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Italy Consumer Confidence Lowest In A Year

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Italy’s consumer confidence weakened in March to its lowest in over a year, mainly due to deterioration in economic and future climate in the backdrop of the war in Ukraine, survey results from the statistical office Istat showed on Friday.

The consumer confidence index fell to 100.8 in March from 112.4 in February. Economists had expected a score of 108.3.

The reading was the lowest since January last year, when it was 100.7.

The economic sentiment index declined sharply to 98.2 in March, the weakest reading since April last year, from 129.4 in the prior month. The current climate index fell to 105.7 from 109.6.

The manufacturing confidence index decreased to a 12-month low of 110.3 in March from 112.9 in the previous month. Economists had forecast a score of 111.7.

The business confidence index weakened to 105.4 in March from 107.9 in the preceding month.

In construction, the sentiment index increased to 160.1 from 159.7 in the prior month.

The indicator for the services sector fell to 99.0 from 100.4 in February and the index for retail weakened to 99.9 from 104.5.

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