Zone euro Indice de l'optimisme économique

The economic sentiment indicator (ESI) in the Euro Area increased for the first time in three months to 94.8 in May 2025 from an upwardly revised 93.8 in April, and above forecasts of 94. However, the reading remains below its long-term average of 100. Improvements were seen for industrials (-10.3 vs -11), retailers (-7 vs -8.9), constructors (-3.6 vs -4.1) and consumers (-15.2 vs -16.6). In contrast, services confidence weakened to a four-year low (1.5 vs 1.6). On the pricing front, consumer inflation expectations declined to 23.6 from 29.4 which was the highest level since November 2022, and manufacturers’ selling price expectations fell to 7.9 from 10.6. Among the largest EU economies, the ESI improved in Germany (91.5 vs 90) and Italy (98.6 vs 95.8) but worsened in France (93.1 vs 96.6) and Spain (103.4 vs 103.8).