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Financial News: Eurozone Economic Confidence At 3-Month High

Eurozone Economic Confidence At 3-Month High

01/08/2020 - 06:19:00 (RTTNews)

(RTTNews) - Eurozone economic confidence rose to a three-month high despite the weakness in industrial and consumer sentiment, survey results from the European Commission showed Wednesday.

The economic confidence index rose to 101.5 in December, as expected, from 101.2 in November.

Confidence among service providers, retailers and contractors strengthened at the end of the year, while industrial and consumer sentiment deteriorated from the previous month.

Today's data is consistent with the message from other surveys that while the Eurozone is not falling into recession, there is no sign that growth is picking up either, Jessica Hinds, an economist at Capital Economics, said.

The survey showed that the strong increase of 2.2 points in services confidence was driven by managers' more optimistic views on past business situation, past and expected demand.

Meanwhile, the industrial confidence indicator dropped 0.2 points to -9.3 in December, as a result of managers' more optimistic production expectations being offset by the deterioration of their appraisals of the stocks of finished products and the current level of overall order books.

Likewise, the consumer confidence dropped by 0.9 points to -8.1, reflecting a decline in expectations concerning households' financial conditions and the general economic situation. The score matched its flash estimate.

Meanwhile, the retail trade confidence improved to 0.8 from -0.2, mainly due to retailers' more positive views on the present and expected business situation.

At the same time, the construction confidence index gained 2.2 points to 5.0 in December. This was fueled by managers' more optimistic employment expectations and assessment of the level of order books.

On the price front, the survey showed that selling price expectations increased markedly in industry, services and retail trade, while remaining broadly flat in construction. Also consumer price expectations increased in December.

Another survey showed that the business climate indicator came in at -0.25, broadly unchanged from -0.21 in November. With the exception of production expectations, all the components of the indicator worsened in December.

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