As the outlook for consumption is improving, the Eurozone economy is on its way to extend a surprisingly positive run into next year, Bert Colijn, a senior economist at ING, said.
The flash consumer confidence index rose to -1 in October from -1.2 in September, marking its eighth highest reading since the indicator started in 1985.
“As the economic expansion has accelerated in 2017, consumers are now little short of exuberant,” the economist noted.
While there is still plenty of weakness in the Eurozone economy and many parts of the economy have yet to recover from the prolonged economic crisis, consumers are focusing on the
economic direction, which seems to be up for the moment.
The rise in real income was driven by steady employment growth, slight improvements in wages and low inflation during the recent period.
Looking ahead, employment likely to remain positive, which consumers are picking up on.
The October survey revealed that the the expectations for unemployment are near historic lows at the moment, Colijn observed.
Based on these points, the Eurozone economy is on its way to extend a surprisingly positive run into 2018, the economist said.
The material has been provided by InstaForex Company – www.instaforex.com
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