ROME – Italy’s manufacturing sector grew on the slowest tempo in two years in June, a survey confirmed on Friday, as companies reported weak demand and more and more downbeat expectations.
The S&P International Buying Managers’ Index (PMI) for Italian manufacturing got here in at 50.9, down from 51.9 in Might and registering the bottom studying since June 2020.
The index fell for a fourth consecutive month as manufacturing within the euro zone’s third largest economic system is hit by excessive enter prices and uncertainty linked to the struggle in Ukraine.
It was nonetheless barely above the 50 mark that separates progress from contraction – a twenty fourth straight month of growth, and beat the median forecast of fifty.5 in a Reuters survey of 15 analysts.
The brand new orders sub-index, nevertheless, dropped to 43.9 from 47.4, nicely under the important thing 50 threshold and posting the seventh straight decline.
The sub-index on companies’ future expectations hit its lowest stage since March 2020, initially of Italy’s COVID-19 outbreak.
The knock-on impact of the Ukraine battle has hit the financial prospects of nations all through the euro zone, and Italy’s economic system grew simply 0.1% within the first quarter from the earlier three months.
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