Eurozone economic sentiment dropped further in July

July 30, 2012 04:19 pm | Updated 04:48 pm IST - Brussels

Economic sentiment in the crisis-stricken eurozone registered another fall in July, the fourth consecutive drop since March, the European Commission said Monday.

The European Union’s executive, which compiles the closely watched Economic Sentiment Indicator (ESI), said the index in the 17-member currency bloc had fallen 2 points from June, to 87.9.

While the decline resulted from lower confidence in all sectors entering the calculation, the eurozone saw particularly sharp falls in confidence among industry and consumers, the commission said in a statement.

The ESI readings were negative in Germany (-3.7 points), France (-2.3 points) and Spain (-1.7 points), but positive in Italy (+1.3 points) and the Netherlands (+0.6 points).

In the 27 member EU, the ESI decreased by 1.4 points, to 89, the third-consecutive drop since March. However, sentiment picked up in Britain (+1.7 points) and was almost stable in Poland (-0.1 points).

Another eurozone economic index, the Business Climate Indicator (BCI) was also down in July, the commission said. The BCI has been in decline since March.

0 / 0
Sign in to unlock member-only benefits!
  • Access 10 free stories every month
  • Save stories to read later
  • Access to comment on every story
  • Sign-up/manage your newsletter subscriptions with a single click
  • Get notified by email for early access to discounts & offers on our products
Sign in

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.