Eurozone: Economic sentiment stabilizes at four-year high in November
November 30, 2015
Following five consecutive increases, Eurozone economic sentiment stabilized in November as lower morale among businesses offset improving consumer confidence. According to the European Commission (EC), the economic sentiment index (ESI) stood at October’s revised 116.1 in November (previously reported: 115.9), remaining at the highest level in four years. The reading also overshot the 115.9 the markets had expected.
Looking at the sectors of the economy, economic sentiment fell in industry and retail trade. Conversely, it improved in services and construction. Moreover, economic sentiment among consumers rose notably over the previous month.
At a country level, an increase in economic sentiment was notable in the Netherlands (+3.1 points), Luxembourg (+2.0 points) and Belgium (+1.8 points). Among the four major Eurozone economies, sentiment fell slightly in Germany (-0.1 points), France (-0.6 points) and Italy (-0.1 points), while it inched up in Spain (+0.2 points).
Author: Ricardo Aceves, Senior Economist