Italy business and consumer confidence rise in August

ROME, Aug 28 (Reuters) - ‌Italian business ​and ​consumer confidence rose in August, data showed on Friday, in a positive sign ‌for the prospects of the euro zone's ⁠third largest economy.

• National statistics institute ISTAT's consumer confidence ‌index edged up to ‌94.5 from 94.2 the previous month, a second consecutive increase but missing a median forecast ​of 95.0 in a Reuters' poll of seven analysts.

• ISTAT's composite business morale index, combining ⁠surveys of the manufacturing, retail, construction and services sectors, rose for ​a third month to 96.9 from 95.7 in July.

• The sub-index for manufacturing ​edged up to 89.9, just ‌below a median forecast of 90.0, from 89.7 in July.

• 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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