Euro Area Economic Sentiment

Data Sentiment

Source: European Commission
Source Link: https://economy-finance.ec.europa.eu/
Frequency: Semi-Monthly
Next Release(s): September 22nd, 2025 10:00 AM

Latest Updates

The EU Economic Sentiment Indicator (ESI) edged down in August 2025 (EU: -0.3 pts to 94.9; euro area: -0.5 pts to 95.2), while the Employment Expectations Indicator (EEI) improved slightly (EU: +0.6 pts to 98.1; euro area: +0.3 pts to 97.8), with both indicators below their long-term averages.
- Spain saw the sharpest ESI drop (-2.6 pts), followed by Germany (-1.0) and Italy (-1.0), while the Netherlands (+3.5) and Poland (+0.5) posted gains; France was stable (+0.1).
- Industry confidence fell -0.2 pts as weaker production expectations outweighed stable order books; managers’ export order books also worsened.
- Services confidence slipped -0.3 pts on lower past demand assessments, partly offset by improved future demand expectations.
- Consumer confidence declined -0.3 pts, reflecting weaker household financial outlooks, though intentions for major purchases improved.
- Retail trade confidence inched up +0.2 pts, while construction eased -0.3 pts, with fewer citing insufficient demand but more pointing to labor shortages.
- Selling price expectations fell in industry, retail, and construction, but rose again in services; consumer inflation expectations for the next 12 months increased.
- The Economic Uncertainty Indicator eased -0.4 pts to 16.9, with lower uncertainty in services, industry, and retail, but slight increases in construction and among consumers.
Source
The European Commission's flash estimate of the euro area consumer confidence fell -0.8 ppts to -15.5 in August, below expectations of a reading of -14.9.

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The euro area Economic Sentiment Indicator rose +1.6 pts to 95.8 in July, while the EU ESI rose +1.0 pts to 95.3, both still below their long-term average of 100.
- The Employment Expectations Indicator remained broadly stable (euro area: +0.3 pts to 97.5; EU: -0.3 pts to 97.4).
- Industry confidence rose +0.9 pts on improved production expectations and better order book assessments.
- Services (+0.7 pts), retail trade (+0.8 pts), and consumer confidence (+0.3 pts) improved, while construction fell -0.6 pts on weaker employment expectations.
- Selling price expectations increased across sectors, especially in industry and services, with consumer inflation expectations for the next 12 months also rising.
- The Economic Uncertainty Indicator increased +1.0 pt to 17.3, with heightened uncertainty in industry and services, but declines in retail, construction, and among consumers.
Source
The European Commission’s flash estimate of the consumer confidence index increased 0.6 pts to -14.7 in July, above expectation of a smaller improvement to -15.0.

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The euro area Economic Sentiment Indicator fell -0.8 pts to 94.0 in June, while the EU ESI declined -1.0 pts to 94.0, both remaining below their long-term average.
- The euro area Employment Expectations Indicator edged up +0.1 pts to 97.1, still under the 100 long-term benchmark.
- Industry confidence declined -1.6 pts to -12.0, with broad-based weakness across order books, inventories, and production expectations.
- Services (+0.9 pts to 2.9) and consumer confidence (-0.2 pts to -15.3) were broadly stable, while retail trade dropped -0.3 pts to -7.5 and construction rose +0.7 pts to -2.8.
- Price expectations fell in most sectors, including industry, but rose in retail. Consumer inflation expectations moderated yet remained elevated.
- The Economic Uncertainty Indicator (EUI) declined -2.0 pts to 16.4, with reduced uncertainty across most sectors and among consumers.
Source
The euro area Economic Sentiment Indicator (ESI) rose 1.0 pts to 94.8 (vs 94.0 expected) in May 2025, while the EU ESI increased 0.6 pts to 95.2.
- The Employment Expectations Indicator (EEI) increased 0.5 pts in the euro area to 97.0 and 0.6 pts in the EU to 97.5, ending a three-month decline.
- Consumer confidence improved (+1.4 pts to -15.2), reflecting reduced pessimism about the economic outlook and improved intentions to make major purchases.
- Retail trade confidence also rose (+1.9 pts to -7.0), though future business expectations worsened.
- Industry and services confidence were broadly stable, with industry up slightly (+0.7 to -10.3 pts) and services down -0.1 pts to 1.5.
- Selling price expectations fell across all sectors, and consumer price expectations for the next 12 months reversed the April spike.
- The Economic Uncertainty Indicator (EUI) declined -1.9 pts to 18.5, led by lower uncertainty among consumers and managers in industry and retail.
Source
The European Commission’s flash estimate of the consumer confidence index increased -1.4 pts to -15.2 in May, above expectations of a smaller increase to -16.0.

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The euro area Economic Sentiment Indicator fell -1.4 pts to 94.4 in April, below expectations of a smaller drop to 94.5.
- The consumer confidence indicator fell -2.2 pts to -16.7, in line with the early estimate.
- Service sector (-0.8 pts to 1.4) and retail trade (-1.9 pts to -8.9) confidence both declined in April as demand prospects weakened. The services indicator was the lowest since Q4 2022.
- Manufacturing sector confidence fell -0.5 pts to -11.2 as production expectations sharply declined but were partially offset by the current level of orders.
- The Employment Expectations Indicator fell -0.7 pts has retail, services, and construction all pointed to lower employment in the near future.
- Selling price expectations declined slightly in industry and remained stable in services, retail, and construction.
- Consumer price expectations jumped to the highest since late 2022 as the index increased 5.1 pts to 29.6.
Source
The European Commission’s flash estimate of the consumer confidence index fell -2.2 pts to -16.7 in April, the weakest since November 2023 and below expectations of at 15.0 reading.

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The euro area consumer confidence indicator fell -0.9 pts to -14.5 in March, the lowest level since April 2024.
- Services confidence fell -2.0 pts after three-months of stability as all three components deteriorated: managers’ demand expectations, managers’ past demand assessments, and the assessments of the general business situation.
- Retail trade confidence also fell, down -1.8 pts as the assessment the past business situation and business expectations both declined.
- The Employment Expectations Indicator fell -0.7 pts to 97.7, led by declines in the services sector.
- Selling price expectations increased in industry and construction but fell in services.
- Consumer price expectations continued their strong upward trend that began in September 2024.
Source
The euro area flash consumer confidence indicator fell -1.0 pt to -13.9 in March.

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The euro area Economic Sentiment Indicator increased 1.0 pts to 96.3 (vs 96.0 expected) in February with the Employment Expectations Indicator down -1.5 pts to 97.0.
- The consumer confidence indicator improved 0.6 pts to -13.6, a 4-month high. Amongst the business segments, industry saw the largest increase of 1.3 pts to -11.4, above expectations of a smaller increase to -12.
- The consumer inflation expectations index grew 0.9 pts to 21.1, remaining near two year highs.
- Selling price expectations fell considerably in services and construction, and, to a lesser extent, in retail trade, while continuing to edge up in industry.
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