Eurozone Economic Sentiment Eases in December

2026-01-08 10:19 By Joana Ferreira 1 min. read

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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Eurozone Economic Sentiment Hits 3-Year High
The Eurozone Economic Sentiment Indicator (ESI) climbed to 99.4 in January 2026, up 2.2 points from a revised 97.2 in December and well above market expectations of 97.0, marking its highest level since January 2023. Sentiment among service providers rose to 7.2, the strongest since January 2024, while manufacturers’ confidence improved to -6.8, the best reading since May 2023. Consumer confidence also strengthened, reaching -12.4, its highest since February 2025. On the pricing front, consumer inflation expectations eased 2.6 points to 24.1, and manufacturers’ selling price expectations fell 0.8 points to 10. Among the bloc’s largest economies, the ESI rose in France (+5.8), Germany (+3.0), the Netherlands (+2.3), Spain (+1.7), and Italy (+1.3).
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Eurozone Economic Sentiment Eases in December
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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Eurozone Economic Sentiment Rises Slightly
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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