"[Confidence] figures seem to indicate that the euro zone recession is bottoming out"
- Peter Vanden Houte, an economist at ING Group in Brussels
Euro-area economic confidence improved less than expected in January as the region's economy is moving toward a recession despite leaders' efforts to revive growth.
An index of executive and consumer sentiment increased to 93.4 from a revised 92.8 in December, said the European Commission in Brussels on Monday.
"Today's figures seem to indicate that the euro zone recession is bottoming out, although it would definitely be too soon to declare the recession over," said Peter Vanden Houte, an economist at ING Group in Brussels.
"The level of uncertainty remains too high. In the discussion on the resolution of the debt crisis European policy makers will have to walk a tight rope to preserve the current uptick in sentiment."
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