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European confidence falls to 15-year low

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by Kay Mitchell

Official figures have revealed that confidence in the eurozone has fallen to its lowest level since August 1993.

An indicator of executive and consumer sentiment fell from 80.0 in October to 74.9 in November, according to the European Commission in Brussels.

This month’s fall was much higher than economists had predicted and takes the index to a 15-year low.

As a result, analysts now expect that the European Central Bank will cut interest rates for the eurozone next week.

Earlier this month, official figures revealed that the eurozone had fallen into recession after the economy contracted by 0.2% in the third quarter. This followed a 0.2% contraction in the previous quarter from April to June.

A country is considered to be in recession when it experiences two consecutive quarters of negative growth.

In related news, the European Commission announced an economic stimulus package worth €200 billion euros (£170 billion) yesterday.

It is hoped that the package will save millions of jobs in the eurozone area and boost consumer confidence and encourage spending.

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News posted: November 27, 2008

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