Euro zone investor confidence suffered a surprising setback in May, with lingering inflation and energy concerns dashing expectations of a spring recovery, a survey showed yesterday.
The euro zone Sentix index fell to -13.1 points in May, from -8.7 in April. Analysts polled expected it to rise to -8.0 this month.
The expectations index in particular suffered a drop, declining to -19.0 points in May from -13.0 in April, its lowest level since December 2022, “erasing all hopes of an economic revival after the outbreak of the Ukrainian war.” said Sentix.
The barometer plunged into negative territory after last year’s Russian invasion.
The problem of energy shortages, lower consumer spending due to inflation and consumer concerns about forced investment in their heating systems to mitigate climate change are some of the factors that have contributed to the weak spring he added.
The ruling coalition in Berlin agreed in March that almost all newly installed heating systems in Germany will run on 65% renewable energy from 2024, in both new and old buildings.
“The economic recovery, built on feet of clay, is beginning to falter,” the survey says.
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