Vladimír Urbánek (Kurzy.cz)
Macroeconomics  |  January 09, 2013 09:08:06

Eurozone - December's confidence in the economy grew above expectations

A common index of consumer confidence and business in the euro area in December according to the EC grew to 87 points from 85.7 points in November. The market expected to grow to more modest 86.3 points. Growth in overall confidence corresponds to improving business sentiment in Germany.
According to some further comments will gradually alleviate symptoms of the European debt crisis.

Partial index of confidence in the manufacturing sector have slightly better off compared to -14.4 points in November, 15 points. The index for the services sector in an improved -9.8 points compared to November, -11.9 points.
Index of consumer confidence in an improved -26.5 points.

Eurozone GDP declined in Q3 by 0.1% after a decline of 0.2% in 2Q. For 4Q deepening recession is expected to -0.3%. Data for Q4 will be published on the 14th February. For 2013 is expected to slow recovery.
The ECB cut its estimates for 2013 on the contraction of the entire euro area by 0.3%. German Chancellor Angela Merkel at the end of last year, said that the year 2013 will be in many ways even more difficult than 2012.

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