East Europe Confidence Rises - Survey
Eastern European investor confidence rose in May as the region shrugged off concern over the euro in western Europe, a survey shows.
An index of investor and analyst expectations for the region in the next six months rose 7.2 points to 35.2 points in May, according to a survey released by the ZEW Center for European Economic Research and Erste Bank AG and cited by Bloomberg agency.
The index reached a record high of 59.1 points in January.
“The central and east Europe region seems to be only marginally affected by the uncertainty regarding the debt crisis of certain euro region countries,” the report said.
The euro fell to a four-year low against the dollar on May 19 as the fiscal crisis spreading from Greece undermined confidence in the currency. Euro-area policy makers last week unveiled a loan package worth almost USD 1 trillion and a program of bond purchases to forestall defaults in the region’s most indebted countries including Greece, Spain and Portugal.
The ZEW outlook rose the most for Poland, which relies on west European demand the least among the European Union’s eastern members, climbing 15.9 points to 37 points, after declining 15 points the previous month.
Slovakia’s index rose by 10.3 points to 38.3 and the Czech Republic’s by 8.3 points to 40.4. Hungary’s remained unchanged at 40 points while Romania’s declined by 8.2 points to 27.2 and Croatia’s by 8.5 points to 23.3.
Bulgaria is also part of the countries, which form the index, but the report cited no official data about it.
The indicators reflect the difference between the percentage of analysts who have positive outlooks and those who have negative outlooks. Ratings run from a maximum 100 points to a minimum of minus 100 points.
Text source: novinite.com
Photo: EPA/BGNES
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