Eurozone: Eurozone sentiment improves unexpectedly in February
February 27, 2014
The Economic Sentiment Indicator (ESI) published by the European Commission picked up to 101.2 points in February, which was an improvement over the 101.0 points recorded in January and contrasted market expectations that sentiment would ease to 100.9 points. February's print marked the highest level since July 2011 and the third consecutive month in which the index was above its 100-point long-term average.
All the categories measured improved compared to the previous month, with the exception of sentiment among consumers. At a country level, the largest increases were seen in Belgium (+3.8 points) and Luxembourg (+3.1 points). Among the major economies in the region, sentiment improved in Italy (+2.4 points) and Germany (+0.4 points), while it was stable in Spain and deteriorated in France (-1.4 points). Malta boasted the highest confidence level in the region in February with 107.4 points, followed by Belgium, with 107.2 points.
FocusEconomics Consensus Forecast panelists see private consumption growing 0.6% in 2014, which is unchanged over last month's projection. For 2015, panelists see consumption expanding 1.0%.
Panelists expect investment to grow 1.5% in 2014, which is unchanged from last month's forecast. In 2015, panelists see investment increasing 2.4%.
Author: Armando Ciccarelli, Head of Data Solutions