Figures from the National Institute of Statistics (ISTAT) showed that retail sales remained unchanged in March after rising 0.1% in February. Economists had expected an increase by 0.2%. Sales of non-food products declined by 0.3%, while food sales increased by 0.2%. Meanwhile, over the three-month period (through March), retail sales remained unchanged.
On an annual basis, retail sales increased by 2.0% in March, slowing compared to February (+2.4%). It was the 36th consecutive increase. Consensus estimates suggested a 0.4% drop. Food sales grew by 6.4%, while non-food fell by 1.5%.
The data also showed that in March, large-scale distribution was up 6.1% per annum, small-scale distribution was down 1.5% per annum and non-store retail sales decreased by 2.6% per annum. Meanwhile, online sales fell by 2.4% compared with March 2023.
Italy’s economy has been struggling with high interest rates and a weakening in the economies of its main trading partners, particularly Germany. The central bank has a growth forecast of 0.6% for 2024, much lower than the government’s 1% prediction.