The S&P Global Italy Services PMI rose to 50.5 in August of 2022 from 48.4 in the previous period and well above market expectations 48.3, pointing to a slight rebound from the contraction in July. Production was marginally higher while inflows of new business broadly stagnated, as the pick-up in orders due to easing pandemic restrictions offset the poor economic outlook that continued to weigh on demand. At the same time, orders from abroad fell for the first time since March. Albeit at a slow pace, Italian service providers continued to expand their workforce, extending the period of hiring growth that started in May 2021. On the price front, inflation continued to pressure companies with higher prices for energy, staff, fuel, and transportation. While price growth was the slowest since December, it was the 8th quickest on record. Business confidence remained positive overall, but sank to a 21-month low due to recession fears and inflationary pressures. source: Markit Economics
Services PMI in Italy averaged 49.74 points from 2011 until 2022, reaching an all time high of 58 points in July of 2021 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 September of 2022.
Services PMI in Italy is expected to be 50.80 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Italy Services PMI is projected to trend around 51.30 points in 2023 and 52.00 points in 2024, according to our econometric models.