Eurozone economic confidence climbs again

Business and consumer confidence in the 16-nation eurozone rose again in August but at a slower pace than the previous month amid optimism about the economy, the European Union said Monday.

The Economic Sentiment Indicator produced by the European Commission rose to 101.8 points in the single currency area, matching a two-year high, with regional powerhouse Germany leading the pack with a boost of 1.1 points.

Sentiment also climbed across the 27-nation European Union, rising 0.6 points to 102.7 points with Britain, which is not a member of the eurozone, leading the way with a gain of 1.5 points.

The commission said consumer confidence "improved markedly" in the EU and the eurozone.

"Widely-felt optimism about the general economic situation as well as further considerable easing of unemployment fears set the tone" the EU's executive arm said in its report.

Economic sentiment rose to its highest level since March 2008, when it also stood at 101.8 points.

Business and consumer confidence had surged by 2.2 points to 101.1 points in July, according to slightly revised figures from the commission.