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Financial News: Belgium Consumer Confidence Lowest Since August 1985

Belgium Consumer Confidence Lowest Since August 1985

09/22/2022 - 07:31:00 (RTTNews)

(RTTNews) - Belgium's consumer confidence weakened sharply in September to reach its lowest level in just over thirty-seven years, survey data from the National Bank of Belgium showed on Thursday.

The consumer confidence indicator fell to -27 in September from -11 in the previous month.

Consumer confidence has declined at a pace similar to an outbreak of hostilities in Ukraine and the beginning of the Coronavirus crisis in April 2020.

Further, this was the lowest score since August 1985, when it was -28.

Among components, all contributed negatively to the headline index in September.

The persistent rise in energy prices as winter approaches, galloping inflation and the geopolitical context brought about by the war in Ukraine are weighing heavily on consumer sentiment, the survey said.

Consumers' opinion on the general economic situation of the country in the next twelve months worsened significantly in September, with the corresponding index falling to -49 from -32 in August.

The index for saving expectations for households fell from August's +11 to -5 in September.

Similarly, the index measuring households' financial situation over the next year weakened to -18 from -8.

Households indicated greater concern about unemployment prospects, as the respective index rose to 36 in September from 16 in August.

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