European economic confidence drops to two-year low

Economic confidence in Europe has fallen to its lowest level in two years, according to the latest official data.

The European Commission’s economic sentiment indicator for November dropped by one point in the EU and by 1.5 in the eurozone, falling to 92.8 and 93.7, respectively, as concerns the region is on the brink of another recession persist.

A statement from the commission adds: “The decline resulted from a broad-based deterioration in sentiment across the sectors. Confidence remained broadly unchanged only in the construction sector.”

France reported the biggest decrease in economic confidence this month, with a fall of 3.7 points, followed by declines in the Netherlands and the UK. Only Germany’s economic sentiment indicator remains above its long-term average.

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