Belgium Business Pessimism Eases for Third Month

Belgium's business confidence indicator rose by 0.5 points to -11.9 in July 2026, up from -12.4 in the prior month. This marked the highest reading since the start of the year and the third consecutive monthly improvement, although below market expectations of -10.2. Sentiment strenghened most in the construction industry, where confidence rebounded to -3.0 from -12.0. Sentiment also edged higher in manufacturing (-15.5 vs. -15.7) and strengthened notably in business-related services (-3.8 vs. -7.4). In contrast, confidence in the trade sector deteriorated further to -10.8 from -9.3, reflecting weaker activity in textiles and electrical and electronic appliances. Meanwhile, confidence remained weak in building completion and finishing (-13.4 vs. -4.3) and structural building work (-5.0 vs. -4.2).

Belgium's business confidence indicator rose by another 0.9 points to -12.4 in June 2026, up from -13.4 in the prior month and compared with analysts' forecasts of -12. It was the best reading since January, with confidence increasing particularly in the construction (-4.2 vs -11.1 in May) and trade (-9.3 vs -14.8) sectors. Business-related services saw a slight improvement in sentiment (-7.4 vs -8.8), in contrast to manufacturing, where confidence continued to weaken (-15.7 vs -14.8).

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.