Eurozone Economic Sentiment June 2019

Eurozone

Eurozone: Economic sentiment drops to nearly three-year low in June

June 27, 2019

Sentiment in the Eurozone plunged in June, reversing the gains from May’s increase. Economic sentiment fell 1.9 points from the previous month to 103.3 points. Despite the drop, sentiment in the Eurozone remains above its long-run average of 100 points.

A sharp decline in industry confidence drove the downturn, which now lies below its long-term average for the first time since 2013. Services sector firms and consumers also turned more downbeat in June. On a bright note, sentiment in the construction sector rose notably. Employment plans deteriorated notably in the industrial sector, but improved in the construction and services sectors.

Looking at the individual countries, economic sentiment deteriorated in 13 countries, including major-players Germany, France, Italy and Spain.

FocusEconomics Consensus Forecast panelists see private consumption growing 1.2% in 2019, which is unchanged from last month’s projection. For 2020, panelists also see consumption expanding 1.4%. Panelists expect investment to grow 2.5% in 2019, which is unchanged from last month’s forecast. In 2020, panelists see investment increasing 2.1%.


Author: Angela Bouzanis, Lead Economist

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Eurozone Economic Sentiment Chart


Euro Area Economic Sentiment June 2019

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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