Italian service sector shrank at weakest pace in 20 months

Italy's service sector economy contracted at the slowest rate in a twenty-month period in April, as the level of new businesses also declined on the month, a report released by the Markit Economics revealed on Monday. According to the report the Markit/ADACI, business activity index advanced from 45.5 in March to 47 in April, the highest level since August 2011.