The business and consumer surveys (BCS), coordinated by the European Commission's Directorate-General for Economic and Financial Affairs (DG ECFIN), are a long-standing and harmonised instrument for monitoring economic sentiment in the EU. 

Conducted monthly since 1961, these surveys collect qualitative data on confidence levels and expectations from businesses and consumers across the EU and candidate countries. The results are compiled into composite indicators such as the Economic Sentiment Indicator (ESI) and the Employment Expectations Indicator (EEI), offering timely insights into current and future economic activity.

July 2025 key results:

• The ESI rose in both the EU (up 1.0 points to 95.3) and the euro area (up 1.6 points to 95.8), mainly driven by improvements in industry, services, and retail trade, and marginally in consumer confidence.

• The EEI remained broadly stable (EU: -0.3 to 97.4; euro area: +0.3 to 97.5), still below its long-term average.

• Among major economies, sentiment improved most in France, Spain, and Germany, while it fell sharply in Poland.

• Industry confidence was boosted by better production expectations and export order assessments.

• Services confidence improved due to higher demand expectations.

• Consumer confidence edged up, reflecting stronger household financial expectations, despite a worsening view of the general economic outlook.

• Retail trade confidence rose, even as assessments of past business declined.

• Construction confidence dipped, mainly due to reduced employment expectations and concerns over demand and financial constraints.

Additionally, selling price expectations increased in all surveyed sectors, particularly services. The economic uncertainty indicator also rose (+1.0 point), especially among industry and services managers.

Quarterly insights showed stable capacity utilisation in industry and rising rates in services. Limiting factors for output included insufficient demand and, to a lesser extent, shortages in materials, labour, and financing.

BCS data are essential for short-term forecasting and economic analysis, supporting evidence-based policy decisions across the EU.