Italy's consumer confidence saw an unexpected boost in July, reaching its highest level in nearly two and a half years, according to a survey by Istat, the nation's statistical office, released on Friday.
Consumer sentiment climbed to 98.9 in July, up from 98.3 in June, defying expectations which had forecast a score of 98.0. This marks the highest confidence level since February 2022, when it stood at 100.9.
Breaking down the components, the economic climate index inched up to 105.6 in July from 105.3 in June. The personal climate index also saw an uptick, rising to 96.5 from 95.8, while the future climate index advanced to 99.4 from 98.7. Similarly, the current climate index improved to 98.5 from 98.1.
However, the data revealed that the composite business confidence index dipped to an eight-month low of 94.2 in July from 94.5 in June.
Manufacturers' sentiment experienced a slight increase, with the index rising to 87.6 from 86.9. Assessments of order books showed improvement, while production expectations remained largely unchanged in July.
Confidence in both the construction and market services sectors weakened. On the contrary, morale in the retail trade sector saw a slight improvement, with the index increasing to 102.6 from 102.2.
