Eurozone Economic Sentiment January 2016


Eurozone: After jumping to an over-five-year high in December, economic sentiment wanes at the beginning of this year

January 28, 2016

Economic sentiment in the Eurozone began the year on a low note, pulled down by more pessimism in industry, services, construction as well as due to lower confidence among consumers. According to the European Commission (EC), the economic sentiment index (ESI) fell from 106.7 in December to 105.0 in January. The result also undershot the 106.4 the markets had expected and after having climbed to the highest level in more than five years in December, the index fell to a five-month low.

Looking at the sectors of the economy, economic sentiment in industry, services and construction fell notably over the previous month, while sentiment in retail trade remained unchanged. Moreover, economic sentiment among consumers declined in January after two months of increase.

At a country level, a decrease in economic sentiment was notable in Slovenia (-4.1 points), Belgium (-2.5 points) and Malta (-0.7 points). Among the four major Eurozone economies, sentiment fell substantially in Germany, Italy and Spain, while it rose in France.

FocusEconomics Consensus Forecast panelists see private consumption growing 1.6% in 2016, which is unchanged from last month’s projection. For 2017, panelists see consumption expanding 1.6%. Panelists expect investment to grow 2.4% in 2016, which is down 0.1 percentage points from last month’s forecast. In 2017, panelists see investment increasing 2.7%.

Author:, Senior Economist

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Eurozone Economic Sentiment Chart

Euro Economic Sentiment January 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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