Confidence Has Fallen In France Germany Italy And Spain

Consumers in the Euro Zone are more pessimistic in August

Confidence has fallen in France, Germany, Italy and Spain

Consumers in the Euro Zone have become more pessimistic in August. The European Commission's consumer confidence index fell to -8.0 in August, the lowest level since May 2020. The index is based on a survey of 23,000 consumers in the eurozone and measures their confidence in the economy, their personal finances, and their savings. The decline in consumer confidence is a sign that the economic recovery in the eurozone is slowing down.

France

Consumer confidence in France fell to -9.0 in August, the lowest level since April 2020. The decline in consumer confidence is due to a number of factors, including the rising cost of living, the war in Ukraine, and the recent interest rate hike by the European Central Bank.

Germany

Consumer confidence in Germany fell to -8.7 in August, the lowest level since May 2020. The decline in consumer confidence is due to a number of factors, including the rising cost of energy, the war in Ukraine, and the recent interest rate hike by the European Central Bank. GDP growth in the second quarter of the year was a mere 0.1%, the weakest increase in two years. The Bundesbank said it "expects the German economy to contract slightly in the third quarter of 2022."

Italy

Consumer confidence in Italy fell to -11.4 in August, the lowest level since May 2020. The decline in consumer confidence is due to a number of factors, including the rising cost of living, the war in Ukraine, and the recent interest rate hike by the European Central Bank. More than 50% of the country’s natural gas comes from Russia, and the country faces potential shortages this winter if the conflict continues.

Spain

Consumer confidence in Spain fell to -13.2 in August, the lowest level since May 2020. The decline in consumer confidence is due to a number of factors, including the rising cost of living, the war in Ukraine, and the recent interest rate hike by the European Central Bank. The Spanish economy has been weakened by inflation reaching 10.8% in July -- the highest rate since 1984.