​Confidence in the Eurozone economy fell in October to the lowest level in the last almost three years, the DPA agency reported, cited by Agerpres.

According to data released by the European Commission on Monday, the Economic Sentiment Index (ESI) decreased by 0.1 points compared to the previous month to 93.3 points. This is the index’s lowest level since November 2020 and the sixth consecutive decline, although analysts had expected a sharper rebound to 93 points.

Consumer sentiment fell in manufacturing and retail, but improved in services and construction.

While confidence improved in Spain and Germany, France and Italy became more pessimistic. The European Commission cut its growth estimates for the eurozone to 0.8% in 2023 from 1.1% previously and to 1.3% in 2024 from 1.6% previously.

ECB forecasts are even more pessimistic: GDP will grow by 0.7% in 2023 and by 1% in 2024.

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