(MENAFN– ecpulse) European economic confidence advanced for a ninth months in January, adding to signs that recovery in the euro area is gathering momentum
Economic confidence rose to 100.9 in January from a revised of 100.4, coming below median estimate of 101.0.
The 17-nation economy is set for a gradual recovery, as mentioned by ECB President Mario Draghi, as the most recent data has pointed to a remarkable improvement which suggested the debt crisis is easing.
A European composite of manufacturing and services showed further expansion in January as the PMI gauge soared to 53.2 from 52.1 in December.
Consumer confidence lingered at -11.7 and business climate indicator retreated to 0.19 from a revised of 0.20.
Industrial confidence soared to -3.9 this month from a previous of -3.4 and services confidence surged to 2.3 from a revised of 0.4.
This month, the ECB decided to leave its interest rate on hold despite the presence of some deflationary pressures.
"I don`t see deflation in the euro area," ECB President said last week.
ECB policymaker Ewald Nowotny said this month the bank could revise up its growth forecast for the euro area in March after raising it slightly in December to 1.1 percent expansion.
However, ECB President Mario Draghi said in Davos "we are seeing the beginning of a recovery that is still weak, still fragile, and still uneven."
He revealed that unemployment have not yet fallen from their record highs, while some core countries in the region still need to adopt further reforms.
As of 10:10 GMT, the euro traded lower versus U.S. dollar around 1.3588 after touching a high of 1.3664 and a low of 1.3585.
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.