Eurozone Economic Sentiment October 2017

Eurozone

Eurozone: Economic sentiment surges to the highest level since January 2001

October 30, 2017

The European Commission (EC) reported that economic sentiment in the Eurozone rose in October, recording the best result in over 17 years. The economic sentiment index (ESI) increased from September’s 113.1 to 114.0. The result overshot market analysts’ expectations of a smaller rise to 113.3. Economic sentiment has surged in the Eurozone in the past year despite a number of political uncertainties including the Catalan crisis, a more fragmented German parliament and Brexit.

The survey revealed higher sentiment in the manufacturing, retail trade, services and construction sectors. In contrast, confidence among consumers was largely unchanged. Employment plans improved across all sectors, a good sign for the region’s labor market.

At a country level, economic sentiment rose strongly in Germany and Italy. However, sentiment was broadly stable in the Netherlands and Spain, while it fell in France.

FocusEconomics Consensus Forecast panelists see private consumption growing 1.6% in 2018, which is unchanged from last month’s projection. For 2019, panelists see consumption expanding 1.5%. Panelists expect investment to grow 3.2% in 2018, which is up 0.1 percentage points from last month’s forecast. In 2019, panelists see investment increasing 2.6%.


Author: Angela Bouzanis, Senior Economist

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