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Italian services activity growth cools in Dec -PMI -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO. Italians have aperitivo drinks at night, sitting at bars as the country is declared a yellow zone. This allows for restaurants and bars to open their doors outside, which eases coronavirus disease (19COVID-19).

ROME (Reuters – Italy’s service sector continued its growth in December but it was slower than November. This is due to slightly slower gains for total new work. A survey on Wednesday showed.

IHS Markit’s Business Activity Index of Services was 52.0 in December. That is 5.9 less than November. However, it still stands comfortably above the 50 threshold that distinguishes growth from decline for the eighth consecutive month.

This figure is below what was predicted by seven analysts in a Reuters poll, which suggested a 53.9 reading.

It took Italy longer for its service sector to recuperate from COVID-19 lockdowns. This was in contrast with the small manufacturing sector which saw healthy growth over the past year, and experienced 18 consecutive months of expansion in December.

Contrary to many other services companies, factories remained open throughout the COVID-19 pandemic.

From 56.3 in November, the sub-index of new business in service industry came in at 55.4 December.

Composite Purchasing Managers Index for manufacturing and services remained strong at 54.7 in December, down from 57.6 in November. However, it was its eleventh consecutive month of growth.

Mario Draghi, the Prime Minister of the Italian Republic, said that it was almost certain that the economy would expand by 6.0% in 2021. The government forecasts 4.7% growth in 2022.

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