Eurozone Economic Sentiment May 2018


Eurozone: Economic sentiment eases to nine-month low

May 30, 2018

Economic sentiment in the Eurozone fell slightly in May, continuing a downward trend seen over the past four months. According to the European Commission (EC), the economic sentiment index (ESI) was fell from April’s 112.7 points to 112.5 points in May. May’s result marked a nine-month low. However, overall, sentiment in the Eurozone remains at a high reading considering the past two decades thanks to a robust economic recovery.

Declines in sentiment in the manufacturing and services drove May’s dip in sentiment. However, they were partially balanced out by rising confidence in the construction and retail trade sectors. Meanwhile, consumer confidence was virtually unchanged. Employment plans were mixed across sectors falling notably in the industrial and construction sectors, but rising to an over 18 year high in the construction sector.

At a country level, economic sentiment fell in nine economies in May, including in France, Italy and Spain. However, sentiment rose in several other economies, including Germany.

Eurozone Private Consumption Forecast

FocusEconomics Consensus Forecast panelists see private consumption growing 1.6% in 2018, which is unchanged from last month’s projection. For 2019, panelists see consumption expanding 1.7%. Panelists expect investment to grow 3.6% in 2018, which is unchanged from last month’s forecast. In 2019, panelists see investment increasing 3.3%.


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Eurozone Economic Sentiment Chart

Euro Economic Sentiment May 2018

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. Data for Luxembourg refer to March.
Source: European Commission

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