2011.03.1810:10:00UTC+00Belgian Consumer Confidence Weakens In March

Consumer morale in Belgium dropped in March on concerns over higher oil prices, reversing the significant improvement seen in the previous month, a central bank survey showed Friday.

The consumer confidence indicator dipped to minus 2 from 1 in February. In January, the reading was minus 3. This deterioration is most probably related to the persistent rise in oil prices triggered by the turmoil in the Middle East, the central bank said.

Households' assessments with regard to future economic developments turned bleak. The corresponding indicator dropped to minus 5 from 4. Consumers viewed their personal financial situation less favorable for the coming 12 months. The relevant index dropped to minus 2 from 3.

Savings capacity is also expected to worsen as signaled by the decline in the index to 2 from 6. However, consumers still expect unemployment to decline further in the next few months. The corresponding index slid to 5 from 8.