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Economic sentiment improves in the EU, slips in Hungary

Analysis

The European Union’s Economic Sentiment Indicator (ESI), a measure of business and consumer confidence, increased to 106.6 in July from 105.5 in June, a European Commission report revealed yesterday. Within the Eurozone, the indicator increased to 104 from 103.5, beating analysts’ expectations of 103.3. 

The increase in ESI in the industry, services and retail sectors has been counterbalanced by the decline in consumer confidence in the Eurozone and by a decline in the construction sector in all of the EU. The ESI indicator has dropped to 113.5 from 113.9 in Hungary, which is still the second highest within the EU, only second to Croatia (123.7).

The Hungarian industrial sentiment indicator dropped from 6 to 5.6, the services sector from 8.2 to 7.3, consumer confidence from 25.2 to 23.8, the retail sector from 8.7 to 8.1 and the construction sector’s indicator has fallen to minus 16.8 from minus 9.3.

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