Eurozone economic sentiment dropped sharply in March as Russia’s invasion of Ukraine drove consumer confidence to plunge and their inflation expectations rising to record highs.
- The EU’s economic sentiment index for the 19 countries sharing the euro fell to 108.5 in March from a downwardly revised 113.9 in February.
- Consumer confidence suffered the largest drop, falling to -18.7 in March from -8.8 in February, as sentiment in the industry dropped to 10.4 from 14.1.
- Confidence in the retail sector also dropped to 0.2 in March from 5.5 in February. Selling price expectations among manufacturers jumped to a record-high of 58.1 in March from 49.8 in February.
- Consumer inflation expectations also rose to a record high, hitting 59.8 points compared to 37.7 in February.
The employment expectations indicator (EEI) dropped by -0.9 points to 115.5 in the euro area.
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Source: European Commission