--- source: European Commission url: https://economy-finance.ec.europa.eu/document/download/58c0fc6d-16dd-4922-973c-1c61c449c51f_en?filename=bcs_2026_04_en.pdf document_type: pdf date_retrieved: 2026-04-29T10:14:45Z period: April 2026 parent_publication: Business and Consumer Surveys (BCS) — DG ECFIN indicators_covered: - Economic Sentiment Indicator (ESI) — Euro Area & EU - Consumer Confidence Indicator (CCI) — Euro Area & EU - Consumer Price Trends (inflation expectations balance) — EU event_ids: - 402433 - 401596 - 400507 --- # Business and consumer survey results for April 2026 **Release date:** 29 April 2026 **Source:** Directorate-General for Economic and Financial Affairs (DG ECFIN), European Commission **PDF:** [Press release](https://economy-finance.ec.europa.eu/document/download/58c0fc6d-16dd-4922-973c-1c61c449c51f_en?filename=bcs_2026_04_en.pdf) | [Statistical annex](https://economy-finance.ec.europa.eu/document/download/42d3393b-8c27-4c38-9137-8fcc847d6888_en?filename=bcs_2026_04_statistical_annex_en.pdf) --- ## Press Release > *Original text preserved verbatim* Joint Harmonised EU Programme of Business and Consumer Surveys 29 April 2026 Business and consumer survey results for April 2026 Economic Sentiment and Employment Expectations plunge in the EU and the euro area In April 2026, the Economic Sentiment Indicator (ESI) recorded a sharp drop in both the EU (-2.9 to 93.5) and the euro area (-3.2 to 93.0).¹ Also the Employment Expectations Indicator (EEI) plummeted in both the EU (-4.0 points to 93.2) and the euro area (-4.6 to 91.7).² Both indicators have fallen markedly below their long-term averages of 100. EU developments Graph 1: EU Economic sentiment & Employment expectations (s.a.) 120 110 100 90 80 70 60 50 Economic Sentiment Indicator (ESI) long-term average (2000-2025) = 100 Employment Expectations Indicator (EEI) 2011 2013 2015 2017 2019 2021 2023 2025 source: European Commission services In the EU, the decline of the ESI was driven by plummeting confidence among consumers, as well as managers in services and retail trade. Confidence in construction and industry held up broadly stable. Among the largest EU economies, the ESI deteriorated significantly in Germany (-3.9), France (-3.0), Italy (-2.8) and the Netherlands (-2.5), while it decreased less dramatically in Spain (-0.9) and Poland (-0.8). Industry confidence remained virtually unchanged (-0.1), as a sharp decline in managers' production expectations was almost offset by improvements in their assessment of the stocks of finished products and the current level of overall order books. Of the questions not entering the confidence indicator, managers’ assessment of developments in past production improved markedly, while their appraisal of export order books remained virtually the same. Services confidence declined by a lot (-3.4), reflecting managers’ more negative assessments across all three components (past and expected demand, and past business situation). The steep decline in consumer confidence (-4.0) was likewise driven by a deterioration in all four of its components – i.e. consumers' views on their household's past and future financial situation, their intentions to make major purchases, and their expectations about the general economic situation in their country. The decline in the latter was particularly pronounced. Retail trade confidence also declined (-1.7), owing mostly to retailers’ markedly worsened assessment of the expected business situation. Also their assessments of the past business situation and the volume of stocks worsened. Construction confidence stayed broadly stable (-0.3), as builders’ assessment of their order books and employment expectations decreased only mildly. ¹ Past survey data were revised due to seasonal adjustment and revisions in French business survey data. ² The graph presents standardised series to correct for differences in means and standard deviations. Graph 2: EU confidence indicators² Graph 3: Business situation (past 3 months) in the EU² Graph 4: Business expectations (next 3 months) in the EU² The Employment Expectations Indicator registered its third consecutive decline (-4.0). The sharp drop in April resulted from lower employment plans among managers in services (a pronounced -4.4), followed by those in industry, and retail trade, while expectations in construction merely edged down. Consumers’ unemployment expectations, which are not included in the headline indicator, worsened notably (-3.8). At the same time, the EU Labour Hoarding Indicator also increased (+0.9 points to 10.8%), continuing its upward trend since the beginning of the year and rising further above its long-term average of 9.6.³ Selling price expectations surged across all business sectors, especially in industry (+10.7), retail trade (+7.6) and construction (+6.8), and, to a lesser extent, in services (+2.1). Selling price expectations currently stand well above their long-term average in all four business sectors. Consumers’ price expectations for the next twelve months rose sharply in April (+5.5), adding to the very steep increase of March. In the same vein, perceptions of price developments over the past twelve months increased considerably (+8.2) and remain at a very high level. Graph 5: Employment expectations (next 3 months) in the EU² Graph 6: Selling price expectations (next 3 months) in the EU² Graph 7: Consumer expectations (next 12 months) in the EU > price expectations and unemployment expectations (rhs) balances Graph 8: Uncertainty in the EU² The