Eurozone business climate brightens on recovery hopes

The mood among businesses in the crisis-hit eurozone has markedly improved amid signs the currency area’s recession might come to an end this year. A respective EU indicator has reached its highest level in a year. 

Business confidence in the 17-nation eurozone has significantly brightened, sending the European Commission's monthly business climate index to its highest level in a year.

The mood barometer had risen by 1.8 points to 91.3 points in June, the European Union's executive arm announced Thursday.

Reuter’s news agency said the rise was steeper than expected by economists, who had forecast a rise to just 90.3 points in a poll carried out by the news agency.

The EU Commission said most importantly, the sentiments of business leaders had brightened in the eurozone's five biggest economies - Germany, France, Italy, Spain and the Netherlands.

In addition, the improvements were perceptible in all sectors of the economy, except construction, which was still suffering from the collapse of the real estate markets in several member states.