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ROME, Dec 23 (Reuters) – Morale among Italian businesses and consumers rose in December, data showed on Friday, although the manufacturing sector was more subdued.
The National Institute for Statistics’ composite business morale index, which combines surveys of the manufacturing, retail, construction and service sectors, rose to 107.8 in December, compared with a reading of 106.5 in November.
The index fell to 101.4 from 102.5 to 101.4, missing the Reuters average forecast of 102.7 on nine analysts, but the index hit its highest level since August, despite falling confidence among manufacturers.
Consumer confidence rose to 102.5 this month from 98.1 in November, easily beating the 98.5 forecast in a Reuters poll.
The survey was carried out as Prime Minister Georgia Meloni, who took office in October, prepared her first budget with around 21 billion euros in loans to help the economy next year.
Italy’s gross domestic product will contract this quarter and next as higher energy costs hit companies and households, Treasury forecasts.
ISTAT released the following data in its December Product Confidence Survey:
December November October September
Total Index 101.4 102.5 100.7 101.4r
Order level -9.9 -9.5r -8.2r -6.0
Inventories 4.8 4.4r 3.9 3.2
Output view 3.8 6.1r -0.7r -1.5r
r=improved
((Reporting by Gavin Jones, gavin.jones@thomsonreuters.com))
Our standards: The Thomson Reuters Trust Principles.
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