According to the provisional estimate of the Directorate-General for Economic and Financial Affairs (DG ECFIN) of the European Commission, in July, the consumer confidence indicator fell by three points in the EU and 3.2 points in the euro area.
“With -27.3 points in the EU and -27 points in the euro zone, consumer confidence was below its previous low reached at the beginning of the Covid-19 crisis, reaching the lowest level ever”, points out the community executive.
The data, collected in surveys carried out between July 1 and 19 in the community space, are released at a time of armed conflict in Ukraine due to the Russian invasion of the country, last February.
This month's estimate for the EU aggregate is calculated on the basis of consumer survey data from 26 EU countries, covering 98% of total private final consumption expenditure, while for the eurozone indicator all 19 states are covered.
The Consumer Confidence Indicator, published monthly by DG ECFIN, is based on responses to selected questions addressed to consumers.