According to data collected earlier this month, the economic confidence of European countries suffered the worst monthly decline since a record in 1985, which was collected earlier this month before countries imposed a blockade against the coronavirus.
European Commission on Business confidence Within the EU, the percentage in March fell from 103 to 94.8, a decrease of 8.2 percentage points, and was below the long-term average of 100 for the first time since January 2015.
Driven by Italy, the euro area fell even more. Italy first introduced lock-in measures. The economic confidence index plummeted 17.6 points to 83.7, the lowest level since 2013. In the euro zone's two largest economies, Germany and France, they fell 9.8 points and 4.9 points, respectively, while the overall prosperity index fell due to lower business expectations.
Since a record in 1996, the EU's economically dominant services sector has experienced the largest monthly decline in business expectations for the next quarter, down 23 percentage points. Germany's monthly decline is 30%, and Italy's monthly decline is 44%.
Although the numbers have fallen sharply, the committee warned that they have not yet shown the full impact of the coronavirus, as most of the data was collected in late February and early March.
The European Commission said field investigations in each country after the blockade had been implemented were "effectively stopped."
Jack Allen-Reynolds, senior European economist at Capital Economics, said the data showed that the entire EU economy was stagnant, but noted that the record decline still "underestimated the decline in economic activity , And may worsen in April. "
The survey looked at several aspects of the economy. Employment expectations in the European Union have been hit the hardest, falling from a 4.5% long-term average in February to a 5.2% long-term average in March. The commission said the biggest declines in employment expectations were in the services and retail sectors, adding that "consumer unemployment expectations are rising."
Despite the UK's departure from the European Union, the data still includes the UK. Prior to social segregation, Britain's economic climate declined sharply in the first half of March. The sentiment index fell from a February low of 95.5 to March's 92, reversing some of the British Prime Minister Boris Johnson's gains after winning the December election.
Samuel Tombs, a British economist at the Pantheon Institute of Macroeconomics, said Britain's "slight decline should not give people any comfort" as the date of the survey's collection represents a serious effort by the UK The period before this disease.
Sweden, it refuses to close or establish schools Strict restrictions As far as the movement of its citizens is concerned, it has not escaped a sharp decline in business sentiment. The index fell 5.5 percentage points to 93.5. The mood in the services sector has been hit particularly hard.