25.10.2022 16:37:34

Belgium Business Confidence Lowest Since June 2020

(RTTNews) - Belgium consumer confidence weakened for the sixth straight month in October to its lowest level in more than two years, survey data from the National Bank of Belgium showed Tuesday.

The business confidence index dropped to -15.5 in October from -11.8 in September.

Further, the latest reading was the lowest since June 2020, when it was -22.9.

The deterioration of the business climate was more evident in the manufacturing industry and, to a lesser degree, in the building industry. Meanwhile, the confidence indicator improved in the business-related services and trade sectors.

The sub-index for the manufacturing sector dropped considerably to -19.7 in October from -13.9 in September. There was a decline in all components of the indicator, including employment expectations and stock levels.

The index measuring confidence in the building industry also weakened to -7.4 from -6.0.

On the other hand, the indicator for related business-related services rose to -2.7 from -4.5. Business leaders expressed more optimism about both their current level of activity and their expectations for the future.

Similarly, the indicator for trade improved somewhat in October, rising to -23.5 from -24.1.