Eurozone economic confidence falls for 10th month running
Eurozone economy
(BRUSSELS) - Consumer and business confidence in the eurozone economy fell for the 10th month in a row in December, the European Commission said Friday as fears of recession loomed large over Europe.
"The overall decline in the EU resulted from weakening confidence in services, construction and among consumers," the commission said in its monthly survey.
Sentiment, however, improved in retail trade and remained broadly stable in industry, the European Union's executive arm added.
Amid concerns that Europe is heading towards recession, the Economic Sentiment Indicator (ESI) dropped by 0.5 points to 93.3 in the 17-nation eurozone and by 0.8 percent to 92 in the wider 27-nation EU.
Among nations in the debt-laden eurozone, sentiment rebounded in Germany, rising one point to 105, and the Netherlands where it rose by 0.8 points to 90.5.
It deteriorated in Italy, falling 4.6 points to 85.5, and Spain where it dropped 1.3 points to 89.7. The two countries are considered most at scrambling to cut spending and reform their economies to stave off the eurozone debt crisis.