After a coronavirus-triggered slowdown, economic confidence in the European Union and eurozone rose sharply in July on a monthly basis, the European Commission announced on Thursday.

In July, the Economic Sentiment Indicator (ESI) rose 6.9 points to 81.8 in the EU27 and 6.5 points to 82.3 in the eurozone, according to a press release by the commission.

The eurozone/euro area or the EA19 represents member states that use the single currency — euro — while the EU27 includes all member countries of the bloc.

The statement noted: “The ESI in both regions has so far recovered around half of the combined losses of March and April.

“Also the Employment Expectations Indicator (EEI) improved markedly for the third month in a row (by 4.0 points to 87.0 in the euro area and by 4.1 points to 87.0 in the EU).”

The rapid increase stemmed from sharp confidence rises in business sectors — industry, services, and retail trade.

“By contrast, confidence worsened slightly in construction and remained broadly stable among consumers,” it added.

Confidence in the industry, services, and retail trade sectors increased by 5.4%, 9.4%, and 4.1% respectively.

Confidence in the construction sector and among consumers dropped by 1% and 0.3% in July, versus June.

Among the largest euro-area economies, Spain posted the biggest increase with 7.5 points, followed by Italy (6.7 points), Germany (6.5), the Netherlands (5.3), and France (4.8).

Turkey’s economic confidence was also up sharply in July, 11.81% to hit 82.2, according to official data the country released Thursday.

Since first appearing in China last December, the novel coronavirus has spread to at least 188 countries and regions. The US, Brazil, India, and Russia are currently the countries hardest hit in the world. The pandemic has deeply affected economic activities.

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