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Economic Sentiment Indicator (ESI) declines further in both the EU and the euro area in August

It fell by 1.9 points in the EU and by 0.7 of a point in the euro area, to 86.9 and 88.8 respectively. In the EU, the ESI reached its lowest level since December 1993.

Article created on 29 August 2008

The overall decrease in sentiment in the EU was characterised by a fall in all business sectors, whereas only consumer confidence improved slightly. Both industrial confidence and construction confidence fell below their respective long-term averages.

In the euro area, the fall in overall sentiment was caused by lower confidence in industry and retail trade, while the other three components improved. Consumer confidence rose in both areas for the first time after a continuous decline throughout the year.

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