Euro area consumer confidence is little changed in March

Consumer confidence in the euro area was little changed in March.

The European Commission's consumer confidence index edged down from -19.1 during the previous month to -19.2 for March.

Economists had anticipated a reading of -18.3.

Only 20% of the survey responses were collected before the recent tensions in the US and Swiss banking sectors.

According to Melanie Debono, senior Europe economist at Pantheon Macroeconomics, it was reasonable that the index would otherwise have fallen further.

The index was also below the -9.5 level where it stood before Russia's invasion of Ukraine and was consistent with declines in consumer spending quarter-on-quarter.