No. 953 - Recent productivity trends and transformations in Italy's production system

by Antonio Accetturo, Audinga Baltrunaite, Emanuele Ciani, Federico Cingano, Federica Daniele, Roberta De Luca, Irene Di Marzio, Rosalia Greco, Andrea Linarello, Francesco Manaresi and Sauro Mocetti
July 2025
Vai alla versione italiana Site Search

This paper analyses growth and productivity trends in Italy, focusing on the private sector and combining aggregate and firm-level data. It aims to provide an interpretative framework for macroeconomic developments, highlighting ongoing transformations in the production system, signs of dynamism, and areas of weakness.

Between 2019 and 2024, the value added of the private sector increased by nearly 10 per cent, largely driven by a generous fiscal stimulus. The expansion was concentrated in construction and services, while manufacturing slowed. Growth was mainly fuelled by rising employment, amid weaker labour productivity. Productivity was supported by reallocation and internal growth processes, and by the dynamism of firms at the productivity frontier. However, the gap between the most efficient firms and the rest of the productive system widened.

Full text

  1. 23 July 2025
    No. 953 - Recent productivity trends and transformations in Italy's production system
    PDF 3 MB

    (only in Italian)