This economic confidence data for the eurozone worsened again in October, according to the indicator created by the European Commission. It declined to 92.5 points from 93.6 in the previous month, hovering near a two year low. In Spain, data rose to 98 points, the strongest reading since last June, reflecting a positive turn in some indicators within the country.
Economic confidence in the European Union also fell in October. The indicator dropped from 92.4 in September to 90.9 points, marking the lowest level since August 2020 and signaling softer sentiment across multiple EU economies.
Among the largest economies in the EU, confidence shifted differently. Germany posted a decline of 1.0 points, and Italy fell by 0.9 points. The Netherlands and France showed little to no change. Poland and Spain, however, posted gains of 0.4 and 1.4 points respectively, underscoring divergent trends across the bloc.
In Spain, the improved sentiment is linked to better expectations in the industrial sector. The industry component registered a score improvement to -3.9, the best reading since last June. By contrast, consumer confidence remained weak at -31.8, while retail and construction showed modest gains at -2.6 and 13.5 respectively. The service sector confidence posted a decline to 4.7, with the weakest point dating back to April 2021, reflecting ongoing challenges in that segment of the economy.