Italy: Consumer confidence plunges to lowest level in more than 15 years
April 23, 2012
In April, the index of consumer sentiment published by ISTAT plunged to 89.0 points from 96.8 points in March, marking the lowest level in more than 15 years. The result came in below market expectations, which had anticipated the index to drop to 96.2 points. The result was broad-based, with all the components of the index deteriorating compared to the previous month. In particular, households' expectations regarding the general economic situation marked a 24-point drop, as the recessive effects of the austerity measures implemented by the Monti administration begin to surface. Moreover, respondents expressed more pessimistic expectations regarding their personal financial situation. Accordingly, prospects for purchases of durable goods deteriorated notably compared to the previous month.
Author: Armando Ciccarelli, Head of Data Solutions