The Index for the Economic Climate in the Eurozone and in the EU plunged in March. with consumer confidence plummeting amid escalating war in Ukraine, according to data released today by the European Commission.
In particular, the Economic Climate Index fell in March by 5.3 points in the EU. at 107.5 points and by 5.4 points in the Eurozone at 108.5 points, as announced by the Commission.
Among the largest EU economies the index fell rapidly in France (-7.1), Spain (-6.5), Germany (-4.3) and to a lesser extent in Poland (-3.0) and Italy (-2.6), while improved in the Netherlands (+0.5). It also fell in Greece to 113.2 points from 114 in February.
The Commission data showed that consumer confidence fell by 9.4 points, mainly due to the collapse of households’ expectations for the general economic situation in their country but also for their financial situation in the future.
Finally, the Commission Index of Economic Uncertainty jumped 10.7 points to 25.8 points in March, leading to growing uncertainty about the impact of the war in Ukraine on the future economic situation of consumers and businesses.
Source: Capital
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