Italy: Consumer confidence defies expectations, jumps to highest level in more than a year
June 24, 2013
In June, the index of consumer sentiment published by ISTAT jumped to 95.7 points from the 86.4 points recorded in May. The reading contrasted market expectations that had the index inching down to 86.2 points and marks the strongest result since March last year.
The improvement was mainly driven by households' more optimistic opinion on the current and future situation of the general economy. In particular, the outlook on the economy in the near future is now at its highest level since January 2010. In contrast, prospects for purchases of durable goods deteriorated compared to May.
Panellists see private consumption falling 1.8% this year, which is down 0.1 percentage points from last month's forecast. Next year, the panel sees private consumption expanding 0.1%.
Author: Armando Ciccarelli, Head of Data Solutions