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EU, eurozone economic sentiment slips in May

Economic sentiment for the European Union and the euro area and the business climate indicator for the eurozone fell in May, the European Commission reported May 30.

Economic sentiment in the euro area fell to 109.2 points, from 109.7 in April, and by 1.0 point to 109.7 in the EU.

The moderation in euro-area sentiment resulted from decreases in services and retail trade confidence, while confidence in industry, construction and among consumers remained broadly stable at high levels. Among the largest euro-area economies, sentiment rose strongly in France, by 1.5 points, while it decreased by 2.1 points in the Netherlands.

Financial services confidence, not included in the economic sentiment indicator, dropped due to worsened assessment by managers of the past business situation, past demand and expected demand.

The more pronounced moderation in the headline indicator for the EU was mainly due to deterioration of sentiment by 2.3 points in the U.K. and a smaller decrease in Poland. In line with the euro area, confidence remained broadly stable in industry and among consumers. Confidence worsened more markedly than in the euro area in services and retail trade and also decreased in the construction sector. Financial services sector confidence deteriorated only slightly.

Meanwhile, the eurozone business climate index dropped to +0.90 in May from +1.10 in April.