2018.01.3004:54:00UTC+00Italy Consumer Confidence Falls Unexpectedly; Business Confidence At 6-Month Low

Italy's consumer confidence weakened unexpectedly at the start of the year, while business confidence fell to the lowest level in six months, survey data from the statistical office Istat showed Tuesday.

The consumer confidence index dropped to 115.5 in January from 116.5 in December. Meanwhile, economists had expected the index to rise to 116.7.

The decline in January was mainly due to the decrease in the economic component and the future component.

The balance concerning expectations on unemployment grew from 11.4 to 16.0 and the index measuring the balance on inflation expectations for next twelve months rose to 22.0 from -14.7.

Data also showed that the composite business confidence index decreased to 105.6 in January from 108.7 in December.

Among components, the manufacturing confidence index worsened to 109.9 from 110.3. The morale also declined in market services and retail trade, while strengthened in construction sector.