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27 September 2019

September 2019: Economic Sentiment abates in both the euro area and the EU

In September 2019, the Economic Sentiment Indicator (ESI) decreased markedly in both the euro area (by 1.4 points to 101.7) and the EU (by 1.4 points to the long-term average of 100.0).

Euro area developments

The decrease in euro-area sentiment resulted from a substantial deterioration of confidence in industry, and a slight decline in retail trade, while confidence improved among consumers and remained broadly stable in services and construction. Amongst the largest euro-area economies, the ESI decreased significantly in the Netherlands, Spain (both -3.1) and Germany (-1.2) and, to a lesser extent, Italy (-0.8). The ESI remained broadly unchanged in France (-0.2).

EU developments

A commensurate decline (-1.4) sent the headline indicator for the EU down to its long-term average. While the ESI fell markedly in the UK (-4.5), it remained broadly unchanged in Poland (-0.1). In line with the euro area, confidence worsened markedly in industry, remained broadly stable in services and improved slightly among consumers. However, EU confidence in construction decrease strongly, while improving markedly in retail trade. The rise in EU financial services confidence was in line with euro-area developments.

EU managers' employment expectations brightened in services and retail trade, while they remained broadly stable in industry and worsened markedly in construction. Price expectations declined in services and construction and increased in retail trade and industry.

Full press release

© Eurostat

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