Italy: Business confidence flags slightly in July on more subdued expectations in the service sector
July 27, 2017
The National Institute of Statistics (Istat) composite business confidence indicator (IESE, Istat Economic Sentiment Indicator), which covers the manufacturing, construction, service and retail sectors, edged down from June’s revised 106.3 (previously reported: 106.2) to 105.5 in July, due to lower expectations in the service sector.
The services sub-category reported its worst result since December 2016, as both expectations regarding new orders and assessments of business developments worsened significantly. On the upside, three of the four sub-categories of the indicator improved compared to June: manufacturing, retail sales and construction, with the latter registering the best result in over nine years, pushed up by expectations of higher employment.