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. 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 June of 2022.
Services PMI in Italy is expected to be 53.10 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.