Eurozone: Eurozone economic sentiment jumps to highest level in more than two years
September 27, 2013
Economic sentiment soared to its highest level since August 2011. The Economic Sentiment Indicator (ESI) published by the European Commission picked up to 96.9 points in September, up from the 95.3 points recorded in August. The result came in above market expectations of 96.0 points and marked the fourth consecutive improvement in the index. As a result of the increase, the index is moving closer its long-term average of 100 points.
Stronger results in economic sentiment over the previous month were recorded in all of the main sectors. At a country level, the largest increases were seen in Luxembourg (+5.9 points) and Greece (+3.9 points). Sentiment also rose in all of the region's major economies: Italy (+2.5 points) and Spain (+2.5 points) recorded the strongest improvements, followed by France (+1.6 points) and Germany (+0.3 points). Malta and Germany boasted the highest confidence levels in the region in September with 104.1 points.
FocusEconomics Consensus Forecast panelists see private consumption contracting 0.6% in 2013, which is up 0.1 percentage points over last month's projection. For 2014, panelists see consumption expanding 0.5%, which is also up 0.1 percentage points from last month's forecast.
Panelists expect investment to contract 3.5% in 2013, which is down 0.1 percentage points from last month's forecast. In 2014, panelists see investment rising 1.3%, which is up 0.2 percentage points from last month's projection.
Author: Armando Ciccarelli, Head of Data Solutions