July 28, 2023 at 5:17 AM EDT

Euro-area economic confidence slowed more than anticipated this month, adding to concerns that growth in the region is stalling.

A sentiment gauge published by the European Commission slid to 94.5 from 95.3 in June. That’s the third monthly decline and worse than the median forecast in a Bloomberg survey of economists.

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Euro-Area Economic Confidence Slows on Industry, Services