Figures from the National Institute of Statistics (ISTAT) showed that in October, the consumer confidence index fell to 97.4 points from 98.3 points in September. Economists had expected growth to 98.5 points. Still, the figure remained firmly above the average for the year. The current confidence climate improved from 96.3 to 96.6, the personal one from 99.0 to 99.2, the future one fell from 97.4 to 95.0 and, finally, the economic one declined from 103.9 to 99.7.
The data also showed that the economic sentiment indicator fell to 93.4 points from 95.6 points in September. The manufacturing confidence climate declined to 85.8 from 86.6. The construction confidence climate rose to 103.9 from 101.9. The market services confidence index fell to 95.3 from 100.4, and the retail trade confidence index improved from 102.3 to 103.7.
According to the latest forecasts of the International Monetary Fund, Italy's GDP will grow by 0.7% this year and 0.8% next year. Thus, the IMF confirmed its July growth forecast for 2024 and lowered its 2025 GDP forecast by 0.1%. "A persistent weakness in manufacturing weighs on the growth of countries such as Germany and Italy," said the IMF. Italy, however, should benefit more from a boost to internal demand stoked by the EU-funded post COVID National Recovery and Resilience Plan.