Italy: Consumer confidence drops to lowest level in four months in October
October 24, 2013
In October, the National Institute of Statistics (Istat) consumer sentiment index fell to 97.3 points, down from the revised 100.8 points recorded in September (previously reported: 101.1 points), which had marked the highest reading since June 2011. The reading marked the lowest print in four months and undershot market expectations of 100.6 points.
Respondents to the survey were more pessimistic regarding the current and future situation of the Italian economy. Moreover, they showed greater negativity regarding both their current and future personal financial situations. Accordingly, prospects for buying durable goods deteriorated compared to the previous month.
Panelists see private consumption falling 2.4% this year, which is unchanged from last month's forecast. Next year, the panel sees private consumption expanding 0.2%, which is also unchanged from last month's projection.
Author: Armando Ciccarelli, Head of Data Solutions