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Eurozone economic confidence weakens in May

Staff Writer |
Eurozone economic confidence weakened in May, survey results from the European Commission showed Tuesday.

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The economic confidence index declined to 109.2 in May from 109.7 in the previous month.

The score was forecast to improve to 110.1.

The moderation in sentiment resulted from decreases in services and retail trade confidence, while confidence in industry, construction and among consumers remained broadly stable at high levels.

The industrial sentiment index rose to 2.8 from 2.6 a month ago. Economists had forecast the indicator to rise to 3.1.

The services confidence indicator dropped to 13.0 from 14.2 in April. Likewise, the retail trade confidence index came in at 2.0 versus 3.1 in April.

Meanwhile, the consumer sentiment index improved to -3.3, in line with expectations, from -3.6 in the prior month.

Another report from EU showed that the business sentiment index dropped to 0.90 in May from 1.10 in April.

The correction was driven by managers' sharply worsened assessment of the past production and the stocks of finished products.

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