Europe's economic confidence slides in July

[July 30, 2012]  BRUSSELS (AP) -- The EU's executive branch reports that economic confidence fell in July, as hope declined in industry and the services sector.

The European Commission said Monday that its economic sentiment indicator for the 17 eurozone countries fell 2.0 points, to 87.9. In the 27-nation EU, the indicator decreased 1.4 points, to 89.0.

The continued drop may be an indication that doubts over the future financial stability of Greece and Spain are affecting the entire region.

The Commission said the EU-wide decline was led by the services sector, while the drop in the eurozone was due to loss of confidence in industry and among consumers.

Among the EU's larger economies, sharp drops were registered in Germany, France and Spain. Increases in confidence were recorded in the U.K., Italy and the Netherlands.

[Associated Press]

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