The National Bank of Belgium (NBB) released its business survey on Tuesday. The business climate dropped to -3.0 in January from-1.4 in December. Analysts had expected the index to decline to -1.7.

3 of 4 indicators dropped in January.

The business climate index for the manufacturing sector fell to -6.3 in January from -3.7 in December due to a less favourable assessments of the current situation.

The business climate index for the services sector was down to 10.2 in January from 12.9 in December due to a less favourable assessment of the current activity and a downward revision of general market demand forecasts.

The business climate index for the building sector increased to 0.5 in January from -4.7 in December due to more favourable assessments of total order books.

The business climate index for the trade sector dropped to -8.6 in January from -4.8 in December due to a drop in in demand and a reduction in orders placed with suppliers.