S&P Global Markets' Services PMI Business Activity Index dropped sharply to 48.8 from 52.3 in February, marking the first time since November 2024 below the 50.0 threshold that separates growth from contraction. The new business subindex also dropped to a level of 48.3, and the indicator for new export business was 48.2. The Italian government is expected to cut its 2026 economic growth estimate to around 0.5%, from the 0.7% projection made last autumn.