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

In January, the Economic Sentiment Indicator (ESI) for the EU and the euro area declined again, but less sharply than in the last three months of 2008.

Article updated on 2 February 2009

In January, the Economic Sentiment Indicator (ESI) for the EU and the euro area declined again, but less sharply than in the last three months of 2008. It fell by 3.5 points in the EU and by 1.8 points in the euro area, to 63.1 and 67.1, respectively. The indicators for both regions stand at their lowest levels since the current series was launched in January 1985.

The fall in the ESI for both the EU and the euro area is attributed to a general decline in confidence in all sectors, except for the retail trade sector which remained unchanged. Services (-4.9 points in the EU and -4.7 in the euro area) and construction (-4.0 and -3.3, respectively) declined the most among all the five sectors. The industrial confidence indicator dropped by 1.8 points in the EU and by 0.5 in the euro area, while consumer sentiment dropped by 2.3 points in the EU and by 0.8 in the euro area.

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