FX.co ★ Belgium Business Confidence Falls Slightly in October

In October 2025, Belgium's business confidence index decreased by 1.2 points, reaching -9.1, compared to -7.9 in September. This figure also fell short of the market's expectation of -7.8, following a general upward trend since April. This decline was mainly attributed to a downturn in the business-related services sector, which shifted from 0.1 in September to -3.9, driven by reduced optimism regarding current activity and more subdued projections for future business performance and overall market demand. Meanwhile, manufacturing confidence slightly decreased to -11.2 from -10.4 due to weak demand forecasts, although employment growth is anticipated. The construction industry experienced a slight dip to -5.9 from -5.8, influenced by fewer orders; however, order books remain at typical levels, and demand is anticipated to recover. Conversely, the trade sector showcased improvement, with confidence increasing to -6.1 from -7.2 over two straight months, as positive expectations for orders and demand counterbalanced a more negative employment outlook.