Molto bene! Growth in the Italian services sector accelerated at the fastest pace in over five and a half years in December, according to the latest purchasing managers’ index (PMI) survey.

The PMI for Italy’s services industry pushed up to 55.3 for December from 53.4 the previous month and far exceeding the 53.6 reading expected by economists.

According to Markit, which compiles the survey, it is the fastest pace of growth for five and a half years.

Phil Smith, author of the Italy Services PMI said:

The PMI data show that the recovery in Italy’s economy has moved up a gear in the final quarter, and has solid momentum heading into the New Year.

Faster rates of growth in both services and manufacturing in the final month of the year raise the prospect of GDP growth picking up to 0.3-0.4% in Q4. Moreover, with data showing further solid gains in new business and the pace of job creation strengthening, businesses head into 2016 in much finer fettle than that which they began 2015.

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