Italy: Business confidence picks up for first time in five months
August 30, 2011
In August, the manufacturing sentiment index published by ISTAT picked up to 99.9 points. The figure was up from the 98.8 points recorded in July and defied market analyst expectations, which saw sentiment declining further to 97.1 points. Following four consecutive months of drops in the index, which drove sentiment to the lowest level since July 2010, the August reading marked the first improvement. Nonetheless, the index still sits 0.2 points below the level observed in the same month last year. According to ISTAT, the improvement was driven by a rosier assessment of the current level of total orders, particularly domestic orders, and of production levels. However, all the prospective sub-components deteriorated compared to the previous month.
Author: Armando Ciccarelli, Head of Data Solutions