Italy: Business confidence records worst reading since October 2022 in September
Business confidence came in at 104.9 in September, down from August’s 106.7. September’s result marked the weakest sentiment since October 2022.
September’s reading was driven by a weakening in sentiment in the manufacturing and market services sector. In addition, confidence in the the retail sales sector worsened.
Commenting on the release, Paolo Pizzoli, senior economist at ING, stated: “Today’s confidence release wraps up data for the third quarter, which combines manufacturing softness with increasing concerns in services and among consumers. A small GDP gain is still possible for the quarter thanks to tourism, but our current base case forecast of 1% average growth for 2023 will likely undergo a downward revision.”