The National Bank of Belgium's business barometer has levelled out in November, after having risen marginally over the two previous months.

The business climate gained strength in business-related services and trade, respectively for the second and third month running. By contrast, confidence weakened somewhat in the manufacturing and building industries.

The improvement in the economic situation for business-related services has its roots in a fresh upward revision of forecasts for firms' own activity and, to a lesser extent, expectations regarding general market demand.

The pick-up observed in the trade sector can be largely explained by distinctly more positive forecasts for orders placed with suppliers.