Belgium Business Pessimism Eases

Belgium’s business confidence indicator increased by 1.1 point to -12.1 in September 2026, from -13.2 in August, contrasting with market expectations of a further decline to -13.5. Sentiment improved in manufacturing (-12.2 vs -17.8), reflecting greater optimism in building materials and flat glass (-24.9 vs -45), the manufacture of ferrous and non-ferrous basic metals (-10.9 vs -34.9), and capital goods (-7.7 vs -14.6). Confidence also improved in roofing activities (10.7 vs 9.9). In contrast, pessimism deepened in construction-related services, including structural building work (-11.8 vs -7.7), construction installation (-8.3 vs -1.9), and building completion and finishing (-20 vs -10.4), as well as business-related services (-13.4 vs -1.4) and trade (-8.6 vs -5.6).

Belgium’s business confidence indicator declined by 1.3 points to -13.2 in August 2026, from -11.9 in July, contrasting with market expectations for an improvement to -10.2. Sentiment deteriorated in the manufacturing industry, falling to -17.8 from -15.5, led by weaker confidence in textiles (-13.3 vs -13), wood processing (-33.6 vs -18.3), paper (-15.9 vs 10.4) and ferrous and non-ferrous basic metals (-34.9 vs -25.3). Confidence in structural building also declined, to -7.7 from -5. Meanwhile, sentiment improved in construction installation (-1.9 vs -3), building completion (-10.4 vs -13.4) and roofing activities (9.9 vs 4.8). Business-related services also improved (-1.4 vs -3.8), as did sentiment in the trade sector (-5.2 vs -10.8), driven by stronger confidence in motor vehicle sales (12.6 vs -10.8).

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).