The economic confidence of consumers and businesses in the euro area increased in February to its highest point in almost a year. This is partly due to optimism that the vaccinations against the coronavirus will accelerate the recovery of the economy.

The European Commission’s confidence index is rising to 93.4 this month, from 91.5 in January. Confidence increased in industry, services and consumers, but decreased in the retail and financial sectors.

Within the large euro area economies, economic confidence increased in Germany, France and Italy. However, sentiment deteriorated significantly in Spain and, to a lesser extent, in the Netherlands, according to the commission.