Eurozone: Economic sentiment rises in July despite Brexit
July 28, 2016
Economic sentiment in the Eurozone increased slightly in July, according to the European Commission (EC). The economic sentiment index (ESI) rose from 104.4 in June to 104.6 in July. The result surprised market analysts who had expected sentiment to fall to 103.6 in the wake of the UK’s vote to leave the EU.
Looking at the sectors of the economy, economic sentiment improved in industry and retail trade. However, sentiment in the services sector remained broadly unchanged and consumers were less optimistic in July.
At a country level, sentiment improved notably in Estonia, Slovakia and Slovenia. Regarding the largest economies in the Euro area, an increase in sentiment was recorded in Germany and Italy. However, sentiment fell in France and Spain.