Eurozone Economic Sentiment


Eurozone economic sentiment wanes only somewhat in April

The Economic Sentiment Index (ESI), which is published by the European Commission, inched down from 103.9 points in March to 103.7 points in April. April’s result also fell short of the 103.9 points the markets had expected but remained close March’s print, which had represented the highest level in nearly four years. The ESI continues to hover above the 100-point long-term average.

April’s slight drop was broad based. Tiny deteriorations in economic sentiment were observed in the industrial, retailing and construction sector. That said, services was the only sector that saw a mild improvement over the previous month. Moreover, Eurozone consumer sentiment fell over the previous month.

At a country level, decreases in economic sentiment were registered in Austria (-0.8 points), Finland (-0.2 points), Greece (-4.1 points) and Slovenia (-1.0 points). On the other side of the spectrum, an increase over the previous month was observed in Belgium (+2.4 points), Cyprus (+4.7), Malta (+2.6 points), Portugal (+2.8 points) and Slovakia (+2.2 points). Among the four largest Eurozone economies Germany (-0.6 points) and France (-1.4 points) were the worst performers. Economic sentiment in Italy remained unchanged over the previous month, while in Spain it improved (+1.3 points).

FocusEconomics Consensus Forecast panelists see private consumption growing 1.5% in 2015, which is unchanged from last month’s projection. For 2016, panelists see consumption expanding 1.3%. Panelists expect investment to grow 1.3% in 2015, which is up 0.1 percentage points from last month’s forecast. In 2016, panelists see investment increasing 2.7%.

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Eurozone Economic Sentiment Chart

Euro Economic Sentiment April 2015

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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