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.

October 2025 Key Results:

• The ESI increased in both the EU (+1.0 points to 96.7) and the euro area (+1.2 points to 96.8), remaining below the long-term average but showing a clear improvement.

• The EEI also rose (EU: +0.6 to 97.7; euro area: +0.4 to 96.9), driven mainly by better employment prospects in services and construction.

• Confidence strengthened in almost all sectors: industry, retail trade, construction, and among consumers; it remained broadly stable in services.

• Among major EU economies, sentiment increased most in France, Italy, and Germany, remained stable in the Netherlands, and declined in Spain and Poland.

• Industry confidence improved (+1.3), supported by stronger production expectations and better assessments of order books; export order books and past production trends also improved markedly.

• Consumer confidence increased (+0.8), reflecting stronger expectations for the general economic situation and households’ future financial position, though major purchase intentions weakened.

• Retail trade confidence rose (+1.0), driven by improved expectations for future business and a better stock assessment, despite a moderate decline in past business evaluations.

• Construction confidence increased (+0.6), supported by improved order books and stronger employment expectations; labour shortages as a limiting factor rose to 27.5%.

• Selling price expectations increased significantly in construction and slightly in services, while remaining broadly stable in industry and retail trade; consumer price expectations for the next 12 months fell markedly.

• The Economic Uncertainty Indicator (EUI) rose (+1.6 to 18.8), with higher uncertainty reported in industry, services, and construction, and slightly among consumers.

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