Eurozone economic sentiment falls below expectations

Economic sentiment across the euro area and the wider European Union declined by one point month-on-month in February to 98.3, falling short of market expectations, the European Commission said on Thursday.

According to the Commission, the drop in the overall index was primarily driven by a marked decline in confidence within the services sector, News.Az reports, citing foreign media.

The construction sector also contributed to the weakening sentiment, though to a lesser extent.

Despite the broader decline in economic sentiment, consumer confidence in the euro area showed a modest improvement. The Eurozone Consumer Confidence Index rose slightly from minus 12.4 in January to minus 12.2 in February.

Similarly, consumer confidence across the EU improved from minus 11.9 in January to minus 11.7 in February.

The data indicate a slight uptick in consumers’ expectations regarding the general economic outlook in the eurozone, even as overall business sentiment softened.

The euro area — also referred to as the EA21 — comprises European Union member states that use the bloc’s single currency, the euro.

News.Az 

By Nijat Babayev