Figures from the National Institute of Statistics (ISTAT) showed that retail sales fell by 0.4% in November after declining by 0.5% in October. Economists had expected an increase by 0.2%. Sales of non-food products declined by 0.7%, while food sales fell by 0.1%. Meanwhile, over the three-month period (through November), retail sales increased by 0.6% compared to the previous quarter. Sales of non-food products and food sales increased by 0.4% and 1.3%, respectively.
On an annual basis, retail sales rose by 1.1% in November, slowing sharply compared to October (+2.6%), but registering the 5th consecutive increase. Consensus estimates suggested a 2.2% increase. Food sales grew by 2.8%, while non-food fell by 0.1%.
The data also showed that in November, large-scale distribution was up 3.8% per annum, small-scale distribution decreased by 0.9%, and non-store retail sales declined by 3.9%. Online sales fell by 3.3% when compared to November 2023.
According to the latest ISTAT estimates, Italian GDP is expected to grow by 0.5% in 2024 and 0.8% in 2025. In 2024, GDP growth will be supported by net foreign demand (+0.7%), while domestic demand will contribute negatively (-0.2%). In 2025, however, the growth of the Italian economy will be primarily driven by domestic demand (+0.8%).