Confidence in the euro-zone economy dropped in June to its lowest level in nearly 5 years. The European Commission’s economic sentiment indicator for the 15 countries that use the euro fell 2.5 points to 94.6 “” the lowest point since August 2003, when the indicator stood at 93.4.
Confidence indicators declined in all industry sectors except for services and a large majority of EU countries also saw indicators of confidence decline. Spain registered a 6.2 drop for June, from 79.2 in May, while Germany fell 1.5 points to 101.5. The Netherlands and Portugal were the only euro-area countries to see a marginal increase in confidence indicators and outside the currency zone, Britain and Slovakia also saw slight rises.