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ITALY DATA: Retail Sales Growth Remains Subdued

ITALY DATA
Data BulletEurozoneCEEMEAItalyBulletGlobalFixed Income BulletsForeign Exchange BulletsRegionMarkets

Italian real retail sales fell 0.4% M/M SA in August, while 3m/3m sales growth was -0.1%. Although retail sentiment in the EC and ISTAT surveys sit above their long-term averages, weak consumer confidence has meant actual retail sales growth remains subdued.

  • The Q2 non-financial accounts released today supports the narrative of consumer caution, with the gross savings rate reaching a 2-year high of 10.2% (vs 9.4% prior).
  • Looking ahead, the Bank of Italy’s “Ita-coin” indicator (which provides a nowcast for IT trend growth much like the Euro-coin counterpart we wrote on earlier) remained negative in September at -0.14 (vs -0.23 in August).
  • Current Bloomberg consensus sees Q3 Italian GDP growth at 0.2% Q/Q (after ISTAT confirmed Q2 GDP growth at 0.2% Q/Q this morning).

 

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Italian real retail sales fell 0.4% M/M SA in August, while 3m/3m sales growth was -0.1%. Although retail sentiment in the EC and ISTAT surveys sit above their long-term averages, weak consumer confidence has meant actual retail sales growth remains subdued.

  • The Q2 non-financial accounts released today supports the narrative of consumer caution, with the gross savings rate reaching a 2-year high of 10.2% (vs 9.4% prior).
  • Looking ahead, the Bank of Italy’s “Ita-coin” indicator (which provides a nowcast for IT trend growth much like the Euro-coin counterpart we wrote on earlier) remained negative in September at -0.14 (vs -0.23 in August).
  • Current Bloomberg consensus sees Q3 Italian GDP growth at 0.2% Q/Q (after ISTAT confirmed Q2 GDP growth at 0.2% Q/Q this morning).