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The euro area consumer confidence index rose to its highest level since last February, a sign of resilience for the region as it tries to avoid recession.
According to data from the European Commission, the indicator rose to -20.9 in January from -22.2 in the previous month (revised from -22.0). However, the index is lower than the median forecast of economists, set at -20.0 points.
Eurogroup chief Paschal Donohoe, who chairs the euro zone’s group of finance ministers, said last week that the bloc is resilient and likely to avoid recession with very low growth this year.
Commission Vice-President Valdis Dombrovskis told Bloomberg Television that falling gas prices and Recovery Fund spending can help the European Union avoid recession.