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Financial News: Eurozone Economic Confidence Declines Sharply In April

Eurozone Economic Confidence Declines Sharply In April

04/29/2020 - 05:29:00 (RTTNews)

(RTTNews) - Eurozone economic confidence deteriorated sharply amid coronavirus, or covid-19, pandemic in April and reached near the lowest levels seen during the Great Recession in March 2009, survey results from the European Commission showed Wednesday.

The economic confidence index fell to 67.0 in April from 94.2 in March. This was the strongest monthly decline since 1985.

The industrial sentiment index plunged to -30.4 from -11.2 a month ago. This steepest monthly fall on record resulted first and foremost from managers' crashing production expectations, the survey showed.

The services confidence index slid to a record -35.0 from -2.3 largely due to record-breaking deterioration in expected demand and in the assessment of the past business situation and past demand.

The consumer sentiment indicator came in at -22.7, in line with flash estimate, versus -11.6 in the previous month. The stark decline was fueled by households' tumbling expectations concerning the general economic situation and also their own financial situation. The retail trade confidence fell sharply to -28.3 from -8.6 as there was exceptionally strong deterioration in retailers' business expectations.

The construction sentiment indicator declined to -12.8 from +2.3 a month ago. The slump reflected managers' marked corrections to their employment expectations and assessments of the level of order books.

The employment expectations indicator plummeted 30.1 points to 63.7, the lowest level on record.

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