Belgium Business Confidence Falls Slightly in October

Belgium's business confidence indicator rose by 0.9 points to -13.3 in May 2026, up from a one-year low of -14.2 in the prior month and better than the expected -13.5. The business climate improved primarily in the building industry (-11.1 vs -15.7 in April), supported by continued growth in orders and expectations of stronger demand in the near term. The business-related services sector also saw sentiment strengthen (-8.8 vs -11.6) after declining steadily since December last year, driven by significantly better expectations for future activity and overall demand, even as current activity was viewed less favorably. Trade confidence was unchanged (14.8 vs 14.8), as weaker demand expectations were balanced by improved employment and supplier order forecasts. Meanwhile, manufacturing sentiment fell slightly (-14.8 vs -14.4), with firms more pessimistic on demand and stocks, though order books and hiring plans strengthened.

Belgium's business confidence indicator declined to -14.2 points in April 2026, down from -13.7 points both in February and January, marking the lowest sentiment in a year. Against market expectations of a slight increase, sentiment lowered in most sectors. Confidence in building work dropped (-15.7 versus -11.7), reflecting slightly weaker order books alongside a sharp rise in price expectations. In the business services sector, confidence continued its downward trend (-11.6 versus -6.3) as demand expectations weakened. Similarly, trade sentiment declined (-14.8 versus -10.9), driven by a poorer assessment of stock levels and rising price trends. In contrast, manufacturing confidence edged up (-14.4 versus -16.1), supported by improved stock assessments and a more favorable trend in domestic orders.

Belgium's business confidence indicator remained subdued at -13.7 points in March 2026, unchanged from February and better than the -14.1 forecast. In the building industry, confidence fell 4.6 points to -11.7 as business leaders assessed total order books more negatively and expected demand to decline faster. Business-related services saw confidence decline for the fourth straight month, down 2.0 points to -6.3, with leaders viewing current activity more favorably but future prospects considerably more pessimistically. Manufacturing confidence remained near its low level last month, edging up 1.0 point to -17.1, with stock levels assessed somewhat more positively. The trade sector rose sharply, rising 7.0 points to -10.9, driven by substantial improvement in demand expectations.