Growth in Italy's service sector slowed in December, a survey showed on Wednesday, signalling a moderately positive end to the year for the euro zone's third-largest economy. The Markit/ADACI Purchasing Managers Index (PMI) fell to 52.3 in December from 53.3 the month earlier, its seventh straight month above the 50 mark that separates growth from contraction.
New work at businesses from bars to banks supported the overall index, with a 53.5 reading of the sub-index in December indicating a slight slowdown from 53.8 the month before. A corresponding survey for both manufacturing and services also showed a small deceleration, to 52.9 in December compared with 53.4 the month before. Continued, albeit more limited, growth will make welcome reading for Prime Minister Paolo Gentiloni, who took office last month, but the chronically sluggish economy is not out of the woods.
"Italy looks to be in for a bumpy ride during 2017," Markit economist Phil Smith warned, adding he expected economic growth to slip back to 0.4 percent this year from a projected 0.9 percent in 2016. Markit's manufacturing survey, released on Monday, showed growth in that sector at its fastest since June. - Detailed PMI data are only available under licence from Markit and customers need to apply to Markit for a licence.
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