Confidence levels up in Europe

23 November 2010

BRUSSELS: Consumer confidence has increased slightly in Europe but remains in negative territory overall, according to new figures from the European Commission.

The organisation has released its latest barometer of popular opinion covering the 16 nations in the Eurozone, a group including France, Germany, Italy and Spain.

For November, ratings stood at –9.5 points, measured against the total of –10.9 points in October this year, and –17 points some 12 months earlier.

Perceptions across all the European Union's member states also improved moderately, reaching –11.1 points in November, up 0.4 points month-on-month.

"November's renewed rise in Eurozone consumer confidence is another encouraging sign that the periphery's woes have yet to do too much damage to sentiment in the region as a whole," said Jennifer McKeown, an economist at Capital Economics.

"With austerity measures due to hit the 'core' economies, most notably Germany next year, it might not be long before recent optimism reverses."

Data sourced from RTT News; additional content by Warc staff