The Eurozone economic sentiment has improved to its highest level since nearly 17 years. The EC Economic Attitude indicator (ESI) rises from 113.1 points in September to 114.0 in October, which is a fifth consecutive monthly increase and the highest since January 2001. The forecasts of analysts was for a value of 113.3 points.
The report states that the positive trend of the Autumn of last year is kept and the momentum of Eurozone economic sentiment is maintained.
According to the EC study, attitudes improve in all economic sectors – industry, services, consumption, retail and construction.
The data on Eurozone economy growth in the third quarter will be released today. Expansion in the currency union is expected to continue for the 18th consecutive quarter. Eurostat will also release unemployment statistics and the forecast is that the indicator will report a drop of up to 9%.
Last week, the President of the European Central Bank (ECB) Mario Draghi pointed out the improved outlook for the Eurozone and said that the region is doing well.
Still, the acceleration does not seem to be sufficient to create sufficiently strong inflationary pressure, which is why it believes that a “reasonable, patient and consistent approach” to existing quantitative easing is justified, otherwise restoration may be undermined.