Survey of Industrial and Service Firms - Year 2025

1 July 2026

In 2025, sales for Italian firms with 20 or more employees remained stable in industry excluding construction and in non-financial private services, following a decline over the previous two years. The rise in selling prices, of 2.0 per cent, was lower than in 2024.

Headcount employment increased further, coupled with a slight increase in the number of hours worked. The demand for funding was still subdued but increased slightly, amid credit access conditions assessed as being stable. Investment accelerated overall, driven by manufacturing and the energy sector, while it slowed in services.

Firms expect stable demand and an acceleration in selling prices across all sectors in 2026, whereas their expectations for investment spending point to a contraction, especially in manufacturing and among small firms. Employment is forecast to continue to rise at a pace in line with 2025.

In construction, economic activity returned to growth in 2025, thanks to the expansion in public sector construction, which continued to benefit from NRRP incentives, and the easing of the decline in private construction. The expansion in employment resumed, albeit at a moderate pace. Firms expect activity to stagnate in 2026, while employment outlooks remain moderately favourable.