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European Economic Sentiment continues to rise
The Economic Sentiment Indicator (ESI) increased for the second consecutive month in both the EU and the eurozone, the European Commission has revealed.
Despite the increases coming on the back of historical lows, along with the gain during May being less marked than that seen in April, commentators suggested that the ESI figures could be a further sign of recovery in the economies of Europe.
The ESI grew by 2.1 points in the eurozone, reaching 69.3, while in the EU as a whole the indicator increased by 2.8 points to 66.7.
"Today''s data provide further evidence that the recession is easing substantially, but the economy is not yet out of the woods given that... the ESI needs to rise to about 90 to signal the end of the recession," Marco Valli, Unicredit economist, told Reuters.
Most sectors recorded an increase in the ESI, with retail seeing the highest gains of four and five points for the EU and eurozone respectively.
However, the construction and consumer segments remained unchanged in the eurozone, and saw slight declines in the EU as a whole.
