Italy PMI July 2022


Italy: Manufacturing PMI deteriorates in July

August 1, 2022

The S&P Global Manufacturing Purchasing Managers' Index (PMI) fell to 48.5 in July from June's 50.9. July's result marked the weakest reading since June 2020. As such, the index dropped below the 50.0 no-change mark, signaling a deterioration in business conditions from the previous month.

July’s deterioration was primarily driven by weaker demand, which led to sharp contractions in new orders and production. This prompted firms to moderate their purchasing activity. More positively, both input and output inflation softened. Energy prices remained the main driver of inflation.

S&P’s Lewis Cooper commented:

"The challenging business environment, combined with concerns around the war in Ukraine, and near-term economic outlook were reflected in a notably subdued level of business confidence amongst Italian goods producers, with sentiment amongst the weakest on record."

FocusEconomics Consensus Forecast panelists see fixed investment increasing 8.3% in 2022, which is up 1.1 percentage points from last month’s estimate. For 2023, the panel expects fixed investment to increase 2.4%.


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Italy PMI Chart

Italy PMI July 2022 0

Note: S&P Global Purchasing Managers’ Index. Readings above 50 indicate an overall increase compared to the previous month, and below 50 an overall decrease.
Source: S&P Global.

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