Eurozone Economic Sentiment Strengthens In May

Eurozone economic confidence improved in May, survey data from European Commission showed Tuesday.

The economic sentiment index rose unexpectedly to 105.1 in May from revised 103.9 in the previous month. The score was forecast to drop to 103.8.

The improvement of euro-area sentiment resulted from higher confidence in industry and services and among consumers. Meanwhile, confidence remained virtually flat in retail trade and cooled down significantly in construction.

The confidence index in industry rose to -2.9 from -4.3 a month ago. Likewise, the indicator in services climbed to 12.2 from 11.8.

The consumer confidence index improved to -6.5 in May, in line with flash estimate, from -7.3 in April.

Meanwhile, the sentiment index in retail trade fell to -1.2 from -1.1 and that in construction declined to 4.1 from 6.5 in April.

Another survey from EU showed that the business climate indicator dropped marginally to 0.30 in May from 0.42 in April. The expected score was 0.40.

Managers’ views on the past production, as well as export order books deteriorated sharply, and their assessments of overall order books dropped slightly. Meanwhile, the production expectations and appraisals of the stocks of finished products improved.

The material has been provided by InstaForex Company – www.instaforex.com

Source:: Eurozone Economic Sentiment Strengthens In May

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