Consumer confidence in the Eurozone has reached its highest level in a year, suggesting a fresh strength and optimism that the region would be able to avoid recession this year.
According to a report released on Monday, the European Commission’s confidence index rose to -19 points in February, from -20.7 points in January.
The 20-country eurozone is likely to avoid an economic crisis due to the unexpectedly mild winter, which will help offset the impact of the jump in energy costs brought on by Russia’s war in Ukraine.
The outlook is also improving as a result of slower inflation, albeit the European Central Bank remains concerned about underlying price pressures and continues to hike interest rates.
