ROME, May 4 (Reuters) - Italy's services sector grew for
a fourth month running in April and at the fastest rate since
August 2021 amid rising confidence and continued growth in new
business, a survey showed on Thursday.
The HCOB Global's Purchasing Managers' Index (PMI) increased
to 57.6 from 55.7 in March, climbing further above the 50 level
that separates growth from contraction.
The result beat the median forecast of 56.7 in a Reuters
survey of 10 analysts.
"Italy's services sector seems to be gaining robustness and
this may have something to do with tourism, which according to
the statistics authority has started the year with extraordinary
growth rates," said Tariq Kamal Chaudhry, an economist at HCOB.
The survey's new business sub-index edged up to 56.3 from
56.2, while the indicator for business expectations increased to
65.7 from 64.9.
However, trends in prices were less positive. The sub-index
for input prices grew to 62.9 from 61.5 while the prices charged
index increased to 54.4 from 53.6.
"Companies are again having to contend with rising costs, as
input prices have risen more sharply compared with March," said
economist Tariq Kamal Chaudhry.
The PMI for Italy's smaller manufacturing sector, released
on Tuesday, came in at 46.8, down from 51.1 in March - its
weakest reading since last October.
The composite Purchasing Managers' Index combining services
and manufacturing stood at 55.3, edging up from 55.2 in March.
Italy's economy grew by 0.5% in the first quarter from the
previous three months, a stronger recovery than expected after a
slight contraction at the end of last year, preliminary data
showed last week.
(Reporting By Angelo Amante; editing by John Stonestreet)
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