(MENAFN– ecpulse) European economic confidence advanced for a tenth months in February, adding to signs that recovery in the euro area is gathering momentum.
Economic confidence rose to 101.2 in February, the highest since July 2011, from a revised of 101.0, coming above median estimate of 100.7.
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 retreated slightly to 52.7 in February from a prior of 52.9.
Industrial confidence soared to -3.4 this month from a revised of -3.8 and services confidence surged to 3.2 from a revised of 2.4.
Consumer confidence lingered at -12.7 and business climate indicator climbed to 0.37 from a revised of 0.25.
The European Commission in its winter forecasts released this week predicted a mild recovery over the next two years in the eurozone, warning that lingering debt burdens and signs of deflation could harm recovery.
Euro area is forecast to reach 1.2% this year and 1.8% in 2015, after two straight years of contraction, the EC forecasts showed.
This month, the European Central Bank decided to leave its interest rate on hold despite the presence of some deflationary pressures.
Inflation in the euro zone will hover around 1% this year and 1.3% next year, the EC said.
ECB President Mario Draghi has mentioned the bank is "ready to act," but still needs stronger evidence from economic data to intervene.
As of 10:05 GMT, the euro traded lower versus U.S. dollar around 1.3649 after touching a high of 1.3694 and a low of 1.3642.
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