The HCOB Italy Services PMI fell for the third month to 51.5 in July 2023, down from 52.2 in June and below forecasts of 52.2. The latest reading marked a seventh straight month of expansion in Italian services activity, but the rise was modest and the slowest since January. New business increased but the pace of growth was fractional and the slowest in the current 8-month expansionary sequence. Companies pointed out that tourism was a bright spot, but elevated inflation and increased interest rates continued to negatively affect discretionary spending. Meanwhile, employment dropped for the first time since April 2021. On the price front, the overall rise in input prices remained historically elevated, with wages, commodities and energy pushing up costs. The rate of output charge inflation was solid, though remained well below typical levels in 2022. Finally, confidence in the outlook remained positive during July, but the level of optimism remained well below its historical trend. source: Markit Economics

Services PMI in Italy averaged 49.89 points from 2011 until 2023, 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 August of 2023.

Services PMI in Italy is expected to be 51.50 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 52.00 points in 2024 and 54.20 points in 2025, according to our econometric models.

Ok
The Trading Economics Application Programming Interface (API) provides direct access to our data. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds.

API Features Documentation Interested? Click here to contact us
Please Paste this Code in your Website
Width
Height
 Preview

Italy Services PMI



Related Last Previous Unit Reference
Services PMI 51.50 52.20 points Jul 2023
Manufacturing PMI 44.50 43.80 points Jul 2023
Composite PMI 48.90 49.70 points Jul 2023

Italy Services PMI
Markit/ADACI Italy Services PMI (Purchasing Managers' Index) is based on data collected from a representative panel of around 400 companies based in the Italian service sector. The index tracks variables such as sales, employment, inventories and prices. A reading above 50 indicates that the services sector is generally expanding; below 50 indicates that it is generally declining.
Actual Previous Highest Lowest Dates Unit Frequency
51.50 52.20 58.00 10.80 2011 - 2023 points Monthly

News Stream
Italy Services Growth Slows Further in July
The HCOB Italy Services PMI fell for the third month to 51.5 in July 2023, down from 52.2 in June and below forecasts of 52.2. The latest reading marked a seventh straight month of expansion in Italian services activity, but the rise was modest and the slowest since January. New business increased but the pace of growth was fractional and the slowest in the current 8-month expansionary sequence. Companies pointed out that tourism was a bright spot, but elevated inflation and increased interest rates continued to negatively affect discretionary spending. Meanwhile, employment dropped for the first time since April 2021. On the price front, the overall rise in input prices remained historically elevated, with wages, commodities and energy pushing up costs. The rate of output charge inflation was solid, though remained well below typical levels in 2022. Finally, confidence in the outlook remained positive during July, but the level of optimism remained well below its historical trend.
2023-08-03
Italy Services Growth Slows for 2nd Month
The HCOB Italy Services PMI fell to 52.2 in June 2023 from 54 in May and compared to forecasts of 53, as client uncertainty and increased interest rates weighed on sales. Although the reading was the softest in four months, it continued to point to an expansion in the services sector. The rise in new business and employment weakened. Meanwhile, price pressures waned, with cost inflation easing to a 2-year bottom, mainly due to fuel costs. However, wages were reported to have grown, and suppliers were pushing price increases. Finally, business confidence in the future remained positive but dropped to a six-month low, as some companies expressed concerns over the high borrowing costs and sticky inflation.
2023-07-05
Italy Services Growth Slows but Remains Robust
The HCOB Italy Services PMI fell to 54 in May of 2023 from 57.6 in April which was the highest reading in 20 months, compared to forecasts of 57. Despite the slowdown, the reading continued to point to a strong and above trend growth in the services sector. Improved market demand supported new business while capacity pressures were evident, and firms continued to take on additional staff at the fastest pace in near one year. On the other hand, growth in activity and new work softened and cost inflation remained stubbornly high due to prices for fuel, energy and other variable expenses. Finally, business confidence remained positive but was the softest since January, with some companies expressing concerns over the trajectory of monetary policy and its potential to restrict economic activity.
2023-06-05