Business climate: PMIBusiness sentiment improves in all sectors: The composite PMI index rises in June (+1.7 points, to 52), driven by both services (+1.9 points, to 52.8) and industry (+1.3 points, to 47.7).
The trade agreement with the United States has reduced uncertainty among businesses, leading to the start of a recovery in export orders (+3 points, to 46.2).
Consumer confidenceHousehold confidence rises, but consumption falls back after a good Q1. The Gfk Consumer Confidence Index reached its best level in 2025 in June (+2points, to -18), as did the Ipsos Consumer Confidence Index (+2.8 points, to 52.1).
After a dynamic start to the year, during which retail sales rose by +1.1% q/q, they fell back in May (-2.7% m/m and -1.3% y/y). The annualised 3m/3m fell, but remains fairly high at 2.9%.
