Economic confidence in the EU rose to 98.2 points in August, while the index in the Euro Area increased to 98.4 points.
The European Commission published the results of its August business and consumer survey. According to the data, the economic confidence index in the European Union (EU) increased by 1 point on a monthly basis in August, reaching 98.2 points. In the Euro Area, the index rose by 1.3 points over the same period to 98.4 points. The Euro Area’s economic confidence index for July was also revised from 96.9 to 97.1.
Market expectations had pointed to the Euro Area economic confidence index reaching 97.5 points in August. The announced figure came in above expectations. As a result, the economic confidence index increased for the fourth consecutive month in both the EU and the Euro Area, moving closer to its long-term average of 100 points.
The increase in the index was driven by higher confidence in the industrial, services and retail trade sectors, while confidence in the construction sector and among consumers remained largely unchanged. Consumer confidence in the Euro Area also increased from minus 15.9 to minus 15.5 in August, while in the EU it rose from minus 15.1 to minus 15.
