Italy: Business confidence strengthens in November
Business confidence came in at 104.7 in November, up from October’s 106.4.
November’s reading was driven by improving sentiment in the manufacturing, market services and trade sectors. On the flip side, confidence in the construction sector deteriorated.
Commenting on the release, Paolo Pizzoli, senior economist at ING, stated:
“All in all, notwithstanding todays surprisingly strong confidence data, we do not believe an economic turnaround is in the making, as yet. The negative impact of inflation remains in place both for consumers and businesses and we suspect that the refinanced compensation measures will not be enough to prevent a GDP contraction in the fourth quarter of this year.”