In May, Eurozone economic sentiment rebounded after falling for 10 months at a stretch, according to data released by the European Commission. The economic sentiment indicator increased to 105.1 in May from 103.9 in April, driven by a growth in services sector.
The services sentiment rose to 12.2 from 11.8 during this corresponding period, coming in higher than the forecast which was for a fall to 11.0. Economists were also expecting no change in the mood in the services industry, but it rose from -4.3 in April to -2.9 in May instead.
However, the European Commission’s business climate indicator maintained its decline, going down to 0.30 in May, beating expectations which were for a decline to 0.40 from 0.42 in April.