Friday, 22 September 2023
BusinessEconomic confidence rebounds in Spain despite the deterioration in Germany, France and...

Economic confidence rebounds in Spain despite the deterioration in Germany, France and Italy

Economic confidence in the euro zone and the European Union has worsened again in August, according to the Economic Sentiment Indicator (ESI) prepared by the European Commission. The deterioration of this indicator stands out in France (-2.5), Germany (-2.4) and Italy (-1.1). However, highlights the rebound registered in Spain, which experienced the best evolution of the data among the large economies of the Twenty-seven. It also improved in Poland (+1.2) or the Netherlands (+0.2), according to data provided by Brussels.

In the case of Spain, the economic confidence indicator rose in August to 102.4 points from 100.9 the previous month, its best reading since April and the largest monthly increase among the main EU economies. However, the German and Italian data coincide with a reduction in consumer confidence.

Despite signs of a slowdown in the economy and symptoms of job exhaustion, this indicator requires greater confidence and stability in the medium term. In the case of the Spanish rebound, it reflects the improvement in confidence in the services sector, with a reading of 15.4 points in August, the highest since June 2022, as well as the greater confidence in the industry, with a reading of -6.5 points, compared to -9.6 in July.

Conversely, confidence has worsened among consumers, with a reading of -14.8, compared to -11.6 integers in July, as well as in retail trade, with 1.7, compared to 7 points, and in the construction, with 0.9 from 13.5.

In it whole EUeconomic confidence has fell in August for the seventh consecutive monthwith an ESI reading of 92.9 points, compared to 93.5 in July, while the eurozone data has fallen for the fourth consecutive month, to 93.3 points from 94.5 the previous month.

In the case of the Euro zonethe drop in the economic confidence indicator reflects the deterioration observed in industry, as well as in services and among consumers, retail trade and construction.

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