While parts of Europe struggle to get their deficits under control, Belgium boasts one of the best-performing exchange traded funds (ETFs) tracking the continent’s economies.

The fuel for this growth appears to be growing confidence of businesses and consumers alike.

Belgium’s business confidence improved in September from August as the country witnessed economic growth in the second quarter. RTT News reports that the confidence increase wasn’t across the board, weakening in business-related services and building industry. [Can Belgium’s ETF Stand Up As Government Falls?]

Food and Drink reports that consumption of food and drink grew quite strongly in the years leading up to the economic downturn and consumer confidence has shown signs of improvement in recent months.

Jones Hayden for Bloomberg BusinessWeek reports that inflation in Belgium is up, which may threaten a strong recovery for the near term. The inflation rate in Belgium, the sixth-largest economy in the euro region, rose to 2.9% to 2.3% in August, the Ministry of Economic Affairs in Brussels said. The price of natural gas is a culprit. [Belgium: Strong Economic Data in the Face of Uncertainty.]

  • iShares MSCI Belgium (NYSEArca: EWK) is up 10.3% in the last moth and up 9.7% year-to-date

Tisha Guerrero contributed to this article.

The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.