The National Bank of Belgium (NBB) released its business survey on Wednesday. The business climate rose to -3.9 in June from -4.9 in May, beating forecasts for a decline to -5.1. It was the highest level since July 2011.

The gain was driven by increases in business-related services and in the manufacturing and building industries.

The business climate index for the manufacturing sector rose to -5.0 in June from -6.4 in May due to upward revision of demand forecasts.

The business climate index for the services sector was up to 13.1 in June from 9.4 in May due to more optimistic outlook about future developments and due to general market demand.

The business climate index for the building sector increased to -12.4 in June from -13.9 in May due to more favourable assessments of total order books.

The business climate index for the trade sector dropped to -13.8 in June from -1.8 in May due to downward revision of forecasts for orders and for employment.