First published on
21 January 2022
Technical Paper 053

European Business Cycle Indicators – 4th Quarter 2021 - Focus on investment activity and business sentiment across subsectors after COVID


The special topic in this EBCI takes a look at detailed business survey data for individual branches so as to identify which activities have been most or least affected since the beginning of the COVID crisis. It turns out that sentiment among managers in contact-intensive services was hardest hit in the first two COVID-waves and, following a steep rebound in spring/summer, again took a hit in the current COVID wave. By contrast, business sentiment in industry has in almost all cases fully recovered from the steep fall suffered during the initial COVID wave.


European Commission

Information and identifiers

Technical Paper 053. January 2022. Brussels. PDF. 38p. Tab. Graph. Bibliogr. Free.

KC-BF-22-001-EN-N (online)                         
ISBN 978-92-76-46499-0 (online)                 
ISSN 2443-8049 (online)
doi:10.2765/021837 (online)                           

JEL classification: O


European Economy Technical Papers are reports and data compiled by the staff of the European Commission’s Directorate-General for Economic and Financial Affairs.


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