ROME, Jan 26 (Reuters) – Italian business morale rose in January but consumer sentiment deteriorated, pointing to an uncertain economic outlook at the start of the year, Italian statistics office ISTAT reported on Thursday.
ISTAT’s manufacturing sentiment index rose to 102.7 from 101.5, beating the median forecast of 101.8 in a Reuters poll of nine analysts.
The overall business morale index, which includes retail, services and construction, climbed to 109.1 from 107.9.
However, the consumer confidence index fell to 100.9 from 102.5, below the Reuters forecast of 102.7.
Growth in the euro zone’s third-largest economy has been better than expected for most of last year, despite sky-high energy costs exacerbated by the war in Ukraine.
However, gross domestic product is likely to contract in the fourth quarter of 2022 and will also decline in the current quarter, according to Treasury estimates.
Gavin Jones reports
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