Eurozone Economic Sentiment November 2019


Eurozone: Economic sentiment picks up in November

November 28, 2019

Economic sentiment in the Eurozone ticked up to 101.3 points in November from October’s 100.8, which had marked the worst reading since January 2015. Consequently, sentiment in the Eurozone moved further above its long-run average of 100 points.

November’s uptick was nearly broad-based, with confidence improving among consumers and in the industrial, services and retail trade sectors; deteriorating sentiment in the construction sector, however, bucked the trend. Meanwhile, employment plans were largely unchanged in the services and retail sales sectors, and deteriorated in the industrial sector.

Among individual economies, sentiment strengthened almost across the board among the largest economies of the Euro area, with increases recorded in France, Germany and Spain. On the flip side, sentiment dipped in Italy and fell more markedly in the Netherlands.

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: Massimo Bassetti, Senior Economist

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Eurozone Economic Sentiment Chart

Euro Area Economic Sentiment November 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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