Italian business confidence dropped to its lowest level in almost three years in June as slowing economic growth, rising energy costs and a stronger euro all weighed on orders. The Isae Institute's business confidence index dropped to 87.1 from a revised 89.4 in May. That is the lowest reading since July 2005.
The sub-index for total orders fell to minus 18 from minus 16 in May, and the three-month outlook for production fell to 11 from 14. Sentiment about the economic situation going forward worsened, with that sub-index falling to minus 14 from minus 10.
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