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Leadership
Eurozone economic sentiment continues to rise in November
27.11.2009
Economic sentiment in the Eurozone rose for the eight month in a row during November since its trough in March 2009, a new EU European Commission survey has shown.
The Eurozone’s Economic Sentiment Indicator (ESI) increased by 1.9 points during the month to hit 87.9 points in November.
The Commission said the majority of Eurozone states showed an improvement in economic sentiment. The indicator rose most sharply in the Netherlands (+6.3), while the improvements were more modest in Poland (+2.9), Italy (+2.5), France (+2.2), Germany (+1.7) and Spain (+1.4). The UK, in contrast, witnessed a sizeable drop (-2.9).
Sentiment in industry, which increased by one point, was the main contributor to the overall improvement.
In terms of consumer confidence, there was just a one point increase in the euro area with a fall in German consumer confidence related to more widespread unemployment fears weighing on the results.
Services increased by three points in the euro area, with positive signals also emerging in retail, which increased by four points and in construction, which improved by three points.
However, confidence in financial services – which is not included in the ESI – declined. This was mainly due to disappointing demand over the past three months and bleaker demand expectations for the next three months, the Commission said.
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