Eurozone Economic Sentiment Rises Slightly

2025-11-27 10:12 By Joana Ferreira 1 min. read

The Eurozone Economic Sentiment Indicator (ESI) inched up to 97.0 in November 2025 from 96.8 in October, matching market expectations and marking its highest reading since April 2023.

Despite the improvement, the index remains below its long-term average.

Confidence rose among service providers (5.7 vs. 4.2 in October), retailers (-5.7 vs. -6.9), and constructors (-1.7 vs. -2.5), while sentiment among manufacturers weakened (-9.3 vs. -8.5) and consumer confidence remained unchanged at -14.2.

On the pricing front, the consumer inflation expectations index climbed 1.2 points to 23.1, while the gauge for manufacturers’ selling price expectations increased 2.1 points to 9.9.

Among the bloc’s largest economies, the ESI improved in Spain (+2.0), Italy (+1.1), and France (+0.8), while remaining broadly stable in Germany and the Netherlands (both -0.3).



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The Eurozone Economic Sentiment Indicator (ESI) edged down to 96.7 in December 2025 from a 31-month high of 97.1 in November, coming in slightly below market expectations of 97 and remaining under its long-term average. Confidence weakened among service providers (5.6 vs. 5.8), retailers (-6.9 vs. -5.7), and consumers (-13.1 vs. -12.8). In contrast, sentiment improved modestly in manufacturing (-9.0 vs. -9.3) and construction (-1.3 vs. -1.6). Inflation expectations showed renewed upward pressure. The consumer inflation expectations index rose by 2.4 points to 26.7, while manufacturers’ selling price expectations increased by 1 point to 10.9. Among the euro area’s largest economies, sentiment declined in Germany (-1.1), France (-0.9), Italy (-0.6), and Spain (-0.5), while the Netherlands was the sole major economy to record an improvement (+0.5).
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The Eurozone Economic Sentiment Indicator (ESI) inched up to 97.0 in November 2025 from 96.8 in October, matching market expectations and marking its highest reading since April 2023. Despite the improvement, the index remains below its long-term average. Confidence rose among service providers (5.7 vs. 4.2 in October), retailers (-5.7 vs. -6.9), and constructors (-1.7 vs. -2.5), while sentiment among manufacturers weakened (-9.3 vs. -8.5) and consumer confidence remained unchanged at -14.2. On the pricing front, the consumer inflation expectations index climbed 1.2 points to 23.1, while the gauge for manufacturers’ selling price expectations increased 2.1 points to 9.9. Among the bloc’s largest economies, the ESI improved in Spain (+2.0), Italy (+1.1), and France (+0.8), while remaining broadly stable in Germany and the Netherlands (both -0.3).
2025-11-27