Morale between Italian businesses and consumers strengthened in May, with the services sector regaining confidence despite the ongoing war in Ukraine, while the industrial sector remains negative.
Istat’s manufacturing confidence index fell to 109.3 points in May from 109.9 points in April, but still remains slightly higher than the average estimate of 109 points.
The composite index for the business confidence climate increased to 110.9 points, compared to 108.4 points.
The more positive climate in services and retail, offset the decline in manufacturing and construction.
Istat stressed that it has revised the methodology for calculating the business climate, leading to a remarkable revision of previous estimates for April and previous months.
Consumer confidence rose to 102.7 points in May from 100 points in April, and is the first rise after four consecutive falls.
The Draghi government last month revised down estimates for economic growth to 3.1% from its September forecast of 4.7%.
Italy’s GDP shrank 0.2% in the first quarter, compared to the previous quarter.
Source: Capital
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