ROME, April 27 (Reuters) – Morale among Italian businesses and consumers rose in April, data showed on Thursday, but sentiment in manufacturing was more dovish as the outlook for the euro zone’s third-largest economy remains uncertain.
The confidence index from the national statistical institute ISTAT fell to 103.0 in April from 104.1 in the previous month, below a median forecast of
104.0 in a Reuters poll of 10 analysts.
However, ISTAT’s composite business morale index, which combines surveys in manufacturing, retail, construction and services, rose to 110.5 in April, compared with March’s reading of 110.1.
Services and construction posted solid gains, ISTAT said.
Consumer confidence rose to 105.5 this month from 105.1 in March, right in line with the median forecast in the Reuters poll.
Italy’s gross domestic product contracted by 0.1% in the fourth quarter of 2022 from the previous three months, but Economy Minister Giancarlo Giorgetti has said it is likely to recover earlier this year.
ISTAT is due to release a preliminary estimate of Q1 GDP on Friday, with the median forecast in a Reuters poll of analysts pointing to a 0.2% qoq increase.
This month the government revised its forecast for GDP growth for the full year to 1.0% from 0.6% previously.
ISTAT provided the following data for the April Manufacturing Confidence Survey:
`RIL MARCH FEB JAN
Overall index 103.0 104.1r 102.9r 102.8r
Order level -8.3 -7.6r -7.8 -8.1r
Stocks 4.3 3.9 4.1 3.5r
Exit outlook 6.5 8.4r 5.5r 4.9r
r=revised
((Report by Gavin Jones, [email protected]))
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