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Economic sentiment drops slightly again in both the EU and the euro area

In February, the Economic Sentiment Indicator (ESI) for the EU and the euro continued to decline.

Article created February 26, 2009.

 The ESI fell by 2.2 points in the EU, a much smaller fall than that recorded in January, and by 1.8 points in the euro area, which in contrast was similar to the decline observed in January. The ESIs now stand at 61.0 and 65.4 respectively – the lowest levels since the current series of the indicator was launched in January 1985.

The fall in the ESI for both the EU and the euro area can be attributed to a general decline in confidence in all sectors, except for the retail trade which slightly improved – by 1 point – in both areas. Industry (-4 points in the EU and -3 in the euro area) was the sector which saw the biggest decline. The construction confidence indicator dropped by 2 points in both the EU and the euro area. Both service and consumer sentiment dropped by 1 point in the EU and by 1 and 2 points respectively in the euro area.

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