Eurozone: Economic sentiment hits almost two-year low in December
January 8, 2019
Economic sentiment in the Eurozone continued to plunge in December, ending 2018 on a downbeat note. According to the European Commission (EC), the economic sentiment index (ESI) came in at 107.3 points, down from the 109.5 points in November and the worst result in almost two years. December’s reading undershot market expectations of a softer fall to 108.2. Nonetheless, sentiment in the Eurozone remains elevated compared to levels seen over the past two decades.
December’s downturn was broad-based with lower confidence reported in the industrial, services, construction sectors and among consumers. Employment plans worsened in the construction, services and retail trade sectors but were unchanged among manufacturers.
Among member countries, economic sentiment decreased in most countries, including major-players France, Germany, Italy and Spain.