Italy sees year-end consumer, business confidence rise

ROME: Consumer and business confidence both rose in Italy in the final survey of 2022, capping an up-and-down year for the key indicators.

Both indicators rose for the second consecutive month in December, according to data released by ISTAT, Italy's National Statistics Institute.

In the latest survey, consumer confidence broke through the 100-point barrier at 102.5 points, up from 98.1 in November, while business confidence rose to 107.8, an improvement from 106.5 a month earlier, reports Xinhua news agency.

In October, the indicators were at 90.1 and 104.7 points, respectively.

According to ISTAT, the improvement in consumer confidence was "mainly due to a positive evolution of opinions on the economic situation in the country, including unemployment data".

It said business confidence was driven by improved prospects for the services and construction sectors, though ISTAT noted the business confidence level still finished the year below its average over the first 11 months.

Both indicators took a hit in the middle of the year, as inflation and slower economic growth sparked by the ongoing war between Russia and Ukraine took a toll.

The indicators, based on a 100-point baseline from 2010, are a key factor in helping predict spending patterns in the country's economy.