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Fitch Confirms Belgium Stable

Fitch Confirms Belgium StableFitch Confirms Belgium Stable

The credit rating agency Fitch confirmed Belgium’s AA- credit rating on Saturday. They also rated Belgium as having a stable outlook. The agency did highlight the risk of a surge in the Belgian property market, Belga reported. Fitch predicts a 1.7% growth in Belgium’s GDP this year, stimulated by interior demand. The GDP growth in Belgium is expected to be 1.7% and 1.5% in 2018 and 2019 respectively. The credit rating agency says the Belgian debt should drop from 105.7% of the GDP to 104.6% of the GDP. They estimate it will fall to 101.1% in 2019. However, Fitch also pointed out the increase in household debt, caused by the increase in property prices. The average debt for Belgian households is 104% of the average for European households. But Fitch added that Belgian households are the best savers in Europe (246% of the GDP). The credit rating agency said the Organization for Economic Cooperation and Development supported measures aimed at limiting a surge in the Belgian property market.

 

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