The S&P Global Italy Services PMI fell to 46.4 in October of 2022 from 48.8 in September, missing estimates of 48.5 and marking the third contraction in services activity in the last four months. Business activity shrank for the second consecutive month, with new business inflows falling at the sharpest rate since January 2021 as soaring prices and economic uncertainty hit client demand. Weaker demand for Italian services was also prevalent in foreign markets. Consequently, backlogs of work dropped for the fourth straight month. Still, firms continued to take in new work, largely due to expectations of a rebound in demand. On the price front, both input and selling inflation slowed in October but remained high at historical levels, underpinned by higher costs for energy and staff. Looking forward, optimism fell to a 23-month low, driven by concerns that higher energy prices could drive inflation even higher. source: Markit Economics
Services PMI in Italy averaged 49.71 points from 2011 until 2022, reaching an all time high of 58.00 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 November of 2022.
Services PMI in Italy is expected to be 46.50 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 51.30 points in 2023 and 52.00 points in 2024, according to our econometric models.