Eurozone Economic Sentiment July 2016


Economic sentiment rises in July despite Brexit

Economic sentiment in the Eurozone increased slightly in July, according to the European Commission (EC). The economic sentiment index (ESI) rose from 104.4 in June to 104.6 in July. The result surprised market analysts who had expected sentiment to fall to 103.6 in the wake of the UK’s vote to leave the EU.

Looking at the sectors of the economy, economic sentiment improved in industry and retail trade. However, sentiment in the services sector remained broadly unchanged and consumers were less optimistic in July.

At a country level, sentiment improved notably in Estonia, Slovakia and Slovenia. Regarding the largest economies in the Euro area, an increase in sentiment was recorded in Germany and Italy. However, sentiment fell in France and Spain.

FocusEconomics Consensus Forecast panelists see private consumption growing 1.7% in 2016, which is unchanged from last month’s projection. For 2017, panelists see consumption expanding 1.3%. Panelists expect investment to grow 2.9% in 2016, which is down 0.1 percentage points from last month’s forecast. In 2017, panelists see investment increasing 1.4%.

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Eurozone Economic Sentiment Chart

Euro Economic Sentiment July 2016 0

Note: The Economic Sentiment Indicator (ESI) is based on surveys addressed to the manufacturing, services, retail trade and construction sectors, as well as to consumers. Values above 100 indicate an above-average economic sentiment, whereas values below 100 indicate a below-average position.
Source: European Commission

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