Eurozone Economic Sentiment


Eurozone: Economic sentiment stabilizes at four-year high in November

November 30, 2015

Following five consecutive increases, Eurozone economic sentiment stabilized in November as lower morale among businesses offset improving consumer confidence. According to the European Commission (EC), the economic sentiment index (ESI) stood at October’s revised 106.1 in November (previously reported: 105.9), remaining at the highest level in four years. The reading also overshot the 105.9 the markets had expected.

Looking at the sectors of the economy, economic sentiment fell in industry and retail trade. Conversely, it improved in services and construction. Moreover, economic sentiment among consumers rose notably over the previous month.

At a country level, an increase in economic sentiment was notable in the Netherlands (+3.1 points), Luxembourg (+2.0 points) and Belgium (+1.8 points). Among the four major Eurozone economies, sentiment fell slightly in Germany (-0.1 points), France (-0.6 points) and Italy (-0.1 points), while it inched up in Spain (+0.2 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 November 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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