London - The euro zone may be facing one of its toughest crisis with the influx of migrants, but economic confidence improved to a four-year high in September.
The economic slowdown in the luxury sector, particularly in China, proved European retailers were robust considering slow global growth.
The European Commission said that the economic sentiment index rose to 105.6 in September, the highest since June 2011, from a revised 10.1 in August. It was forecast to drop marginally to 104.1 from August’s originally estimated reading of 104.2.
Enhanced euro area sentiment resulted from improvements in confidence in industry, services and retail trade, which were only partly outweighed by easing construction confidence.
The retail trade confidence index rose to 4.1 from 3.5. The upward development of retail trade confidence reflected managers’ growing optimism about the expected business situation, which was dampened somewhat, by growing concerns about the adequacy of the volume of stocks.
The consumer confidence indicator came in at -7.1 in September versus -6.9 a month ago. Consumers were more upbeat on questions about their personal finances, but were less positive on the macro economic situation.