By Ovunc Kutlu
ANKARA (AA) - Consumer confidence in Europe fell in November, according to a flash estimate by the European Commission on Monday.
The consumer confidence indicator dropped sharply in both the EU, by 2.1 points, and in the euro area, by 2.0 points, compared to October 2021, according to a statement.
The indicator now stands at -8.2 points in the EU, below its pre-pandemic level. It is at -6.8 points for the euro area – close to its level before the coronavirus pandemic.
The indicator, which measures the level of consumer confidence in economic activity, is considered a leading indicator to predict consumer spending.
It is compiled from a survey of around 2,300 consumers in the euro zone.