Figures from the National Institute of Statistics (ISTAT) showed that in April the consumer confidence index fell to 95.2 points from 96.5 points in March. It was the second decline in a row. Economists had expected an increase to 96.9 points. The future confidence climate decreased from 97.2 to 93.9, the economic one worsened from 101.9 to 99.4, the personal one weakened from 94.6 to 93.7, while the current one slightly improved from 96.0 to 96.2.
The data also showed that the economic sentiment indicator fell to 95.8 points from 97.0 points in March. The confidence climate in manufacturing deteriorated to 87.6 from 88.4. The confidence climate in construction fell to 103.4 from 105.7. The market services confidence index fell to 99.5 from 100.7, and the retail trade confidence index decreased from 104.5 to 103.0.
According to official data, the Italian economy expanded by 0.2% in the 4th quarter of 2023, and most analysts expect a similar pace or slight acceleration in the 1st quarter of 2024. ISTAT will publish a preliminary estimate of GDP for the 1st quarter on April 30. Last week, Confindustria - Italy's main business lobby - improved its forecast for the economy for 2024, citing improving global demand and expected interest rate cuts by the ECB. Confindustria now predicts that GDP will grow by 0.9% in 2024 (+0.4% compared to the previous forecast) and by 1.1% next year.