Eurozone: Economic sentiment inches up in July
July 28, 2017
The European Commission (EC) reported that economic sentiment in the Eurozone was broadly unchanged in July, holding at the best result in nearly a decade. The economic sentiment index (ESI) increased from 111.1 to 111.2. The result overshot market analysts’ expectations of a slight fall to 110.8.
Looking at the result in detail, July’s result was due to higher sentiment in the services sector which offset weaker confidence in the financial services and retail trade sectors. Consumer confidence weakened slightly while confidence in the construction sector rose.
At a country level, economic sentiment rose in Germany and the Netherlands. In contrast, economic sentiment in Italy, France and Spain worsened compared to the previous month.