Economic sentiment in the Eurozone worsened more than expected
18:41
In July, there was a clear deterioration in economic sentiment in the Eurozone. This could suggest an anticipated economic growth stagnation, according to Bloomberg.
The economic sentiment indicator, compiled by the European Commission, declined to 94.5 points in the estimation for July 2023, down from 95.3 points the previous month. The reading turned out weaker than economists had expected. The median of their forecasts suggested a decrease to 95 points. Importantly, all components of the index, except for retail trade, experienced a decline.
In the services sector, the largest sector of the Eurozone's economy, the sentiment index dropped to 5.7 points in July, proving slightly better than the anticipated decline of 5.4 points.
