Not surprisingly the COVID-19 pandemic hit the Italian services sector during March with the largest business activity contraction since the survey began in January 1998. Shutdowns designed to restrict the COVID-19 outbreak were the main culprit, causing record declines in new business and employment.
The headline index from the report, based on a single question asking respondents to report on the actual change in business activity at their companies compared to one month ago – posted 17.4 in March, dropping from 52.1 in February, and signalling a contraction in Italian service sector activity for the first time since January 2019.
The Composite Output Index dropped from 50.7 in February to 20.2 in March, falling a record 30.5 points and signalling the sharpest contraction in Italian private sector output since the series began in January 1998. The downturn was most marked in the service sector, although both services providers and manuf
And of course, in case you have been living under a rock. Italy was the first country in the Western World to get hit with the pandemic. Currently sitting at 119,827 reported cases and 14,681 deaths.
Information for this briefing was found via MarkItEcnomics, TradingEconomics and WorldMeters.info. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
