Figures from the National Institute of Statistics (ISTAT) showed that retail sales rose by 0.4% in November after a similar increase in October. Economists had expected an increase by 0.2%. Sales of non-food products increased by 0.6%, and food sales rose by 0.2%. Meanwhile, over the three-month period (through November), retail sales fell by 0.1%.
On an annualized basis, retail sales increased by 1.5% in November after rising by 0.3% in October. It was the 32nd consecutive increase. Consensus estimates suggested an increase of 0.7% per annum. Food sales grew by 4.1%, while non-food fell by 0.3%.
The data also showed that in November, large-scale distribution was up 3.4% per annum, small-scale distribution was down 0.3% per annum and non-store retail sales decreased by 0.9% per annum. Meanwhile, online sales grew by 0.6% per annum in November.
Last month, the Bank of Italy cut its growth forecast for next year due to tighter monetary and credit conditions for both families and companies. GDP is expected to rise by 0.6% in 2024, down from a previous estimate of 0.8%. But the Bank of Italy raised its GDP growth forecast for 2025 to 1.1% from 0.8% based on predictions of slightly lower interest rates.