A recent study by the National Bank of Belgium (BNB) reveals that business confidence in the Belgian economy has fallen in almost every sector.
While the average level of confidence in the current state of the Belgian economy generally stands at -5.2 for businesses, the overall confidence curve for September 2022 stood at -11.8.
According to the BNB, this drop is driven by low levels of trade (demand projections have fallen after rebounding somewhat in August). Furthermore, supplier order forecasts have plummeted.
The BNB observes that the curve indicating the underlying economic trend has continued to fall.
When it comes to determining which sectors have lost the most confidence in the economy, the manufacturing industry stands out.
Their forecast for demand has been dramatically curtailed, and their evaluation of order books has dropped sharply for the second month in a row.
The services sector as well is highly pessimistic about the industry's level of activity, with market demand dropping substantially.
The construction industry stands out as a rare area of optimism, with demand estimates improving since August.