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Mood in eurozone rises again
Source: Agencies |
February 28, 2013, Thursday
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ECONOMIC and business confidence in the 17 countries using the euro improved for the fourth straight month in February, the European Commission said yesterday, as factories saw their order books filling up.
Economic sentiment in the eurozone rose by a better-than-expected 1.6 points to 91.1, continuing a recovery started in November, the commission said.
Economists polled by Reuters had expected a reading of 89.8 points.
The eurozone was managing to eke out a small recovery, but it was too soon to be optimistic about a broader trend, Capital Economics economist Ben May said.
"Clearly the Italian election and the political uncertainty and the market uncertainty that resulted from that is potentially another trigger for a new downward leg in business and consumer sentiment, and given that this survey predates that I think you certainly wouldn't want to assume you are going to see this continued upward trend in sentiment over the months ahead," he said.
The commission also said business morale rose by 0.36 point to -0.73, reaching a level last seen in May.
The European Central Bank's unprecedented decision last year to buy the bonds of governments who ask for help calmed the eurozone crisis dramatically, removing the risk for businesses of a break-up of the currency bloc.
Economic sentiment in the eurozone rose by a better-than-expected 1.6 points to 91.1, continuing a recovery started in November, the commission said.
Economists polled by Reuters had expected a reading of 89.8 points.
The eurozone was managing to eke out a small recovery, but it was too soon to be optimistic about a broader trend, Capital Economics economist Ben May said.
"Clearly the Italian election and the political uncertainty and the market uncertainty that resulted from that is potentially another trigger for a new downward leg in business and consumer sentiment, and given that this survey predates that I think you certainly wouldn't want to assume you are going to see this continued upward trend in sentiment over the months ahead," he said.
The commission also said business morale rose by 0.36 point to -0.73, reaching a level last seen in May.
The European Central Bank's unprecedented decision last year to buy the bonds of governments who ask for help calmed the eurozone crisis dramatically, removing the risk for businesses of a break-up of the currency bloc.
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