Italy: Consumer confidence unexpectedly drops in May
May 24, 2013
In May, the index of consumer sentiment published by ISTAT fell to 85.9 points from the 86.3 points recorded in April. The reading contrasted market expectations that had the index rising to 86.8 points.
The deterioration was driven by households' more pessimistic opinion on the current and future situation of the general economy. On the other hand, consumers' assessment of their current and prospective financial situation improved compared to the previous month. In contrast, prospects for purchases of durable goods deteriorated compared to April.
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