Europe: Business confidence unaffected by economic concerns


The concerns over the global economy weighing on markets in recent months have yet to affect business confidence in the Eurozone.

graph en sem 3


Preliminary estimates of PMI indices for January indicate a fall from 54.3 to 53.5 in the composite PMI, a figure consistent with levels observed since early 2015. These levels are in line with annualised growth of around 1.5%-2%.

Fourth quarter figures are likely to disappoint slightly given the negative impact of mild temperatures on energy production and clothing sales, but Eurozone growth should gain pace in the first quarter of 2016.


This document is not pre-contractual or contractual in nature. It is provided for information purposes. The analyses and descriptions contained in this document shall not be interpreted as being advice or recommendations on the part of Lazard Frères Gestion SAS. This document does not constitute an offer or invitation to purchase or sell, nor an encouragement to invest. This document is the intellectual property of Lazard Frères Gestion SAS.