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Economic sentiment decreases further in both the EU and the euro area

In June, the Economic Sentiment Indicator (ESI) continued to decline in both the EU and the euro area. 

Article created on 27 June 2008

The ESI fell by 2.5 points in the EU and by 2.7 points in the euro area, to 94.6 and 94.9 respectively. In both regions, the ESI remains below its long-term average.

The sectoral developments in the two areas were broadly similar and were characterised by a fall in all confidence indicators except for services, which increased slightly. The decline in confidence in the manufacturing sector was more marked in the euro area than in the EU.

The large majority of countries reported a fall in sentiment in June. Among the large Member States, Spain registered a significant drop (-6.2), while declines were more moderate in France (-2.7), Germany (-1.5), and Italy (-0.1). In the UK, sentiment recovered (+2.1) but still remains below its long-term average.

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