2023.05.2613:34:00UTC+00Italy Consumer Confidence Moderates In May

Italy's consumer confidence moderated in May from a 14-month high, survey results from the statistical office Istat showed on Friday.

The consumer confidence index fell to 105.1 in May from 105.5 in April. The score also remained below economists' forecast of 105.2.

Within in the CCI, only the economic climate improved in May, to 119.8 from 119.0, while all other indicators worsened. The current climate index dropped to 100.0 from 100.2 and the index for future situation slid to 112.6 from 113.3. Finally, the personal climate index sank to 100.1 from 100.9.

Data showed that the overall business climate index decreased to 108.7 in May from 110.4 a month ago. Sentiment in all sectors namely manufacturing, construction, market services and retail trade deteriorated in May.

The confidence index in manufacturing moved down to 101.4 in May from 102.8. Both expectations on production and assessments on order books worsened and the inventory volumes increased slightly.

The broad picture after the release of survey data is one of slowing growth, ING economist Paolo Pizzoli said. The economist expects the fall in manufacturing sentiment and the weakness in construction and services to translate into a clear deceleration in GDP growth in the second quarter.