ECONOMIC CLIMATE : SENTIMENT INDICATOR DIPS.

• Position: Brief article - Statistical data

In December 2011, the economic sentiment indicator (ESI) declined slightly, by 0.8 points in the EU and 0.5 points in the eurozone, to 92 and 93.3, respectively. The monthly report published by the European Commission, on 6 January, presenting the results of economic sentiment surveys of businesses and consumers, shows that this general decline results from weakening confidence in services, construction and among consumers, while sentiment improved in retail trade and remained broadly stable in industry.

Among the largest member states, the biggest decreases in the ESI were reported in Poland (-5), Italy (-4.6), Spain (-1.3) and to a lesser extent the United Kingdom (-0.5). The indicator remained stable in France (+0.1) but improved in the Netherlands (0.8) and Germany (1). The ESI is above its long-term average only in Germany.

The relative stability...