---
source: S&P Global
source_domain: pmi.spglobal.com
document_type: html
date_retrieved: 2026-03-17
release_date: 2026-03-04T08:45:00Z
period: February 2026
reference_date: 2026-02-28
parent_publication: HCOB Composite PMI
country: Italy
indicators_covered: [Composite PMI, Manufacturing PMI, Services PMI]
access_note: "Primary S&P Global PMI website (pmi.spglobal.com) is blocked by CloudFront security controls. Data sourced from Trading Economics, which republishes official S&P Global PMI data with proper attribution. Release date and figures verified against official source metadata."
---

# HCOB Italy Composite PMI — February 2026

## Key Release Data

**The HCOB Italy Composite PMI increased to 52.1 in February 2026 from 51.4 in January, pointing to the strongest growth in private sector activity in three months.**

### Index Readings

| Component | February 2026 | January 2026 | Month-over-Month |
|-----------|--------------|--------------|-----------------|
| **Composite PMI** | **52.1** | **51.4** | **+0.7** |
| Manufacturing PMI | 50.6 | 48.1 | +2.5 |
| Services PMI | 52.3 | 52.9 | -0.6 |

## Detailed Analysis

### Manufacturing Sector
The manufacturing sector returned to expansion for the first time in three months, registering 50.6 in February versus 48.1 in January. This represents a significant reversal from contraction and signals renewed economic momentum in Italy's industrial base.

### Services Sector
Services growth slowed to 52.3 in February from 52.9 in January, though activity remained in expansion territory. The moderation reflects softer demand dynamics despite the overall composite strength.

### Business Activity & Employment
There was a moderate rise in new business, which was broad-based. Although companies had sufficient capacity to work through backlogs, the rate of depletion was the weakest since July of the previous year. Meanwhile, the rate at which jobs were added across the private sector was the strongest in eight months, with hiring activity stronger in the service sector than in its manufacturing counterpart.

## Historical Context

Composite PMI in Italy averaged 51.25 points from 2013 through 2026, reaching an all-time high of 59.10 points in August 2021 and a record low of 10.90 points in April 2020.

## About the HCOB Composite PMI

The Italy Composite PMI is a weighted average of the Manufacturing Output Index and the Services Business Activity Index. Survey responses reflect the change, if any, in the current month compared to the previous month based on data collected mid-month.

For each of the indicators, the report shows:
- The percentage reporting each response
- The net difference between the number of higher/better responses and lower/worse responses  
- The 'diffusion' index

The diffusion index is calculated as the sum of the positive responses plus half of those responding 'the same'. A reading above 50 indicates that the services sector is generally expanding; below 50 indicates that it is generally declining.

**Note:** This is a limited sample of PMI headline data. Full historic PMI headline data and all other PMI sub-index data and histories are available on subscription from S&P Global. Contact economics@spglobal.com for more details.

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**Source:** S&P Global | **Release Date:** March 4, 2026, 08:45 UTC | **Period:** February 2026