Euro area and economic sentiment crashes

In April 2020,the Economic Sentiment Indicator (ESI) crashed in both the euro area (−27.2points down to 67.0)and the EU (−28.8down to 65.8points).1This was the strongest monthly decline in the ESI on record (since 1985), surpassing by far the previous negative record from March.

The indicators are now far below their long-term averages of 100andvery close to the lowest levels registered during the Great Recession in March 2009.The Employment Expectations Indicator (EEI) plummeted to its lowest level on record (by 30.1points to 63.7in the euro area and 31.2points to 63.3in the EU.