Eurozone Economic Sentiment May 2017


Eurozone: Economic sentiment eases in May

May 30, 2017

Economic sentiment in the Eurozone softened in May, after recording the best result since August 2007 in April, according to the European Commission (EC). The economic sentiment index (ESI) fell from a revised 109.7 points (previously reported: 109.6 points) to 109.2. The result overshot market analysts’ expectations of a slight rise to 110.0 points. Despite the fall, economic sentiment rests at a high level in the Euro area.

Looking at the sectors of the economy, May’s fall was driven by softer confidence in services and retail trade sectors. Meanwhile, confidence among consumers along with in the manufacturing and construction sectors was broadly unchanged from April.

At a country level, sentiment eased in seven countries including Germany, Italy and Slovenia. In contrast, confidence hit multi-year highs in Austria, Cyprus, Finland, France and Latvia.

FocusEconomics Consensus Forecast panelists see private consumption growing 1.5% in 2017, which is unchanged from last month’s projection. For 2018, panelists see consumption also expanding 1.5%. Panelists expect investment to grow 3.2% in 2017, which is up 0.5 percentage points from last month’s forecast. In 2018, panelists see investment increasing 2.9%.

Author: Angela Bouzanis, Senior Economist

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Eurozone Economic Sentiment Chart

Euro Economic Sentiment May 2017

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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