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Belgium's Jan leading indicator unexpectedly rises

Published 01/23/2009, 09:01 AM
Updated 01/23/2009, 09:08 AM

BRUSSELS, Jan 23 (Reuters) - Belgian business sentiment, a bellwether for the health of the euro zone economy, unexpectedly recovered somewhat in January as the mood improved among manufacturing chiefs, the central bank said on Friday.

The business sentiment index, often referred to as the leading indicator, rose to -27.7 from -31.3 in December.

A Reuters poll of 17 economists had produced a median forecast for a drop to -33, with a range from -40 to -30.

"Confidence among executives strengthened in manufacturing industry. In construction, the indicator stabilised, while in trade, the economic climate has once again deteriorated," the central bank said in a statement.

The Belgian number comes ahead of the closely watched German Ifo business survey due to be released on Jan. 27. A Reuters poll of 50 economists is forecasting a slight dip in the German number.

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