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Financial News: Eurozone Consumer Confidence Unlikely To Rise Much Further

Eurozone Consumer Confidence Unlikely To Rise Much Further

06/23/2017 - 09:51:00 (RTTNews)

(RTTNews) - Eurozone consumer confidence is unlikely to rise much further in the next year, despite a fairly strong economic outlook, Jack Allen, an economist at Capital Economics, said.

The euro-zone consumer confidence improved to -1.3 in June from -3.3 in May, official data revealed on June 22. The score was the highest since April 2001.

The rise in confidence level suggests that the consumer recovery gathered pace in the second quarter.

Allen observed that the improvement apparently reflected the continued run of positive economic data, the decline in inflation since the start of the year, and possibly some optimism that Emmanuel Macron's parliamentary majority will allow him to push through growth-enhancing reforms.

"But with confidence so high, there is clearly a risk that consumers are disappointed [on the economic outlook]," the economist said.

"After all, political risk has not disappeared - Mr Macron might still struggle to pass reforms, and eurosceptic parties look likely to perform particularly well in Italy's general election, which will be held by next May at the latest," Allen added.

The economist also expects inflation to be faster in this year than in 2016, even though it has fallen from its peak seen in January.

"With nominal wage growth still slow, this might weigh on households' expectations for their personal finances," Allen said.

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