Italy consumer and business confidence plunge in April

ROME, April 29 (Reuters) - ‌Morale among ​Italian ​consumers and businesses fell steeply in April, data showed on Wednesday, ‌boding ill for the prospects of the ⁠euro zone's third largest economy, among the hardest-hit ‌by the energy shock ‌due to the Iran war.

National statistics institute ISTAT's consumer confidence index declined to 90.8, ​the lowest level in at least three years, from 92.6 the previous month, ⁠below a median forecast of 91.2 in a Reuters' poll ​of six analysts.

The composite business morale index, combining surveys of the manufacturing, retail, ​construction and services sectors, ‌decreased to 95.2 from 97.3 in March, with services and construction ⁠posting the steepest drops.

The sub-index for manufacturing fell to 87.9 from 88.7 the previous month, ISTAT ⁠said.

Giorgia Meloni's government last week 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.

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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