The European Commission’s consumer confidence index climbed to a score of minus three in March from minus 6.7 in February, according to official figures released yesterday. It marks a recovery from the nine-month low of minus 11.6 in November.
Despite being a negative figure, the index score is far above its long term average.
“Households in the euro area remain in an upbeat mood due to low energy prices, record low interest rates and rallying stock markets. The level of sentiment is now almost as high as it was during the peak in 2007 pointing to solid support to GDP growth from private spending,” said Claus Vistesen chief Eurozone economist at Pantheon Macroeconomics.