The IHS Markit Italy Services PMI increased to 28.9 in May of 2020 from a record low of 10.8 in the previous month and above market expectations of 26.5. Both activity and total new business declined further, although the rates of decline softened from April as some parts of the economy began to reopen amid loosening lockdown restrictions. Foreign demand also dropped, with the rate of decline among the quickest on record, albeit softer than in the previous survey period. Job cuts continued, however, with the reduction in staff numbers among the quickest on record. On the price front, average input costs fell for the third successive month amid lower fuel and staff costs; average charges dropped for the tenth month running and at the second-quickest pace since April 2009 on continued discount selling prices to encourage sales. Finally, activity expectations improved further from March’s nadir, but remained among the weakest in the series history.
Services PMI in Italy averaged 49.54 points from 2011 until 2020, reaching an all time high of 57.70 points in January of 2018 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 2020. source: Markit Economics
Services PMI in Italy is expected to be 36.00 points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Services PMI in Italy to stand at 50.00 in 12 months time. In the long-term, the Italy Services PMI is projected to trend around 52.90 points in 2021 and 54.40 points in 2022, according to our econometric models.