Eurozone confidence improves in May

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Eurozone confidence improves in May

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Consumer and business confidence in the eurozone bounced back in May after a sharp drop in April – with Portugal the most upbeat.

European Commission surveys showed the upturn was in all business sectors, except for construction, driven by a much more positive assessment of the current level of order books.

Confidence improved in all of the 17-nation bloc’s largest economies – Germany, France, Italy, Spain and the Netherlands.

Country by country, the confidence reading rose 1.8 points in Portugal, 1.5 points in Italy, 0.9 points in France and 0.6 points in Germany.

But economists pointed out sentiment is still muted and fragile with big variations between countries.

For the full 27-member European Union, the index rose 1.1 points to 90.8, after a drop of 1.8 points in April.