Eurozone Economic Sentiment

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Eurozone: Eurozone economic sentiment rises marginally in August

August 28, 2015

The Eurozone is enjoying a period of relative calm, following the recent Greek drama. The Economic Sentiment Indicator (ESI), which is elaborated by European Commission, edged up to 104.2 from 104.0 in July. Although the increase over the previous month was nearly unperceivable, the index reached its highest level in four years. August’s result also overshot the 103.8 the markets had expected.

The increase in sentiment was pronounced in the services sector, while retailing reported a mild rise over the previous month. Conversely, the economic sentiment in the industrial sector deteriorated compared to July. Meanwhile, consumer confidence improved over the previous month.

At a country level, a decrease in economic sentiment was notable in Greece (-6.1 points), Malta (-1.9 points) and Portugal (-1.5 points). Conversely, higher readings were observed in Cyprus (+4.6 points), Belgium (+2.2 points) and Slovenia (+5.4 points). Among the four largest Eurozone economies, sentiment in Germany fell mildly over the previous month (-0.2 points), while in France it rose (+0.9 points). Meanwhile, economic sentiment in Italy decreased (-0.6 points), while in Spain it improved notably (+1.7 points).

FocusEconomics Consensus Forecast panelists see private consumption growing 1.5% in 2015, which is unchanged from last month’s projection. For 2016, panelists see consumption expanding 1.3%. Panelists expect investment to grow 1.3% in 2015, which is up 0.1 percentage points from last month’s forecast. In 2016, panelists see investment increasing 2.7%.


Author:, Senior Economist

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Euro Economic Sentiment August 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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