Eurozone Economic Sentiment December 2015


Eurozone: Economic sentiment jumps to highest level in nearly five years

January 7, 2016

Following a stabilization in November, economic sentiment in the Eurozone ended the year on very high note. According to the European Commission (EC), the economic sentiment index (ESI) rose from 106.1 in November to 106.8 in December. The reading also overshot the 106.0 the markets had expected and marked the highest level since April 2011.

Looking at the sectors of the economy, economic sentiment in industry and services rose notably, while construction saw a mild improvement. Conversely, sentiment moderated among retail trade. Moreover, economic sentiment among consumers continued to rise toward the end of year.

At a country level, an increase in economic sentiment was notable in Austria (+3.1 points), Luxembourg (+1.2 points) and Belgium (+0.9 points). Among the four major Eurozone economies, sentiment was unchanged over the previous month in Germany, while it fell slightly in France (-0.1 points). In Italy, sentiment rose in December (+0.4 points), and it jumped in Spain (+3.4 points).

FocusEconomics Consensus Forecast panelists see private consumption growing 1.6% in 2016, which is unchanged from last month’s projection. For 2017, panelists see consumption expanding 1.6%. Panelists expect investment to grow 2.4% in 2016, which is down 0.1 percentage points from last month’s forecast. In 2017, panelists see investment increasing 2.7%.

Author:, Senior Economist

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Eurozone Economic Sentiment Chart

Euro Economic Sentiment December 2015 0

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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