German Business Confidence Slumps, Swiss Growth Estimate Cut

Arthi Gupta
22 Jun, 2012
New York City

German business confidence fell more than estimated and the euro area consumer confidence declined in June. Retail sales in Denmark improved in May. Consumer spending in the Netherlands declined in April.

[R]1:30 PM Frankfurt – German business confidence fell more than estimated and the euro area consumer confidence declined in June. Retail sales in Denmark improved in May. Consumer spending in the Netherlands declined in April.[/R]

German Business Confidence Slumps

Germany''s business sentiment slumped in June, according to the latest survey results from Ifo Institute.

The business confidence index fell to 105.3 in June from 106.9 in May, the lowest reading since March 2010.

The current assessment index rose unexpectedly to 113.9 in June from 113.2 in May.

Euro-zone Confidence Drops

Euro-zone consumer confidence declined less-than-estimated in June, preliminary data released by the European Commission showed today.

The flash consumer confidence indicator dropped to -19.6 in June from the -19.3 in May.

The consumer confidence indicator for EU slid slightly to -19.5 in June from -19.4 in May.

Dutch Consumer Spending Declines

Consumer spending in the Netherlands decreased from last year in April, data released by the Central Bureau of Statistics showed.

Consumer spending decreased 2% on an annual basis in April following the 1.8% fall in March.

Spending on durable goods decreased 9.2% from a year ago in April.

Italian Consumer Sentiment Falls

Consumer confidence in Italy dropped in June, data released by statistics office Istat showed.

The consumer confidence index dropped to 85.3 in June from 86.5 in May. The index declined for the third consecutive month, and the latest reading was the lowest since the series started in 1996.

Danish Retail Sales Improve

Danish retail sales improved in May, data from Statistics Denmark showed today.

Retail sales increased 0.2% on a monthly basis in May following a 1% fall in April.

Sales of clothing and other accessories grew 1.3%, while that of food products fell 0.3% in May.

On an annual basis, sales dropped 0.2% in May.

Swiss 2012 Growth Estimates

Switzerland''s economy is projected to grow 1.2% this year, the KOF institute said in its summer forecast, released today.

The KOF expects exports to grow 2.3% and imports to increase 4.4%.