Belgian Business Landscape: Mixed Signals in November 2023

The National Bank of Belgium (NBB) has released key insights into Belgium’s economic climate:

Monthly Business Survey – November 2023: Resilient Confidence

Belgium’s business confidence rebounded in November, led by positive trends in the business-related services and trade sectors.

  • Business-related Services: Strengthened significantly, surpassing the October downturn.
  • Trade Sector: Marked by increased optimism, though a decline in orders with suppliers is expected.

Business Survey Indicators:

  • Overall Synthetic Curve: Shifted positively from -16.8 to -15.0 points.
  • Manufacturing Industry: Dropped from -17.9 to -19.3 points.
  • Business-related Services: Surged from -14.2 to 2.3 points.
  • Building Industry: Slightly improved from -13.6 to -13.3 points.
  • Trade: Showed a positive change from -20.1 to -15.5 points.

Quarterly Business Survey on Credit Conditions – October 2023: Tightening Credit Conditions

The quarterly survey revealed tightened credit conditions compared to the previous quarter.

  • Overall Indicator: Increased from 37.3% to 41.8%, signifying tightened credit conditions.
  • Sectoral Breakdown: Manufacturing, business-related services, and building industries reported more restrictive credit conditions.

Company Size Impact: Small companies noted slightly tougher conditions, while medium-sized companies reported the most difficulty in accessing credit.

The NBB’s succinct indicators offer a snapshot of Belgium’s economic dynamics, showcasing positive rebounds and challenges in the business landscape. Stakeholders will closely follow these trends for insights into future economic trajectories.