Monday, 20 September, 2021

Italy’s consumer confidence up to near 3-yr high

ROME: Consumer confidence in Italy jumped to the highest level in nearly three years in June, while business confidence also rose sharply, official data showed Friday.

It was the latest in a series of positive indicators for the eurozone’s third-largest economy, which is recovering from a record recession brought about by the Covid-19 pandemic, reports AFP.

The consumer confidence index reached 115.1 from 110.6 in May, national statistics agency Istat said, calling it the highest reading since October 2018.

Meanwhile, the business confidence index hit 112.8, versus 107.3 in May, “consolidating the positive trend” observed since December, Istat said.

With June’s reading, consumer confidence returned to pre-pandemic levels, while business confidence had done so already in May.

Italy was the first European country to be hit by the coronavirus pandemic in early 2020, and that year its economy shrank by a staggering 8.9 percent.

But for 2021, given progress with vaccinations and the ensuing rollback of coronavirus restrictions, Italy’s central bank expects a rebound of nearly 5 percent.