A monthly survey from the market research group GfK NOP showed that consumer confidence rose 2 points to minus 35 in February from minus 37 in the prior month. Economists had expected the index to drop to minus 39 in February. However, it stood well below minus 17 reported in the same period of previous year.
Rachael Joy from GfK NOP said, “Consumer confidence remains very fragile, although rose slightly from its January figure.”
The consumer confidence survey was conducted by GfK NOP on behalf of the European Commission. The survey was carried out between February 6 and 15 amongst a sample of 2001 individuals.
The research agency found that improvement in February was driven by rise in confidence regarding future personal financial situation and general economic outlook. This suggests a rising number of consumers believed that things would be better this time next year.
Among five sub indicators, three of them increased in February from the prior month, one declined and the other remained constant.
The index measuring personal finances in the past one year remained stable at minus 18, while forecast for personal finances over the coming year rose six points to minus 8 in February. While, assessment of general economic situation in the last twelve months slid 2 points to minus 82, expectations for the general economic situation climbed 8 points to minus 40.
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