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Financial News: Italy Consumer Confidence Lowest Since May 2013

Italy Consumer Confidence Lowest Since May 2013

10/27/2022 - 07:41:00 (RTTNews)

(RTTNews) - Italy's consumer confidence weakened more-than-expected in October to reach its lowest level in nearly nine-and-a-half years, survey results from the statistical office Istat showed on Thursday.

The consumer confidence index fell to 90.1 in October from 94.8 in September. Economists had forecast the index to drop to 93.8.

Consumer confidence showed a negative dynamic for the second consecutive month and reached its lowest level since May 2013, the statistical office said.

Among components, economic sentiment of consumers declined sharply to 77.6 in October from 81.3 in September. The index measuring the current climate dropped from 96.9 to 91.0 and that for future situations weakened to 88.8 from 91.8.

Data also showed that the composite business confidence index worsened for the fourth successive month in October, falling to 104.5 from 105.1.

The index measuring confidence in manufacturing also decreased in October, with the corresponding index falling to 100.4 from a reading of 101.2 in September. The expected score was 100.

In construction, the sentiment declined from 159.5 to 157.5, and the confidence index for retail trade eased to 108.7 from 110.5.

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