Eurozone economic sentiment steady in February
By Michele Maatouk
Date: Monday 27 Feb 2023
(Sharecast News) - Eurozone economic sentiment was steady in February, according to a survey released on Monday by the European Commission.
The headline economic sentiment indicator for the bloc nudged down to 99.7 from 99.8 in January, coming in below consensus expectations for a reading of 101.0.
Melanie Debono, senior Europe economist at Pantheon Macroeconomics, said: "The slight decline in the ESI, to two-month low, would have been bigger were it not for the jump in consumer confidence.
"Consumers' outlook for the economy and their personal financial situation improved and unemployment fears eased. Still, consumer spending is likely to fall this quarter; an increasing number of households expect to save more over the coming months, while the amount of households that expect to make major purchases over the next year or so remained depressed.
"Elsewhere, business sentiment eased a touch. An improvement in business sentiment among retail and construction firms in February was offset by a deterioration in sentiment in the larger manufacturing and services sectors. In manufacturing and services the ESI is yet to recover from the hit since the start of Russia's invasion of Ukraine in February 2022."
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