Italy’s business sentiment is rising consumer sentiment is falling
2023.01.26 10:01
Italy’s business sentiment is rising consumer sentiment is falling
By Ray Johnson
Budrigannews.com – According to a report released on Thursday by the national statistics bureau ISTAT, although business morale rose in January, consumer confidence fell, pointing to uncertain economic prospects at the beginning of the year.
The manufacturing confidence index increased to 102.7 from 101.5, exceeding the median forecast of 101.8.
The retail, services, and construction sectors are all included in the overall business morale index, which increased to 109.1 from 107.9.
However, consumer morale decreased from 102.5 to 100.9, falling short of Reuters’ forecast of 102.7.
Despite skyrocketing energy costs made worse by the war in Ukraine, economic growth in the third largest economy in the euro zone held up better than anticipated for the majority of the year.
However, Treasury estimates indicate that gross domestic product will likely contract in the current quarter as well as the fourth quarter of 2022.
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