensus levels implied from forecasted yoy changes.

  • 88Sources: CEIC, Refinitiv. Latest available data: October/November 2020.

    Retail sales(% change, yoy)

    Industrial production(% change, yoy)

    China vs the rest: more resilient supply, more hesitant demand?

    -30

    -25

    -20

    -15

    -10

    -5

    0

    5

    10

    151/

    2019

    2/20

    193/

    2019

    4/20

    195/

    2019

    6/20

    197/

    2019

    8/20

    199/

    2019

    10/2

    019

    11/2

    019

    12/2

    019

    1/20

    202/

    2020

    3/20

    204/

    2020

    5/20

    206/

    2020

    7/20

    208/

    2020

    9/20

    2010

    /202

    011

    /202

    0

    Euro area China Korea US

    -25

    -20

    -15

    -10

    -5

    0

    5

    10

    15

    01/2

    019

    02/2

    019

    03/2

    019

    04/2

    019

    05/2

    019

    06/2

    019

    07/2

    019

    08/2

    019

    09/2

    019

    10/2

    019

    11/2

    019

    12/2

    019

    01/2

    020

    02/2

    020

    03/2

    020

    04/2

    020

    05/2

    020

    06/2

    020

    07/2

    020

    08/2

    020

    09/2

    020

    10/2

    020

    11/2

    020

  • -100

    -80

    -60

    -40

    -20

    0

    20

    12/2

    019

    1/20

    20

    2/20

    20

    3/20

    20

    4/20

    20

    5/20

    20

    6/20

    20

    7/20

    20

    8/20

    20

    9/20

    20

    10/2

    020

    11/2

    020

    12/2

    020

    Industry Retail Accommodation Food & drink services Finance Travel services

    -100

    -80

    -60

    -40

    -20

    0

    20

    12/2

    019

    1/20

    20

    2/20

    20

    3/20

    20

    4/20

    20

    5/20

    20

    6/20

    20

    7/20

    20

    8/20

    20

    9/20

    20

    10/2

    020

    11/2

    020

    12/2

    020

    89

    Euro Area: Employment expectations(balance of firms; expectations over next 3 months)

    Euro Area: Demand expectations(balance of firms; expectations over next 3 months)

    Euro-Area: K-recovery in the making?Heterogeneity across sectors: V for some, long-lasting scars for others

    Sources: OECD, European Commission (EC), Refinitiv. Latest available data: November 2020.

  • 90

    France:Share of employees intemporary unemployment(% of total FTE employees)

    Germany:Average weekly paidworking hours

    Euro Area: K-recovery in the making?Labour market view … paving the way for sectoral reallocations?

    20 25 30 35 40

    Air transport

    Accommodation

    Food and beverage services

    Manufacturing of motor vehicles/trailers

    Retail trade

    Industry and services

    2019Q4 2020Q1 2020Q2

    0 20 40 60 80 100

    Construction

    Information and communication services

    Public administration, education, health

    Manufacturing of transport equipment

    Trade

    Transport and storage

    Accomodation and restaurants

    April June August September October

    Sources: Destatis, Dares. Latest available data: October 2020.

  • 91

    France: Company failures(number of legal entities, seasonally and working day-adjusted)

    Germany: