Eurozone economic confidence strengthened more than expected in December, survey data from European Commission revealed Thursday.
The index hit its long-term average for the first time since July 2011. The corresponding index came in at 100 in December, up from 98.4 a month ago and above the expected level of 99.1.
Industry confidence increased moderately to -3.4 from -3.9 in November, driven by more positive assessments of the current level of overall order books and the stocks of finished products, which were somewhat counter-balanced by deteriorating production expectations.
At 0.2, services confidence turned positive in December as a result of significantly improved assessments of the past business situation and past demand, which contrasted with slightly deteriorating demand expectations.
Retail trade confidence increased substantially by 2.7 to -5.1 in December, driven by managers' surging optimism about the future business situation and, to a lesser extent, improving appraisals of the present business situation and the volume of stocks.
Also sentiment in construction improved significantly to -27.1 from -30.7, fueled by managers' improved appraisal of order books and less pessimistic employment expectations.
Consumer confidence improved to -13.6 from -15.4 in November. The reading matched the flash estimate published on December 20.
The business climate index showed positive reading for the second straight month in December. The score was 0.27, compared to 0.31 in November.
The level of overall order books and the stocks of finished products were assessed more positively. The appraisal of past production and production expectations, on the other hand, deteriorated. At the same time, there was no change in the assessment of the level of export order books.
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