Euro Area: Economic sentiment weakens in February
Sentiment in the Eurozone fell to 95.4 in February from 96.3 in January. Consequently, the index remained below its long-run average of 100, signaling persistent pessimism.
Sentiment in the construction, industrial, retail and services sectors weakened. Conversely, consumer confidence strengthened. Conversely, selling price expectations decreased across the board. Lastly, employment expectations remained unchanged.
In terms of specific countries, sentiment deteriorated in France, Germany, Italy and Spain, while it increased in the Netherlands.
Commenting on the economic outlook, ING’s Bert Colijn stated:
“There is little indication of a rebound in economic activity and green shoots are few and far between at this point. We expect growth to cautiously pick up towards the summer.”