ROME: Morale among Italian businesses and consumers rose sharply in February, raising the prospects of recovery for the country’s stagnant economy.
National statistics institute ISTAT’s manufacturing confidence index increased to 99.1 percent in February from an upwardly revised 97.6 in January.
That was the highest level since July last year and well above the median forecast of 98.0 in a Reuters survey of 15 analysts.
ISTAT’s composite business morale index, combining surveys of the manufacturing, retail, construction and services sectors, rose for the second month running in February to 94.9 from 91.6, reaching the highest level since June 2011.
Consumer confidence jumped even more strongly to 110.9 from an upwardly revised 104.4 in January, far above all forecasts in a Reuters survey of 14 analysts which pointed to a rise to 104.5.
The level of consumer morale in February was the highest since June 2002, ISTAT said.
The across-the-board rise in confidence in February will encourage Prime Minister Matteo Renzi, who is trying to revive an economy which has not posted a single quarter of growth in the last three years.
