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The FPB’s studies cover 11 main themes: Energy, Environmental economic accounts and analyses, International economy, Labour market, Macroeconomic forecasts and analyses, Public finances, Sectoral accounts and analyses, Social protection, demography and prospective studies, Structural studies, Sustainable development, Transport.

Macroeconomic forecasts and analyses



Consumer Price Index & Inflation forecasts [09/11/2021]

Monthly evolution of the consumer price index and of the so-called health index, which is used for the price indexation of wages, social benefits and house-rent.

Macroeconomic and fiscal effects of the draft National Recovery and Resilience Plan - Report to the Secretary of State for Recovery and Strategic Investments  [28/04/2021]

The National Recovery and Resilience Plan details the use of the €5.925 billion allocated under the Recovery and Resilience Facility. The major part (88%) of the Belgian plan is directly intended to increase the capital stock of the Belgian economy through public investment and aid to private investment. In the short term, at the peak of the plan's stimulus effect, economic activity would be 0.2% higher than in the non-plan scenario. Although the stimulus is temporary, it has long-term effects due to the increase in the public capital stock and the support for R&D activities that improve the profitability of the capital stock of firms and encourage its accumulation. By 2040, GDP is still projected to be 0.1% above non-plan growth path. This estimate does not take into account the reform component of the plan, nor the broader recovery, investment and reform plans announced by the Regions and the federal government, nor the effect of foreign plans on the Belgian economy.

Perspectives économiques 2021-2026 – Version de février 2021 [26/02/2021]

Ce rapport constitue une contribution à la préparation du nouveau Programme de Stabilité et du nouveau Programme National de Réforme. Il reprend les principaux résultats de la version préliminaire des « Perspectives économiques 2021-2026 » dont la version définitive sera publiée en juin 2021.



This theme includes the short-term and medium-term economic forecasts for Belgium, as well as the production of scenario analyses over that time horizon. The instruments developed to accomplish these tasks are the quarterly MODTRIM model and the annual HERMES and HERMREG models. The national forecasts and analyses are produced in the context of legal obligations at the request of the government or the social partners. The regional forecasts are a joint initiative of the FPB and the research departments of the three regions.

The short-term forecasts (through the combined use of the MODTRIM and HERMES models) aim to forecast the main aggregates for the Belgian economy for the next four to six quarters.

The medium-term forecasts (on the basis of the HERMES and HERMREG models) outline a future path for the Belgian economy at a national or regional level over a longer period (six years).

Furthermore, the FPB regularly produces scenario analyses (using the HERMES model) to assess the medium-term economic impact of exogenous shocks or economic policy measures.

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