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Eurozone economic confidence hits two-year high in April

Updated:2010-04-30 17:28:51

Economic confidence in the eurozone hit a two-year high in April, despite the worsening Greek debt crisis, a survey conducted by the European Commission showed on Thursday.

The economic sentiment indicator for the 16-nation bloc sharing the euro improved significantly by 2.7 points to 100.6, the highest level since February 2008, while in the 27-nation European Union (EU) it rose by 2.1 points to 101.9.

The Commission said the index is now exceeding its long-term average, but further sustained improvements are still required for economic activity to reach its pre-crisis level.

The surveys are conducted in different sectors of the economy, namely industry, services, construction and retail trade, as well as among consumers.

Regarding individual sectors, sentiment in industry increased by 3 points in the eurozone and by 2 points in the EU, mainly due to the substantially better order books.

Services and retail also registered significant improvements and consumer confidence regained its momentum, largely attributed to easing unemployment fears in Germany. In contrast, sentiment in construction remained rather weak.

Confidence in financial services, although not included in the overall index, registered strong gains. It improved by 6 points in the eurozone and 9 points in the EU.

The majority of EU member states reported a general improvement in sentiment. Among the largest ones, Germany registered the most significant increase of 4.3 points, followed by France, Italy and Spain.

 

 

 

Source:http://news.xinhuanet.com

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