Consumer confidence in the euro area rose to a 13-month high

Consumer confidence in the euro area rose more sharply than expected this month, reaching a one-year high. This was stated on Wednesday by the European Commission, which published preliminary data. According to the EC, the consumer confidence index in the euro area reached -10.8 points in March, compared to -14.8 points in February. The data significantly exceeded the expectations of economists, who expected only a slight improvement in moods. They expected the index to rise to -14.5 points. The latest data are the best since February 2020, ie from the last month before the onset of the new coronavirus pandemic. At that time, the consumer confidence index in the euro area reached -6.4 points. Consumer sentiment has also improved throughout the European Union. The consumer confidence index reached -12.1 points in March, while in the previous month it was -15.7 points. In this case, these are the best data since March last year. The final data on consumer confidence developments for March will be published by the European Commission on 30 March.