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Italy business and consumer confidence rise in June

Friday, June 26, 2015 - 16:21

[ROME] Morale among Italian manufacturers and consumers rose in June, beating expectations in a positive sign for the country's nascent economic recovery, data showed on Friday.

National statistics institute ISTAT's manufacturing confidence index rose to 103.9 from a marginally revised 103.4 in May, narrowly beating a 103.8 forecast in a Reuters poll of 12 analysts.

Consumer confidence rose more sharply, to 109.5 from a revised 106.0 in May. The reading was higher than all forecasts in a Reuters poll of 11 analysts who predicted between 104.1 and 108.2, giving an average forecast of 105.7.

The composite business morale index, combining surveys of the manufacturing, retail, construction and services sectors, also rose decisively, to 104.3 from a downwardly-revised 101.8 in May.

Italy posted 0.3 per cent economic growth in the first quarter, peeping out of a three-year recession.

Prime Minister Matteo Renzi's government expects gross domestic product to rise 0.7 per cent over the course of the year.

REUTERS