Morale between Italian businesses and consumers plummeted in January, according to data on Friday, as the coronavirus crisis persists and high energy prices are plaguing companies and households.
The manufacturing confidence index of the Italian statistical institute ISTAT fell to 113.9 in January from 115.0 in December.
The figures were well below the average forecast of 115.3 in a Reuters survey of 12 analysts.
ISTAT Composite Ethics Index, which combines research in manufacturing, retail, construction and services, fell much sharply to 105.4 in January from 112.7 in December.
Consumer confidence fell to 114.2 this month from 117.7 in December, well below the average of 116.5 in the Reuters poll.
The government’s third-largest economy is projected to grow by 4.7% this year as GDP appears to be returning to pre-pandemic levels, but the Bank of Italy warned last week of growing downside risks to the economic outlook.
Source From: Capital
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