Economic sentiment has hit a 21-year high in the EU and the euro area this month, a European Commission statement said on Tuesday.

The Economic Sentiment Indicator (ESI) increased 3 points from the previous month to reach 117.0 in the EU. The ESI rose 3.4 points in the euro area to 117.9 points in June.

“In the EU, the ESI’s increase was propelled by improving confidence in the services sector … and consumers recorded an improvement, too,” the statement said.

At the country level, the ESI reached an all-time high in Germany, and posted increases in Italy, the Netherlands, France and Poland. Only Spain saw a slight decline out of the six largest EU member countries.

The Employment Expectations Indicator (EEI) also rose 1.2 points to 111.5 in the EU, and 1.6 points to 111.6 in the euro area – their highest levels since November 2018.

“The further increase in the EEI in June was driven by more optimistic employment plans in industry and services, largely outweighing the slight dip in construction,” the statement said.

Industry confidence has increased for the seventh consecutive month to reach a new all-time high, while consumer confidence has risen for the fifth month in a row, it added.

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