Eurozone Economic Sentiment

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Eurozone: Economic sentient stabilizes in May

May 28, 2015

Economic sentiment in the Eurozone stabilized in May, remaining at high levels. The Economic Sentiment Index (ESI), which is published by the European Commission, was unchanged in May at April’s 103.8. The result slightly overshot the 103.5 the markets had expected while the ESI continues to hover above the 100-point long-term average.

According to the Commission, the stabilization of sentiment in the Eurozone reflected that rising economic confidence in services, retail trade as well as in the construction sector was offset by falling consumer sentiment. Meanwhile, economic sentiment in the industrial sector remained virtually unchanged over the previous month.

At a country level, improvements in economic sentiment were observed in Luxembourg (+4.4 points), Austria (+1.1 points) and Belgium (+1.1 points). Conversely, lower sentiment was registered in Cyprus (-3.9 points), Slovakia (-3.4 points) and Lithuania (-2.5 points). Among the four largest Eurozone economies Germany (+0.7 points) and France (+0.5 points) were the best performers. Economic sentiment in Italy fell (-0.4 points) , while in Spain it remained unchanged over the previous month.

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%.


Author:, Senior Economist

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Euro Economic Sentiment May 2015 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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