Eurozone consumer confidence hits four-year high in November

Economic confidence in the Eurozone reached its highest level in over four years in November, figures released on Friday showed.

According to data released by the European Commission, an index of executive and consumer confidence rose from an upwardly revised 105.9 in October to 106.1 in November, the highest reading since May 2011.

The sub-index tracking confidence in the building sector rose to -20.7 to -17.8 this month, while a gauge measuring sentiment in retail trade fell from a revised 6.4 in October to 5.8.

“We continue to expect Eurozone GDP growth to remain steady at around 1.5% over the next few quarters,” said BNP Paribas’ analyst Luigi Speranza.

“The risks to this scenario are broadly balanced.

“While encouraging, in view of the global slowdown, this is still too little to push inflation sustainably higher, underscoring the need for additional monetary-policy easing.”