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Eurozone consumer confidence drops sharply in August

(Xinhua)

09:51, August 24, 2011

BRUSSELS, Aug. 23 (Xinhua) -- Consumer confidence in the 17-member eurozone dropped sharply in August, according to a flash estimate of the European Commission released on Tuesday.

Consumer confidence indicator of the eurozone dropped from minus 11.2 in July to minus 16.6 in August, while the same index of the European Union (EU) countries declined from minus 12.4 in July to minus 16.8 this month.

Meanwhile, the economic sentiment indicator (ESI) for the 17-nation bloc sharing the euro fell by 2.2 points to 103.2, while the monthly indicator, based on business and consumer surveys, also dropped by 2.2 points to 102.4 in the EU, the European Commission said.

According to the surveys, confidence in all the sectors fell in July in the eurozone, with the biggest losses seen in industry and services.

With a high jobless rate and the worsening sovereign debt crisis, analysts said that confidence of consumers and producers in the eurozone is sure to be dented.

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