The IHS Markit Italy Services PMI declined to 10.8 in April of 2020 from 17.4 in the previous month but better than market expectations of 9. The reading pointed to a new record contraction in the services sector as the economic fallout from the coronavirus disease 2019 (COVID-19) virus intensified. Business activity and new business both declined at the sharpest rates in more than 22 years of data collection, with panellists linking the falls to lockdown measures and muted client demand stemming from the pandemic. Workforce numbers continued to decline, with the rate of job shedding accelerating to the most marked on record. Meanwhile, expectations with regards to output remained negative, although sentiment picked up slightly from March's nadir.
Services PMI in Italy averaged 49.73 points from 2011 until 2020, reaching an all time high of 57.70 points in January of 2018 and a record low of 10.80 points in April of 2020. This page provides the latest reported value for - Italy Services PMI - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Italy Services PMI - data, historical chart, forecasts and calendar of releases - was last updated on June of 2020. source: Markit Economics
Services PMI in Italy is expected to be 36.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Services PMI in Italy to stand at 50.00 in 12 months time. In the long-term, the Italy Services PMI is projected to trend around 52.90 points in 2021 and 54.40 points in 2022, according to our econometric models.