The economic mood in the Eurozone worsened in July

By: Trademagazin Date: 2023. 07. 28. 13:14

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In July, the economic sentiment index in the euro area worsened to a greater extent than expected, while consumer sentiment improved in line with the preliminary data published a week ago, according to a survey released on Friday by the European Commission’s Directorate General for Economic and Financial Affairs (DG ECFIN).

The Eurozone’s Economic Sentiment Indicator (ESI) fell by 0.8 points compared to the previous month to 94.5 points, the lowest since October 2022 in July, reflecting slowing economic growth due to the rapid rise in interest rates and high inflation. Analysts had previously expected a less deteriorating July index of 95.0 points.

The economic sentiment index of the European Union decreased by 0.5 points compared to the previous month to 93.6 points. Among the largest national economies in the euro area, the ESI rose in July by 1.3 points, in Poland by 0.9 points, and in Italy by 0.1 points, while in France by 2.3 points, in Germany by 2.1 points, and in the Netherlands by 0.9 points.