According to the final report from the European Commission, consumer confidence in the eurozone rose in March, confirming economists' forecasts and reaching its highest level since February 2022.
The consumer confidence index rose to -14.9 points, as expected, compared to -15.5 points in February. Meanwhile, the economic sentiment indicator improved to 96.3 from 95.5 in February (revised from 95.4). Consensus estimates suggested growth to 96.1. The employment expectations indicator rose to 102.6 from 102.5 in February.
As for the EU countries, the economic sentiment indicator rose to 96.2 points from 95.5 points, and the employment expectations indicator increased by 0.1 points to 102.3 points. The uptick in the economic sentiment indicator was driven by improved confidence among retailers, consumers and, to a lesser extent, services and industry managers, while confidence remained stable in construction. Amongst the largest EU economies, the ESI improved markedly in France (+2.6), and to a lesser extent in Italy (+1.5) and Germany (+0.9). It was determined in the Netherlands (-0.7) and Spain (-0.4) and remained broadly stable in Poland (+0.3).
The data also showed that the indicator of economic uncertainty fell in March to 18.7 from 19.8 in February, driven by lower uncertainty among consumers about their future financial situation, as well as among construction, industry, and services managers about their future business situation. By contrast, uncertainty among retail trade managers increased.