- Jonathan Loynes, chief European economist at Capital Economics
Confidence among consumers and investors in the 17-nation currency bloc improved for the fourth consecutive month in February, adding to signs that region's economy may be emerging from a recession, the European Commission said Wednesday. An index of executive and consumer sentiment jumped to 91.1 this month, up from 89.5 in January. In the meantime, consumer confidence increased marginally in the Eurozone, by 0.3 points, as they were more optimistic in general, however, pessimistic about their own ability to save money over the next 12 months. The report also showed that confidence among European manufacturers and in the service sector both improved to minus 11.2 and 5.4, respectively.
"Things have improved a little bit in the Eurozone, but economic conditions are still extremely tough across the region," said Jonathan Loynes, chief European economist at Capital Economics in London. "The Italy situation could renew these market pressures and reinforce the fact that the Eurozone still faces huge pressures, both economic and political."
"The index is. . . feeding hope of an end to the recession in the Eurozone," said Christoph Weil, economist at Commerzbank. "We expect GDP to rise already in the first quarter of 2013 by 0.25% on
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