Consumer confidence in the eurozone deteriorated further in April due to the corona crisis, following the sharp decline in March. The European Commission reported this. The figures indicate the biggest drop in consumer confidence ever.
The measure with which the committee measures confidence went to a level of minus 22.7 from minus 11.6 a month earlier. It is also one of the lowest measurements ever. Only in 2009 the indicator was slightly lower twice. Economists had already assumed that consumer confidence would further collapse. They calculated for April an average level of minus 20.
Earlier in the day, it appeared that the confidence of Dutch consumers has deteriorated at a record pace this month. The new corona virus makes households more pessimistic about the economic climate and less willing to buy, the Central Bureau of Statistics (CBS) reported. Where in the Netherlands a statistic of minus 2 was measured in March by the statistics office, the indicator for April is minus 22. However, that is not the lowest position. This was reached in the Netherlands in 2013 with minus 41.
April is the first full month in which the Dutch measures against the new corona virus are in force. They slash a lot in economic activity, with closings of catering establishments, hairdressers and many shops as clear examples. A deep recession therefore seems inevitable.