Figures from the National Institute of Statistics (ISTAT) showed that in July the consumer confidence index rose to 98.9 points from 98.3 points in June. It was the third increase in a row and the highest value since February 2022. Economists had expected a drop to 98.0 points. The personal confidence climate rose from 95.8 to 96.5, the future one from 98.7 to 99.4, the current one from 98.1 to 98.5 and the economic one from 105.3 to 105.6.
The data also showed that the economic sentiment indicator fell to 94.2 points from 94.5 points in June. The confidence climate in manufacturing improved to 87.6 from 86.9. The confidence climate in construction fell to 103.6 from 104.5. The market services confidence index fell to 95.9 from 97.1, and the retail trade confidence index rose from 102.2 to 102.6.
Earlier this week, the International Monetary Fund said that economic growth in Italy is projected to average around 0.75% in 2024-26 as one large spending program is succeeded by another, with inflation continuing. Inflation is projected to undershoot the 2% target this year, but return to target thereafter, IMF said. Meanwhile, according to ISTAT's latest forecasts, the Italian GDP is expected to grow by 1% in 2024 and by 1.1% in 2025, showing a moderate acceleration compared to 2023.