The composite index of business and consumer confidence in February unexpectedly fell to 99.7 points, according to data from the European Commission.

The revised Eurozone composite confidence index was 99.8 points in January, down from 99.9 points previously reported. Despite revisions, January’s value was the highest in 7 months.

Experts on average had forecast an increase in February to 101 points, according to Trading Economics.

The indicator of confidence in the service sector declined to 9.5 points from 10.4 points a month earlier, representatives of industrial companies – to 0.5 points from 1.2 points, and the construction sector – rose to 1.8 points from 1.4 points.

The February consumer confidence index climbed to minus 19 points – the maximum since February 2022 – due to expectations of weakening inflation. In January its value was minus 20.7 points.

The indicator of inflation expectations among European consumers declined in February to 17.7 points from 17.8 points a month earlier and was the lowest since January 2021.

Earlier, we reported that construction output in the euro area fell by 2.5% in December; in the EU, by 2%.