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European Economic Confidence Drops to 5-Year Low
Jun 30, 2008
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Confidence in the euro-zone economy dropped in June to its lowest level in nearly 5 years. The European Commission's economic sentiment indicator for the 15 countries that use the euro fell 2.5 points to 94.6 — the lowest point since August 2003, when the indicator stood at 93.4.Confidence indicators declined in all industry sectors except for services and a large majority of EU countries also saw indicators of confidence decline. Spain registered a 6.2 drop for June, from 79.2 in May, while Germany fell 1.5 points to 101.5. The Netherlands and Portugal were the only euro-area countries to see a marginal increase in confidence indicators and outside the currency zone, Britain and Slovakia also saw slight rises.

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