Italy's services economy continued to display strong growth momentum mid-way through the second quarter, according to the latest IHS Markit PMI survey. Business activity and order books both increased substantially during May, albeit at slightly slower rates than those seen in April. Services firms faced an increase in cost pressures, however, as input prices rose to the greatest extent for almost a year.

The headline seasonally adjusted IHS Markit Business Activity Index - which is based on a single question asking respondents to report on the actual change in business activity at their companies compared to one month ago - registered a reading of 55.1 in May, down slightly from April's 56.2 but still one of the highest in the past ten years