Confidence index in the eurozone in April showed a record decline
US, WASHINGTON (ORDO NEWS) — The index of economic sentiment in the eurozone in April fell at a record pace, as measures to combat coronavirus undermined economic activity, data from the European Commission showed.
The composite index of business and consumer confidence in the eurozone economy fell to 67 points from 94.2 points in March. The decrease was the highest since the beginning of measurements in 1985.
Interviewed Reuters experts on average predicted a drop in the index to 74.7 points.
The indicator of sentiment in the service sector fell from -2.3 to -35 points.
The situation also worsened in the industrial sector, where the sentiment indicator fell from -11.2 to -30.4 points.
The retail sentiment indicator dropped from -8.6 to -28.3 points.
The consumer confidence index in April fell from -11.6 to -22.7 points.
Meanwhile, the mood indicator in the construction sector fell from 2.3 to -12.8 points.
Luis de Gindos, vice president of the European Central Bank , said earlier this month that amid the coronavirus pandemic, Europe is likely to face a more serious recession than the rest of the world, and its economy may not show clear signs of recovery until 2021.
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