Consumer confidence in eurozone falls

23rd August 2011, Comments 0 comments

Consumer confidence in the eurozone dropped sharply last month, according to figures released on Tuesday by the European Commission.

The commission’s index monitoring countries with the euro went down to -16.6 points in August, compared to -11.2 points in July.

But the picture was even bleaker when other European Union countries outside the eurozone were included. The overall EU index showed a low -16.8 points in August; in July, it measured -12.4.

Factors like the incessant public squabbling between the bloc’s member states, the sluggish pace at which crisis-fighting decisions were taken and the debt mountains in Greece, Portugal and Ireland have contributed to consumer confidence erosion.

Last week’s news that Europe's largest economy, Germany, had grown a meagre 0.1 percent in the second quarter also has major implications for the broader euro area.

© Radio Netherlands Worldwide

© Radio Netherlands Worldwide

0 Comments To This Article