The National Bank of Belgium (NBB) released its business survey on Tuesday. The business climate rose to -5.1 in August from -4.1 in July, missing forecasts for a rise to -3.5.

The decline was driven by a drop in the manufacturing industry.

The business climate index for the manufacturing sector dropped to -8.0 in August from -5.2 in July due to downward revision of demand forecasts.

The business climate index for the services sector was up to 11.8 in August from 7.2 in July due to more optimistic outlook about current levels of activity.

The business climate index for the building sector increased to -8.3 in August from -9.8 in July due to more favourable assessments of demand outlook.

The business climate index for the trade sector dropped to -8.0 in August from -6.7 in July due to downward revision of forecasts for orders and for employment.