Eurozone Economic Sentiment


Eurozone: Eurozone sentiment worsens in September

September 29, 2014

The Economic Sentiment Indicator (ESI) published by the European Commission fell to 99.9 points in September, which was down from the 100.6 points recorded in August and below market expectations of 100.0 points. September’s reading marks the lowest level since November last year; moreover, the index is now sitting below its 100-point long-term average.

All categories measured by the ESI deteriorated compared to the previous month, with the exception of services. At a country level, the largest decreases were seen in Finland (-5.8 points) and Austria (-3.5 points). Among the four major economies in the region, sentiment deteriorated in Italy (-0.9 points) and Germany (-0.3 points). Sentiment improved in Spain (+0.5 points) and in France (+0.2 points). Malta boasted the highest confidence level in the region in June with 118.0 points, followed by Slovenia, with 104.4 points.

FocusEconomics Consensus Forecast panelists see private consumption growing 0.7% in 2014, which is unchanged over last month’s projection. For 2015, panelists see consumption expanding 1.1%. Panelists expect investment to grow 2.3% in 2014, which is up 0.1 percentage points from last month’s forecast. In 2015, panelists see investment increasing 2.9%.

Author:, Head of Data Solutions

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Eurozone Economic Sentiment Chart

Euro Economic Sentiment September 2014

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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