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January 23, 2022

Confidence in economy declined in August

The confidence of the Romanian business environment and consumers in the country’s economy continued to deteriorate in August, for the 4th month in a row, with confidence indicators decreasing in the majority of industry branches but the industry, according to a report unveiled by the European Commission yesterday. Economic confidence indicators calculated for the sector of services, retail trade and constructions deteriorated against July, same as consumers’ confidence, while the index for industry slightly improved. Throughout the euro zone, confidence in economy dropped in August to a minimum for the last three years, against the background marked by the crisis of sovereign debts and by an economy on the brink of recession. Companies and consumers are increasingly pessimistic and confidence indices declined in all economic branches, also among population. The economy of the euro zone contracted in Q2 by 0.2 pc of the GDP, after stagnating in the first three months of the year, and losing 0.3 pc in Q4 of 2011. Unemployment reached record figures above 11 pc, while the European single currency lost 3.2 pc this year against the USD, after Cyprus and Spain asked for international financial aid. Autumn will come with a full agenda for European leaders, who are trying to avoid an exit of Greece from the euro zone and find measures to reduce the financing costs for Spain and Italy.

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