Italy's services sector grew at its fastest rate in 16 months in March, according to S&P Global's Purchasing Managers' Index (PMI). The PMI for Italian services rose to 55.7 from 51.6 in February, surpassing expectations and indicating a recovery in the country's third-largest economy. New business also increased at a marked rate, while input prices declined, posting the lowest reading in 18 months.
The composite PMI for both services and manufacturing in Italy also showed strong growth, reaching 55.2 in March, up from 52.2 in February. Italian Economy Minister Giancarlo Giorgetti expressed optimism about the country's outlook, stating that the economy was likely to avoid contraction in the first quarter of 2023 after a slight decline in GDP at the end of 2022. This positive data suggests that Italy's services sector is rebounding and bodes well for the country's economic recovery in the coming months.
