Eurozone economic sentiment recovers slightly in November

The Euro Area Economic Sentiment Indicator (ESI) rose by 0.1 points to 95.8 in November 2024, surpassing market expectations of 95.1.

Eurozone economic sentiment recovers slightly in November

The increase in confidence in industry (-11.1 vs -12.6) and retail trade (-4.4 vs -7.7) was partially offset by declines in services (5.3 vs 6.8) and consumer sentiment (-13.7 vs -12.5). Confidence in construction remained unchanged at 4.8. Among the largest EU economies, the ESI improved in France (+3.0), Spain (+2.1), the Netherlands (+1.5), and Poland (+0.7), while it declined in Germany (-1.3) and slightly in Italy (-0.3).

Industrial confidence improves but remains negative

In the industrial sector, the confidence indicator in the Euro Area unexpectedly increased to -11.1 in November 2024, up from -12.6 in October, outperforming forecasts of -13.2. Improvements were observed in production expectations (2.4 vs 0.8), order books (-25.4 vs -27.7), and foreign market orders (-28.7 vs -30.4). However, other indicators worsened, including employment (-5.5 vs -5.4), selling price expectations (7.1 vs 6.1), and stocks of finished products (10.2 vs 10.8).