Eurozone Economic Sentiment July 2018


Eurozone: Economic sentiment falls to 11-month low in July

July 30, 2018

Economic sentiment in the Eurozone eased slightly in July, continuing a downward trend seen in recent months. According to the European Commission (EC), the economic sentiment index (ESI) came in at 112.1 points in July, down from 112.3 points in June. July’s result marked an 11-month low. Nonetheless, sentiment in the Eurozone remains elevated in comparison to levels seen over the past two decades.

Lower confidence in the industrial and retail trade sectors drove July’s minor deterioration. The drop, however, was partially offset by higher confidence in the services sector. Meanwhile, consumer sentiment was unchanged from the previous month and employment plans were mixed across sectors. The industrial and construction sectors reported notable downward revisions to their employment plans, while plans improved significantly in the retail trade sector.

Among member countries, economic sentiment decreased in eight economies, including France, Italy and Spain. However, sentiment increased in several other economies, including Germany.

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 3.4% in 2018, which is unchanged from last month’s forecast. In 2019, panelists see investment increasing 3.1%.


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Eurozone Economic Sentiment Chart

Euro Economic Sentiment July 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.
Source: European Commission

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