European economic confidence continues to grow

Business and consumer confidence in the eurozone economy rose in May for the second consecutive month following almost two years of shakiness, an EU survey showed Thursday.

The European Commission's economic sentiment indicator for the 16-nation bloc using the euro currency rose 2.1 points from April to 69.3 points.

Last month, the figure was 67.2 points, a rise of 2.5, its first advance since May 2007.

In the entire 27-nation European Union, confidence rose 2.8 points in May over one month to 66.7 points.

The commission said the rise "resulted from a clear improvement in sentiment in the retail sector, which rose markedly" and by consolidation in the services sector.

Meanwhile, the EU executive arm's separate business climate indicator also improved for a second month, after a 24-year low reached in March. The index rose to negative 3.17 points in May from negative 3.26 points in April.

Source: AFP

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