Eurozone: Eurozone sentiment picks up for fourth straight month
February 27, 2013
The Economic Sentiment Indicator (ESI) published by the European Commission rose to 91.1 points in February, up from 89.5 points in January. The rise, which marks a fourth consecutive improvement in the index, exceeded market expectations that had sentiment picking up only to 89.8 points. With the February rise, the index moves closer to its long-term average of 100 points.
The improvement was broad-based, with stronger results in three out of the five main sectors. At a country level, the largest increases were seen in Austria (+4.9 points) and Belgium (+3.6 points). Sentiment improved in all the major economies in the region, with Germany recording the strongest improvement (+2.5 points), followed by Spain (+1.5 points), France (+1.3 points) and Italy (+0.3 points). Estonia is currently the country boasting the highest confidence level in the region with 103.1 points, followed by Germany with 102.0 points.
FocusEconomics Consensus Forecast panellists see private consumption contracting 0.3% in 2013, which is unchanged over last month's projection. For 2014, panellists see consumption expanding 0.6%
Panellists expect investment to contract 1.3% in 2013, which is unchanged from last month's forecast. In 2014, panellists see investment rising 1.8%.
Author: Armando Ciccarelli, Head of Data Solutions