Italian Confidence Data Sends Mixed Signals

Italian economic confidence data for June shows mixed results, pointing to a deceleration in second-quarter GDP growth driven by cautious consumption. Despite this, ING has slightly upgraded its full-year 2026 GDP growth forecast to 0.8%.

Key Takeaways

• 1.June Italian consumer confidence fell to 92.4, signaling a likely GDP growth deceleration in Q2.
• 2.Service sector confidence remains fragile, particularly in tourism, though manufacturing shows relative resilience.

Table of Contents

• Vulnerable consumers point to prudence in consumption
• Manufacturers relatively resilient but orders remain subdued
• Confidence in construction still reflecting recovery plan timeline
• Service confidence only slightly up, thanks to tourism
• A GDP growth deceleration in the second quarter is now on the cards

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