ROME, May 28 (Reuters) – Morale among Italian consumers recovered against expectations in May after recent declines, but business morale fell to an 8-month low, data showed on Thursday, in mixed signs for the euro zone’s third largest economy.
National statistics institute ISTAT’s consumer confidence index rose to 93.4 from 90.8 the previous month, well above a median forecast of 90.1 in a Reuters’ poll of eight analysts.
The composite business morale index, combining surveys of the manufacturing, retail, construction and services sectors, decreased to 94.1 from 95.1 in April, posting its lowest level since September last year.
The sub-index for manufacturing was stable at 87.9, ISTAT said.
Giorgia Meloni’s government last month cut its economic growth outlook to 0.6% for this year and next, reflecting surging energy prices and turmoil in the Middle East, from previous targets of 0.7% and 0.8% respectively.
The government forecast a 0.8% growth rate for 2028, which would mark six consecutive years of sub-1% growth.
(Reporting by Antonella Cinelli, graphic by Stefano Bernabei, editing by Gavin Jones)
