The S&P Global Italy Services PMI fell to 48.4 in July of 2022 from 51.6 in the previous period, missing market expectations of 50.1. The reading pointed to the first contraction since January this year and the steepest since April of 2021. Both output and new business intake declined for the first time in six months, as Italian service providers faced weak client demand due to the pessimistic economic outlook and poor consumer confidence, despite export orders remaining loosely stable. The drop in demand for new business eased capacity pressures, but firms continued their hiring momentum and slightly increased staff intake from the previous month. While remaining among the highest on record, input price inflation eased to its lowest in six months, as firms cited higher costs for fuel, energy, and material costs. Looking forward, uncertainty, reduced sentiment, and geopolitical challenges pressured business confidence to its lowest since November of 2020. source: Markit Economics

Services PMI in Italy averaged 49.73 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 August of 2022.

Services PMI in Italy is expected to be 53.40 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 54.80 points in 2023 and 52.00 points in 2024, according to our econometric models.

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Italy Services PMI



Related Last Previous Unit Reference
Manufacturing PMI 48.50 50.90 points Jul 2022
Services PMI 48.40 51.60 points Jul 2022
Composite PMI 47.70 51.30 points Jul 2022

Italy Services PMI
Markit/ADACI Italy Services PMI (Purchasing Managers' Index) is based on data collected from a representative panel of around 400 companies based in the Italian service sector. The index tracks variables such as sales, employment, inventories and prices. A reading above 50 indicates that the services sector is generally expanding; below 50 indicates that it is generally declining.
Actual Previous Highest Lowest Dates Unit Frequency
48.40 51.60 58.00 10.80 2011 - 2022 points Monthly

News Stream
Italian Services Sector Unexpectedly Contracts
The S&P Global Italy Services PMI fell to 48.4 in July of 2022 from 51.6 in the previous period, missing market expectations of 50.1. The reading pointed to the first contraction since January this year and the steepest since April of 2021. Both output and new business intake declined for the first time in six months, as Italian service providers faced weak client demand due to the pessimistic economic outlook and poor consumer confidence, despite export orders remaining loosely stable. The drop in demand for new business eased capacity pressures, but firms continued their hiring momentum and slightly increased staff intake from the previous month. While remaining among the highest on record, input price inflation eased to its lowest in six months, as firms cited higher costs for fuel, energy, and material costs. Looking forward, uncertainty, reduced sentiment, and geopolitical challenges pressured business confidence to its lowest since November of 2020.
2022-08-03
Italy Services Sector Growth Eases in June
The S&P Global Italy Services PMI fell to 51.6 in June of 2022 from 53.7 in the previous period, slightly above market expectations of 51.5. It marked the fifth consecutive month of growth, albeit the slowest in the current sequence. Inflows of new work continued to decelerate, consistent with a slower rise in demand from abroad. Lower demand for new business eased capacity pressures, in turn reducing the pace in which Italian service providers hired new staff. The few surveyors that reported increased hiring cited expectations of higher workloads for the near future. Meanwhile, firms continued to report continued increases in cost burdens, underpinned by energy, fuel, transportations, and material costs. Consequently, prices charged to clients continued to increase, with the rate of charge inflation rising to a record high. Looking forward, uncertainty, surging prices, and weak demand pressured business confidence to an 18-month low.
2022-07-05
Italy Services Sector Growth Eases in May
The S&P Global Italy Services PMI fell to 53.7 in May of 2022 from 55.7 in the previous period, missing market expectations of 54.5. While at a slower pace, it marked the fourth consecutive month of growth, underpinned by inflows of new work as both domestic and foreign demand were seen higher. The upturn in business activity prompted capacity pressures to emerge, as backlogs of work increased during the period. Consequently, service providers reported a sharp increase in employment to match higher levels of outstanding business, extending employment growth streak to 12 months. Meanwhile, firms continued to face heightened inflationary pressures due to greater material and energy costs. In response, client prices also rose, although the pace eased slightly from last month’s record. Looking forward, the business outlook for next year sharply moderated, with respondents citing concerns with inflation, a possible economic downturn, and financial market instability.
2022-06-03