It will take time to get back to pre-covid levels

Economic Confidence Improves in Europe, But All Other Components Remain Negative

Posted Friday, August 28, 2020 by
Skerdian Meta • 1 min read

The economic confidence tumbled lower in the Eurozone during the coronavirus lock-downs, as well as the consumer confidence. The reopening was expected to turn things where they were before the pandemic, with economists expecting a v-shape recovery, but that’s not exactly happening.

Or at least, it will take much longer to get back to where we were pre-covid, than the time it took for the global economy to sink. After all, it’s much easier to break something, than to fix it. The economic confidence is recuperating in the Eurozone, but all other confidence indicators remain negative.

Latest data released by Eurostat – 28 August 2020

  • Economic confidence 87.7 points vs 85.0 expected
  • Prior economic confidence 82.3 points
  • August final consumer confidence -14.7 points
  • Prelim consumer confidence -14.7 prelim
  • Industrial confidence -12.7  points vs -13.0 expected
  • Prior Industrial confidence -16.2 points
  • Services confidence -17.2 points vs -23.0 expected
  • Prior services confidence -26.1 points
There are continued improvements to overall economic sentiment within the euro area this month and that reflects the ongoing optimism surrounding the recovery for the time being. With fears of a second virus wave brewing, it remains to be seen if the optimism can be justified as we look towards the latter stages of the year.
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