Leading Indicators (Business Barometer) in Belgium

Banco Nacional de Belgica · Monthly · Importance 30

-12.4 (Jun-26) ABS · points · Mensual · CSV

About this indicator

Source	National Bank of Belgium (NBB)
Frequency	Monthly
Release	Entre el dia 21 y 25 del mes en curso, hacia las 15:00 CET/CEST (encuesta del propio mes de referencia).
What it is	Known as the 'business barometer', it is the National Bank of Belgium's (NBB) synthetic business-confidence indicator, summarising the economic-climate curve for manufacturing, services, construction and trade. It is regarded as a good leading indicator of euro-area growth.
How it's calculated	It is built from a monthly written survey of firms across the four sectors (industry, services, construction and trade); each sector's balance is combined into an overall, seasonally adjusted synthetic curve. The 'gross' series is published unsmoothed.
Market implications	Rising readings point to accelerating activity, while sustained falls tend to precede slowdowns in Belgian GDP and, given its strong historical correlation, in the euro area, making it an early reference point for the ECB.
Limitations	It is a qualitative survey of business sentiment, not a measure of actual output; the 'gross' series is more volatile than the smoothed version that the NBB also publishes.