In July, the Economic Sentiment Indicator (ESI) declined sharply in both the EU and the euro area, according to a business and consumer survey conducted by the European Commission's Directorate-General for Economic and Financial Affairs.
The ESI fell by 5.8 points in the EU and by 5.3 points in the eurozone to 88.7 and 89.5 respectively. In both regions, the ESI recorded its largest month-on-month decline since October 2001 to reach its lowest level since March 2003. The confidence indicators fell in all sectors, although the decline was particularly pronounced in services. Confidence also dropped further among consumers.
Almost all countries reported a fall in sentiment in July. Among the large member states, Italy and the UK registered significant drops (-9.6 and -7.2 respectively). Sentiment also decreased considerably in France (-4.7), Germany (-4.2) and the Netherlands (-3.9), while the decline was lower in Poland (-1.9).
In Spain, following a drop of 6.2 points in June, sentiment recovered slightly (+1.2) but is still clearly below its long-term average.
The overall ESI figure for Malta is not available but the confidence indicators fell in the industry and consumer sectors by -15 and -18 respectively.
According to the quarterly survey of manufacturing, carried out in July, capacity utilisation decreased further between April and July in both the EU and the eurozone.
Nevertheless, at 82.8 per cent and 82.9 per cent respectively, it remains above its long-term average in both areas. In Malta manufacturing capacity utilisation decreased from 82.4 per cent to 78.2 per cent between April and July.
Consumer confidence in July fell by -18 in Malta but the figure was far worse in various other countries. In the UK, consumer confidence dropped by -26, in Portugal by -48, in Belgium by -31, in Cyprus by -31, in Italy by -27 and in France by -24. The average figure in both the EU and the eurozone was -20.
The consumer confidence indicator vis-à-vis the financial situation of households over the next 12 months was -13 in both the EU and the eurozone in July while in Malta the figure was -25. Regarding the general economic situation over the next 12 months the EU figure was -32 and the eurozone figure was -30. The figure for Malta was -9.
The Directorate-General for Economic and Financial Affairs conducts regular harmonised surveys for different sectors of the economies in the European Union (EU) and in the applicant countries.
They are addressed to representatives of the industry (manufacturing), the services, retail trade and construction sectors, as well as to consumers.
These surveys allow comparisons among different countries' business cycles and help monitor the evolution of the EU and the eurozone economies, as well as monitoring developments in the applicant countries.
The ESI fell by 5.8 points in the EU and by 5.3 points in the eurozone to 88.7 and 89.5 respectively. In both regions, the ESI recorded its largest month-on-month decline since October 2001 to reach its lowest level since March 2003. The confidence indicators fell in all sectors, although the decline was particularly pronounced in services. Confidence also dropped further among consumers.
Almost all countries reported a fall in sentiment in July. Among the large member states, Italy and the UK registered significant drops (-9.6 and -7.2 respectively). Sentiment also decreased considerably in France (-4.7), Germany (-4.2) and the Netherlands (-3.9), while the decline was lower in Poland (-1.9).
In Spain, following a drop of 6.2 points in June, sentiment recovered slightly (+1.2) but is still clearly below its long-term average.
The overall ESI figure for Malta is not available but the confidence indicators fell in the industry and consumer sectors by -15 and -18 respectively.
According to the quarterly survey of manufacturing, carried out in July, capacity utilisation decreased further between April and July in both the EU and the eurozone.
Nevertheless, at 82.8 per cent and 82.9 per cent respectively, it remains above its long-term average in both areas. In Malta manufacturing capacity utilisation decreased from 82.4 per cent to 78.2 per cent between April and July.
Consumer confidence in July fell by -18 in Malta but the figure was far worse in various other countries. In the UK, consumer confidence dropped by -26, in Portugal by -48, in Belgium by -31, in Cyprus by -31, in Italy by -27 and in France by -24. The average figure in both the EU and the eurozone was -20.
The consumer confidence indicator vis-à-vis the financial situation of households over the next 12 months was -13 in both the EU and the eurozone in July while in Malta the figure was -25. Regarding the general economic situation over the next 12 months the EU figure was -32 and the eurozone figure was -30. The figure for Malta was -9.
The Directorate-General for Economic and Financial Affairs conducts regular harmonised surveys for different sectors of the economies in the European Union (EU) and in the applicant countries.
They are addressed to representatives of the industry (manufacturing), the services, retail trade and construction sectors, as well as to consumers.
These surveys allow comparisons among different countries' business cycles and help monitor the evolution of the EU and the eurozone economies, as well as monitoring developments in the applicant countries.