BRUSSELS, March 29 (UPI) -- An index of economic confidence rose significantly in March, for both the eurozone and the European Union, the European Commission said.
After a stall in improvements in February, the Economic Sentiment Indicator for the 27-member European Union rose two points to 99.6 and the 16-member eurozone added 1.8 points to 97.7, the commission said.
The indicator is a composite measure of business confidence in the manufacturing, service, retail, construction and consumer sectors of the economy.
"After the recorded pause in February, the upward trend appears to have regained its momentum," the commission said.
The index is "close to its long-term average, albeit it will still require further improvement for the economic activity to reach its pre-crisis level," the report said.
The index rose highest in Germany, up 3.4 points, followed by Poland, up 2.7, and Britain, up 2.6.
Prior to the recession, the indicators peaked a nearly 116. They hit lows near 70 in April 2009.
