Economic sentiment “crashed” in both Eurozone and EU in April. Eurozone Economic Sentiment Indicator dropped -27.2 pts to 67.0. EU ESI dropped -28.8 pts to 65.8. These were the strongest decline in the ESI on record since 1985. The indicators are now far below their long run averages of 100 and very close to the lowest levels registered during the Great Recession in 2009.
Industrial confidence dropped -19.2 to -30.4, steepest monthly fall on record, but remained above 2009 low. Services confidence dropped -32.7 pts to record low of -35.0. Consumer confidence dropped -11.1 to -22.7> retail trade confidence dropped -19.7 to -28.3. Employment expectations dropped -30.1 to 63.7.
Amongst the largest euro-area economies, the ESI crashed in the Netherlands(-32.6), Spain (-26.0), Germany (-19.9), and France (-16.3),2 while no data could be collected in Italy due to the strict confinement measures.
