The service sector in Italy continues to stagnate. In fact, the related PMI index elaborated by Markit Economics recorded a lower-than-expected rise in December, from 47,2 points to 47,9, remaining well below the fateful threshold of 50 points, which delimits the contraction and business expansion. The new orders component rose from 47,0 to 49,1.
“The tertiary sector seems to have weighed down on GDP in the fourth quarter – reads the note released by Markit – but thanks to the strong increase in manufacturing production, the general trend of the economy has generally remained unchanged. However, a further job cut in service sector companies has put pressure on the already high unemployment rate”.
As regards the Eurozone, the PMI index of services stood at 51,0 points in December, against 51,2 recorded in November. The Composite Index of Production in the Eurozone reached a quarterly high in December with 52,1, against 51,7 in November, reaching the second highest value in two and a half years.
However, the differences between the various Member States are evident: Germany and Ireland register the highest growth, while Spain is the nation that accelerated the most compared to the previous month. France, on the other hand, reports a contraction in both production and new orders.
