Economic sentiment in the eurozone worsened much more than expected, according to data released today.
Optimism fell across all sectors and consumer confidence hit a new record low amid the war in Ukraine and inflation.
The Commission announced that its economic sentiment index fell to 99 points in July from 103.5 points in June, well below the average estimate of a drop to 102 points.
Industrial sentiment worsened to 3.5 points from 7 points in June, against expectations for a drop to 6 points.
Optimism in the services sector, which accounts for more than two-thirds of eurozone GDP, fell to 10.7 from 14.1, compared with estimates for a drop to 13.5.
Sentiment among consumers worsened to -27 from -23.8 points and was the lowest level since readings began in 2000.
The mood was further soured by a further rise in inflation expectations, which moved higher to 42.8 points from 42.6 points in June.
Industry sales price expectations fell to 45.1 points from 50.1 points in June.
Source: Capital
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