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Survey says strong retail figures boost Eurozone growth
October 7, 2013, 3:25 am

Better-than-expected retail sales in Spain and Portugal set path to recovery [Getty Images]

Better-than-expected retail sales in Spain and Portugal set path to recovery [Getty Images]

A survey conducted by the European Commission on economic sentiment has revealed an increase in consumer confidence in all business sectors for key European markets.

“Economic sentiment improved in three of the five largest euro area economies, namely in Spain (+2.5), Italy (+2.5) and France (+1.6). Sentiment in Germany remained broadly unchanged (+0.3), while it worsened somewhat in the Netherlands (-0.9),” the survey said.

The Economic Sentiment Indicator report also showed that the greatest boost in confidence happened in the construction and retail sectors.

According to the EU’s statsistics office, both Spain and Portugal – among the hardest hit in the Eurozone – registered considerable growth in retail sales, reaching at least 4 per cent.

The total retail sales throughout the Eurozone came at 0.7 per cent, for the second time beating expectations.

The statistics appear to show that the Eurozone is slowly emerging from two years of stagnation and negative growth coupled with double-digit unemployment rates.

Last week, France’s National Institute of Statistics and Economic Studies (INSEE)  revised GDP growth for Europe’s second largest economy, saying recovery looks promising.

INSEE forecast growth of 0.2 per cent – up from an initial figure of -0.1 made in June. The statistics report said that the French economy overcame a period of stagnation and expects the business environment to improve by the fourth quarter.

Source: Agencies

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