Eurozone: Eurozone economic sentiment improves
November 29, 2012
The Economic Sentiment Indicator (ESI) published by the European Commission rose to 85.7 points in November, up from 84.3 points in October. The rise, which marked the first improvement in the index in eight months, exceeded market expectations that had sentiment inching up to 84.5 points. Despite the pick-up, the index remains well below its long-term average of 100 points, suggesting deteriorating prospects for the Eurozone economy going forward. The result was driven by a strong improvement in the industry and in the retail sectors, while the remaining categories deteriorated compared to the previous month. At a country level, the largest increases were seen in Luxembourg (+4.2 points) and Austria (+3.4 points). Among the major economies in the region, Germany recorded the strongest improvement (+2.3 points), followed by France (+1.6 points), Spain (+0.5 points) and Italy (+0.4 points). Estonia is currently the country boasting the highest confidence level in the region with 99.4 points, followed by Malta with 95.8 points.
Author: Armando Ciccarelli, Head of Data Solutions