The S&P Global Italy Manufacturing PMI rose to 51.3 in March 2026 from 50.6 in February, surpassing market expectations of 50.9. Although the index pointed to only a modest improvement in operating conditions, it nevertheless signaled the strongest performance in more than three years.
Output expanded for a second consecutive month, but the pace of growth eased from February and remained moderate. New orders also edged higher, supported in part by clients bringing purchases forward in anticipation of further price increases. Export sales increased for the first time in four months, though only slightly.
Employment continued to rise. Purchasing activity grew for the first time in over three years, resulting in the first increase in inventories in eight months, as manufacturers built up stocks in preparation for possible supply chain disruptions and additional cost pressures.
The war in the Middle East lengthened input delivery times to their worst levels since October 2022, amid reported shortages and logistical bottlenecks. On the pricing side, both input costs and output charges rose, each reaching their highest levels in three years.
