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Consumer optimism raises Eurozone economic rebound hopes

By Religare
|

Consumer confidence in the Euro area rose for the sixth straight month in May 2013, adding to signs that the 17-member economy is emerging from a recession.

A gauge measuring consumer confidence in the Euro area rose to -21.9 in May 2013 from -22.3 in the previous month, the EU said in a report on Thursday.

The latest report raises hopes that the Euro area's 18-month recession may end this quarter with the economy tipped to stall before resuming growth in the September ended quarter.

 

The Euro area economy shrank 0.2 per cent in Q1 2013.

While unemployment remains at record high, falling inflation has eased the squeeze on consumer wallets.

At the same time, the region's policymakers have also signaled that they are ready to dump the austerity path and focus on growth and combating youth unemployment, bolstering consumer outlook.

The European Central Bank's (ECB) measures to help revive the economy including the recent interest rate cut, which have till now helped reduce market tensions, may finally translate into improved economic confidence.

A rise in car sales last month in the EU and the slowdown in the pace of contraction in private sector output in May 2013 are positive signs for the economy.

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Story first published: Friday, May 24, 2013, 23:33 [IST]
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