You are here

Eurozone consumer confidence falls in July after Brexit vote

Wednesday, July 20, 2016 - 22:27

[BRUSSELS] Eurozone and European Union consumer confidence fell markedly in July, the European Commission said on Wednesday releasing its monthly indicator, in a new sign of weaker morale after the 23 June British vote to leave the European Union.

The Commission's flash estimate showed eurozone consumer morale decreased by 0.7 points to -7.9 in July from an upwardly revised -7.2 in June. The June figure was previously estimated at -7.3.

Economists polled by Reuters had estimated a slightly higher drop, forecasting a consumer confidence fall to -8.0 in July.

The marked drop in July follows a slight fall in June and two consecutive rises in April and May.

Market voices on:

The figures for the European Union as a whole showed a much worse drop of 1.8 points to -7.6, a level not seen in two years. The indicator for the bloc as a whole is now below the eurozone indicator for the first time in years.

The estimates released by the Commission confirm the post-Brexit vote downward confidence trend already seen in Germany on Tuesday when the Mannheim-based ZEW institute said its economic sentiment index sank to -6.8 points in July from 19.2 in June.


Pair your daily business read with the perfect cup of espresso.

Subscribe to The Business Times today to receive your very own Nespresso Inissia coffee machine worth $188.

Find out more at

Powered by GET.comGetCom