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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.

Short-term forecasts and business cycle



Consumer Price Index & Inflation forecasts [03/01/2023]

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.



The FPB produces macroeconomic forecasts for the federal government within the framework of the preparation of the federal budget (June and September) and of the budget review (February). The ultimate responsibility for these forecasts (also known as the ‘Economic Budget’) lies with the board of the Institute for National Accounts.

These forecasts for the Belgian economy focus on the components of GDP, both on the expenditure side (consumption, gross capital formation, exports and imports) and on the revenue side. They also deal with the revenue and expenditure flows between the different institutional sectors, inflation and the labour market.

Methods and instruments

The three main instruments are:

  • The quarterly MODTRIM model
  • the annual HERMES model;
  • the inflation module (on a monthly basis);

For a description of  the MODTRIM model, see Working Paper 05-14. For a discussion of the HERMES model, see Medium-term forecasts and macrosectoral analyses.

Periodical publications

The results of the economic budgets of February, June and September are published by way of a press release and a statistical appendix. A more detailed publication is produced afterwards for the economic budgets of February and September.


The statistical appendix of the latest Economic Budget is available under the heading Data.

  The last five press releases [More]

  The last five databases [More]

  The last five publications [More]


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