FX.co ★ Belgium Business Pessimism Deepens in December

Belgium's business confidence indicator experienced a decline in December 2025, dropping by 3.7 points to a reading of -11.9. This marks the lowest level since May, following a figure of -8.2 in November, and falls significantly below market expectations of -7.8. This downturn in confidence was observed across most sectors. The manufacturing industry, in particular, saw a decline to -14.8 from -9.9, driven by pessimistic views on order books, low stock levels, and weaker forecasts for employment and demand. The business-related services sector demonstrated relative stability, with a slight drop to -2.5 from -2.2, as negative evaluations of current activity were balanced by more optimistic outlooks for future market demand and activity. The building industry also saw a decline, moving to -8.3 from -6.5, due to reduced equipment usage and lower order volumes. The trade sector experienced its second consecutive month of decline, falling to -13.8 from -8.9, primarily due to expectations of decreasing demand and order reductions, although firms still anticipate hiring in the coming three months.