Italy factory activity hits 11-month high in March: PMI

[ROME] Italian manufacturing activity grew at the fastest rate in 11 months in March, a survey showed on Wednesday, adding to signs that the economy is recovering after a long downturn.

The Markit/ADACI Purchasing Managers Index (PMI) rose to 53.3 from 51.9 in February, holding above the 50 mark that denotes expansions in activity for the second month running.

Strong sales to clients abroad helped boost the new orders index to 54.5 from 51.2 in February, Markit said. Export orders rose at their sharpest rate in nine months.

Italy is forecast to emerge in 2015 from three years of recession and stagnation. The European Commission and Organisation for Economic Cooperation and Development have forecast growth of 0.6 per cent this year.

Detailed PMI data are only available under licence from Markit and customers need to apply to Markit for a licence.

REUTERS