According to the report from European Commission, In February 2021, the Economic Sentiment Indicator (ESI) picked up in both the EU (+1.9 points to 93.1) and the euro area (+1.9 points to 93.4) compared to January. The Employment Expectations Indicator (EEI) also increased (+1.7 points to 91.9 in the EU and +1.8 points to 90.9 in the euro area).

In the EU, the ESI’s increase in February was driven by improving confidence in industry, services and among consumers, while confidence declined slightly in retail trade and remained broadly unchanged in construction.

Amongst the largest EU economies, the ESI rose markedly in Poland (+4.7), Italy (+4.4), Germany (+3.0) and, to a lesser extent, in France (+0.9). By contrast, sentiment worsened strongly in Spain (-3.2) and, more mildly so, in the Netherlands (-1.3).