Italy business and consumer confidence rise in July

ROME, July 31 (Reuters) - ‌Italian business ​and ​consumer confidence rose in July, data showed on Friday, in another positive sign ‌for the euro zone's third-largest economy, coming ⁠a day after encouraging GDP growth data.

• National statistics ‌institute ISTAT's consumer confidence ‌index rose to 94.2 from 92.4 the previous month, well above a median forecast of ​92.5 in a Reuters' poll of six analysts.

• The composite business morale index, combining ⁠surveys of the manufacturing, retail, construction and services sectors, edged up ​to 95.6 from 95.3 in June.

• The sub-index for manufacturing increased to 89.6 ​from 88.6, the highest level ‌since June 2023, beating a median forecast of 88.9.

• Giorgia Meloni's government ⁠in April cut its economic growth outlook to 0.6% for this year and next, reflecting surging energy ⁠prices and turmoil in the Middle East, from previous ​targets of 0.7% and 0.8% respectively.

• However, gross domestic product data in the first and second quarters came ‌in stronger than expected, suggesting some economic resilience to the Middle-East crisis.

• The ‌government forecast a 0.8% growth rate for ⁠2028, which would mark ‌six consecutive years ​of sub-1% growth.

(Reporting by Antonella Cinelli, graphic by Stefano Bernabei, editing by Gavin ‌Jones)

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