The latest data from Italy’s service sector for the second quarter of 2023 reveals a somewhat mixed picture, with both sequential and year-on-year variations.
In the second quarter of 2023, the seasonally adjusted turnover index for services decreased by 0.5% compared to the previous quarter. However, the unadjusted general index shows an annual increase of 2.8%, indicating a positive overall trend.
On a quarterly basis, notable growth was observed in the following sectors:
- Information and Communication Services: This sector experienced a significant 2.1% increase.
- Accommodation and Food Service Activities: These services saw a rise of 1.5%.
- Professional, Scientific, and Technical Activities: This category recorded a growth rate of 1.2%.
Conversely, the sectors of Wholesale and Retail Trade, Repair of Motor Vehicles and Motorcycles and Travel Agencies and Business Support Services both saw a decrease of 1.3%. A more modest decline of 0.5% was noted in the Transportation and Warehousing sector.
In annual terms, most sectors reported growth. The most significant increase was observed in Accommodation and Food Service Activities, with a remarkable growth rate of 16.3%. Other sectors that showed positive trends include Information and Communication Services (+6.5%), Professional, Scientific, and Technical Activities (+5.7%), Travel Agencies and Business Support Services (+3.8%), and Wholesale and Retail Trade, Repair of Motor Vehicles and Motorcycles (+1.2%). The only sector with a slight decline, although minimal, was Transportation and Warehousing (-0.1%).
These figures depict a dynamic service sector in Italy, with some sectors experiencing robust growth, especially in the context of year-on-year performance. However, quarterly data reflects some fluctuations in the industry’s performance, which will require ongoing monitoring.