Consumer confidence in Belgium lost one point in December, going from -8 in November to -9 for this last month of the year, a decline for the second consecutive month, we learned from a press release published Thursday December 19 by the National Bank of Belgium.
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| At the Grande-Place in Brussels (Belgium). |
| Photo: Huong Giang/VNA/CVN |
This deterioration is mainly due to less optimistic forecasts regarding the job market, notably due to recent company closures and restructuring.
Several Belgian companies have announced closures or restructuring plans, exacerbating consumers’ concerns about job stability.
The Audi Brussels factory announced the cessation of its production on February 28, 2025, leading to the loss of 3,000 jobs. The move came as a result of falling demand for premium electric vehicles produced at the site.
Barry Callebaut, a world leader in the manufacturing of high-quality cocoa and chocolate products, announced in February 2024 the elimination of 500 jobs at several sites in Belgium.
Recent data from Statbel, the Belgian statistics office, show a deterioration in the job market, particularly among young people. In the third quarter of 2024, the unemployment rate for 15-24 year olds reached 19.9%, compared to 18.7% for the same period of the previous year and 16.1% for the second quarter of 2024.
Despite these unfavorable prospects on the employment front, Belgian households maintain a stable vision of the general economic situation. However, they are adopting a more cautious attitude towards their future financial situation and plan to increase their savings, according to the National Bank of Belgium.
Xinhua/VNA/CVN
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