Belgium's Business Confidence Remains Subdued in March

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.

Belgium's business confidence indicator fell 4.9 points to -13.7 in February 2025, down from -8.8 in the prior month and missing forecasts of -7.5. The trade sector recorded the sharpest deterioration, with its index plunging to -17.9 from -5.6, as expectations and order forecasts to suppliers slumped sharply. In the manufacturing industry, confidence weakened to -17.1 from -11.0, with all sub-components declining amid a significant deterioration in assessments of total order books. Business-related services posted a third consecutive monthly drop, with the index slipping to -4.3 from -2.7. The building industry confidence was nearly unchanged at -7.1 from -6.8.

The business confidence indicator in Belgium rose by 3.8 points to -11.0 in January 2026, rebounding from a seven-month low of -11.9 in December 2025 and exceeding the market consensus of -10.2. Confidence strengthened across key cyclical sectors. In the manufacturing industry (-11.0 vs -14.8 in December 2025), the rebound was driven by more optimistic assessments of total order books and, to a lesser extent, improved employment expectations. The building industry (-6.8 vs -8.3) recovered after monthly declines since October 2025, led by stronger demand expectations. Trade (-5.6 vs -13.8) saw a sharp improvement in sentiment as demand and supplier orders picked up, although firms plan to hire fewer staff in the coming three months. By contrast, business-related services (-2.7 vs -2.5) weakened for the second consecutive month, reflecting lower expectations for market demand and activity, partially offset by more positive assessments of current activity.