Introduction I. Recent trends in demand and activity -1. Domestic demand -2. Output and employment -3. Prices and incomes II. Balance of payments III. Economic policy -Fiscal policy -Monetary policy IV. Forecasts and economic policy conclusions -1. Short-term forecasts -2. Economic policy conclusions Annex I.  The new method of calculating imports and exports in the framework of the balance of payments for BLEU Annex II. Main Belgian economic policy measures since June 1976 Statistical annex.