Consumer and business confidence

With regard to the consumer survey, the confidence climate in July 2018 remained essentially stable (from 116.2 to 116.3). The economic and future components worsened (from 142.8 to 141.7 and from 122.4 to 121.0 respectively), while the personal and current components improved from 107.1 to 107.8 and from 111.8 to 113.3. The balance concerning expectations on unemployment grew from 9.5 to 12.3. The balance on inflation perceptions referring to the last 12 months fell from -2.9 to -3.8 while the balance on inflation expectations for next 12 months improved from -18.4 to -17.2.

With reference to the business surveys, the composite business confidence climate index (IESI, Istat Economic Sentiment Indicator) stayed basically stable (from 105.5 to 105.4).

The confidence index in manufacturing remained stable at 106.9. Assessments on order books worsened (balance from -3.6 to -5.6), while production expectations increased (balance from 12.4 to 13.6). The balance on inventories improved too (balance from 3.8 to 3.1).

The confidence index in construction increased (from 132.9 to 139.9). Both assessments on order books/construction plans and employment expectations improved (balance from -22.8 to -15 and from -1.6 to -0.2, respectively).