Eurozone: Eurozone sentiment picks up for third straight month
January 29, 2013
The Economic Sentiment Indicator (ESI) published by the European Commission rose to 89.2 points in January, up from 87.8 points in December. The rise, which marks a third consecutive improvement, exceeded market expectations that had sentiment picking up only to 88.2 points. Despite the result, the index remains well below its long-term average of 100 points, suggesting bleak prospects for the Eurozone economy going forward.
The result was broad-based, with improvements among all sectors, with the strongest increase seen in construction. At a country level, the largest increases were seen in Cyprus (+4.3 points) and Germany (+2.5 points). Among the major economies in the region, Spain recorded the strongest improvement (+0.5 points), while sentiment was stable in Italy and it deteriorated in France (-0.3 points). Estonia is currently the country boasting the highest confidence level in the region with 102.0 points, followed by Germany with 99.1 points.
Author: Armando Ciccarelli, Head of Data Solutions