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Economic Indicator

5 Jan 2022

PMI shows that Italian Services Activity Growth slowed Down in Dec

PMI shows that Italian Services Activity Growth slowed Down in Dec

The Index Today

A survey showed on Wednesday that the services sector in Italy continued to grow in December but not as quick than last November, reflecting slightly slower gains in total new work.

According to the recent data, the IHS Markit's Business Activity Index for services stood at 53.0 in December, down from 55.9 in November but comfortably above the 50 mark that separates growth from contraction for an eighth successive month.

The figure was below the median forecast in a Reuters survey of seven analysts which had pointed to a reading of 53.9. Italy's service sector took longer to recover from COVID-19 lockdowns than the smaller manufacturing sector, which has seen healthy growth for the last year and recorded its 18th consecutive month of expansion in December, according to the Reuters poll.

The composite Purchasing Managers' Index for services and manufacturing remained robust in December at 54.7, and it is slightly down from 57.6 posted in November but the trend of the graph is still on 11th successive month of growth.

Prime Minister Mario Draghi says that the Italian economy almost certainly expanded in 2021 by more than the government's official 6.0% forecast and is predicting growth of 4.7% in 2022.