Economic expectations have fallen in almost all countries in GfK’s Consumer Climate Europe study for the third quarter of 2014. The company’s consumer climate index for the EU 28 is currently at 4.2 points, compared with 9.1 points – the highest value since April 2008 – in the previous quarter.

Structural problems with France and Italy’s economies, the low level of inflation and major conflicts such as those between Russia and the EU, the war in the Middle East and the threat posed by the Islamic State have been cited as potential factors in this result.

In the UK, where economic expectations have dropped by more than 13 points (but still sits at a healthy level of 24.6 ), the impact of the Scottish referendum on independence was given as a potential influence on the decline. The fact that Scotland voted to remain part of the UK and that the general economic data is good means GfK expects the value to improve.

Full results can be found here.