Economic Uncertainty Indicator (EUI) surged in April (+2.9 points to 22.9). Managers’ uncertainty about their future business situation increased sharply across all business sectors, especially in industry (+4.4, reaching its highest value since January 2023) and construction (+3.4). Consumers’ uncertainty about their future financial situation picked up as well, to the highest level since February 2024. Quarterly survey results (conducted in April) The quarterly questions in the industry and services surveys are asked in January, April, July and October of each year. In EU industry, the estimated rate of capacity utilisation edged up in April (+0.1 pps to 78.0%) compared to January, though remaining below its long-term average of 80.4%. In the euro area, the rate increased more markedly by 0.7 pps to 78.5%. In line with the rising capacity utilisation rate, the share of managers judging their current production capacity as 'more than sufficient' rather than 'not sufficient' (given current order books and demand expectations) decreased slightly (-0.3). On the external side, managers' assessments of their competitive position on foreign markets outside the EU over the past three months increased substantially (+3.1 pps). Also their evaluation of order developments over the past three months improved strongly (+2.8). The share of industry managers pointing to shortages of material and/or equipment as a factor limiting production increased noticeably since January (+4.8 pps to 13.6%). Meanwhile, the proportion indicating insufficient demand as a limiting factor fell by 1 ppt, to 35.2%. The share of managers indicating a shortage of labour force decreased as well (-0.7 to 16.4%). At 5.5%, the share of those pointing to financial constraints as limiting their firm’s production stayed fairly stable at a relatively low level. Turning to services, the capacity utilisation rate in the EU edged down compared to January (-0.1 pps to 89.8%), remaining above its long-term average of 89.4%. In the euro area, it edged down by 0.2 pps to 89.7%. Graph 9: EU Capacity utilisation 95 | Industry 90 | 85 | 80 | Services 75 | 70 | 0 2015 2017 2019 2021 2023 2025 --- ### Investment survey (conducted in March/April) The bi-annual investment survey, conducted in October/November and in March/April, asks managers in the industry and services sectors about the direction of change in their company’s investment (increase, unchanged, decrease). In spring, managers are asked about investment realised in their firm during the previous year (t-1) and investment planned in the current year (t). According to the survey conducted in March/April 2026, the share of managers in EU industry reporting an increase in their firm’s investment in 2025 was higher than the share reporting a decrease. The resulting balance of 6% of positive over negative assessments represents a significant upward revision from the balance recorded in the previous survey in October/November 2025 (0%). As regards investment in 2026, the balance of expectations for an increase compared to 2025 rose to 7%, also an upward revision from the 5% reported in the October/November 2025 survey. The percentage of managers reporting an increase in their firm’s investment in 2025 grew in the services sector as well (net balance of 16% compared to 5% in the October/November 2025 wave). For 2026, the balance of service managers predicting an increase in investment compared to 2025 rose to 11%, again above the October/November 2025 survey balance (7%). **Data collection period:** 1 to 23 April 2026 --- ### Statistical Annex — excerpt (Table 4: Monthly survey of consumers) The full statistical annex PDF contains detailed time series for all indicators. The Consumer Confidence Price Trends balance for April 2026 stands at **49.1** (up from 43.5 in March), as reported in the annex. Below is an excerpt from the annex text: ``` T ABLE 4: Monthly survey of consumers (s.a.) (a) S inc e 2000 (*) M in. 2025 2026 M a x. -11 -10 -9 -8 -7 -6 -5 -4 -3 -2 -1 0 -10.1 -10.6 -7.9 -24.7 -10.4 2.2 -8.4 -11.0 -7.7 -40.3 -2.3 -11.4 -19.7 -14.7 -20.1 -9.0 -5.2 -8.1 -22.5 -9.4 -7.9 -10.4 -7.6 -19.9 -18.1 -22.2 -19.4 -3.4 -1.0 Da te Va lue 05-00 -0.6 01-00 -0.4 11-00 5.4 07-01 -8.0 03-18 7.4 01-06 12.5 02-18 2.3 01-07 12.5 04-00 14.9 04-00 0.5 03-00 14.9 01-01 1.9 01-20 0.1 07-01 -0.9 03-03 3.6 09-06 13.9 03-07 12.0 02-02 3.6 08-02 6.4 02-18 16.3 01-00 9.9 12-17 3.7 ... (see raw annex file for complete table) ``` > *Note:* The annex contains a full matrix of balances for each component of the consumer survey, including the > headline Consumer Confidence Indicator and its four components: financial situation, general economic situation, > unemployment expectations, and **price expectations** (next 12 months). The value 49.1 corresponds to the > Price Trends balance for April 2026 (seasonally adjusted). --- ### Indicator values confirmed from the release | Indicator | Period | EU Value | Euro Area Value | |-----------|--------|----------|-----------------| | Economic Sentiment Indicator (ESI) | Apr 2026 | 93.5 | 93.0 | | Consumer Confidence Indicator (CCI) | Apr 2026 | -19.4 | -20.6 | | Consumer Price Trends (balance) | Apr 2026 | 49.1 | — | *Values correspond to those reported in the accompanying statistical annex.* --- *This release was retrieved from the European Commission's DG ECFIN website on 2026-04-29. Full annex tables are available in the raw statistical annex PDF (see `research_output/raw/` for the corresponding file). The document is in the public domain.*