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Photograph: Photo by Damien Smith, used under CC BY-SA

In February, the Economic Sentiment Indicator (ESI) decreased significantly in the European Union, and Croatia also experienced a considerable deterioration in this indicator, according to findings of the European Commission's monthly survey, published on Friday.

The ESI  fell "in both the euro area (by 1.3 points to 103.8) and the EU (by 1.5 points to 105.2), marking its second consecutive decline in 2016.

Croatia's ESI fell from 120.3 points in January to 118.5 points in February, reaching a level registered in November 2014.

"In line with euro-area developments, the decrease of the ESI in the EU (-1.5) was due to deteriorating confidence among consumers (-2.4), in industry (-1.6) and in services (-0.6). However, EU confidence remained almost unchanged in retail trade (-0.1) and decreased also in construction (-0.7). Looking at the largest non-euro area countries, the ESI was broadly stable in Poland (+0.2), but fell significantly in the UK (-1.6)."

In Croatia, confidence plunged in services by 2.5 points to 18.2 points and in industry by 1.6 points to 2.2 points.

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