Improved in September economic climatewith the relative index standing at 110.2 points from around 106 points in July and August.

According to an economic situation survey of IOVEthis support comes exclusively from Industry, with the remaining three sectors and the consumer confidence index weakening.

Industry is the sector that, due to its greater extroversion, even in medium-sized enterprises, is more connected to the international environment and markets, while it relies to a significant extent on medium-term contracts and orders that are not so affected by current uncertainties. In the global economy, even if there has been a significant slowdown in growth, it appears that the cycle of rising interest rates has been completed without driving economies into recession, and is now beginning to reverse. On the other hand, the other sectors of business activity seem to be correcting the relatively optimistic outlook recorded in previous months and the corresponding upward trend.

According to IOBE, the summer season ends with satisfactory results in tourism and positive multiplier effects in other various sectors of the economy. But at the same time, inflation persists and continues to negatively affect consumer confidence, suggesting a problem that has structural as well as seasonal characteristics.

In more detail:

– in Industry, the negative balance of estimates for orders and demand narrowed significantly, estimates for inventories weakened slightly, while positive forecasts for production in the coming months strengthened.

– in construction, the negative forecasts for business work programs strengthened significantly, while at the same time the positive forecasts for employment weakened.

– in retail trade, estimates for current sales are strongly strengthened, with inventory levels escalating and forecasts for near-term sales developments remaining largely unchanged.

– in services, the positive estimates for the current state of business are marginally limited, while at the same time estimates for current demand weaken with forecasts for the short-term development of demand falling sharply.

– in consumer confidence, households’ negative forecasts for the country’s economic situation intensified, while the corresponding ones for their own economic situation strengthened. At the same time, forecasts for major markets fell significantly, while the intention to save increased.