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.