Eurozone Economic Sentiment October 2019


Eurozone: Economic sentiment falls to new multi-year low in October

October 30, 2019

Sentiment in the Eurozone dropped again in October, continuing this year’s downward trend. Economic sentiment fell 0.9 points from September’s 101.7 to 100.8 points. October’s result marked the worst reading since January 2015. Accordingly, sentiment in the Eurozone is only slightly above its long-run average of 100 points.

October’s downturn was nearly broad-based, with confidence dropping among consumers and in the industrial, services and retail trade sectors. Sentiment in the construction sector saw the only improvement in October. Employment plans deteriorated in the industrial sector, however, improved in the services and construction sectors.

Among individual economies, sentiment fell almost across the board, with the most notably declines in Austria, Finland, Luxembourg, Portugal and Spain.

FocusEconomics Consensus Forecast panelists see private consumption growing 1.2% in 2020, which is unchanged from last month’s projection. For 2021, panelists also see consumption expanding 1.2%. Panelists expect investment to grow 1.4% in 2020, which is unchanged from last month’s forecast. In 2021, panelists see investment increasing 1.6%.

Author: Angela Bouzanis, Lead Economist

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Eurozone Economic Sentiment Chart

Euro Area Economic Sentiment October 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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