Eurozone: Economic sentiment surges to the highest level since January 2001
October 30, 2017
The European Commission (EC) reported that economic sentiment in the Eurozone rose in October, recording the best result in over 17 years. The economic sentiment index (ESI) increased from September’s 113.1 to 114.0. The result overshot market analysts’ expectations of a smaller rise to 113.3. Economic sentiment has surged in the Eurozone in the past year despite a number of political uncertainties including the Catalan crisis, a more fragmented German parliament and Brexit.
The survey revealed higher sentiment in the manufacturing, retail trade, services and construction sectors. In contrast, confidence among consumers was largely unchanged. Employment plans improved across all sectors, a good sign for the region’s labor market.
At a country level, economic sentiment rose strongly in Germany and Italy. However, sentiment was broadly stable in the Netherlands and Spain, while it fell in France.