Consumer and business confidence - February 2026

In February 2026, the consumer confidence index rose from 96.8 to 97.4. The improvement in confidence was spread across all its components: the economic climate bettered from 97.4 to 99.1, the future one from 92.3 to 93.1, the current one from 100.1 to 100.7, and, finally, the personal one from 96.6 to 96.8. 

Regarding the business confidence climate, the index (IESI, Istat Economic Sentiment Indicator) 
slipped from 97.7 to 97.4.  

The manufacturing confidence climate decreased from 89.2 to 88.5. Respondents claimed to be newly concerned both on current order books and on future production. Lastly, inventories continued to rise slightly (the balances of the variables moved from -18.1 to -19.3, from 3.2 to 2.7 and from 2.1 to 2.5, respectively).

The construction confidence climate progressed from 99.9 to 103.1. Overall, firms gave a positive appraisal both of employment expectations and assessments on order books (the balance of the first variable rose from 4.1 to 7.8, while the second one recovered from -4.2 to -1.4).

The market service confidence climate worsened from 103.5 to 102.2. Negative developments were mainly due to the assessments on order book level and – to a lesser extent – to deteriorated opinions on the current business trend. Conversely, expectations expressed by operators on the future order book level continued to improve, albeit slightly (the corresponding balances varied from 10.1 to 6.4, from 11.2. to 10.0 and from 10.0 to 10.8).

The retail trade confidence climate showed improvement from 102.5 to 105.1 benefiting mainly from a strong optimismabout the future volume of business activity. The opinions on the current sales also gave favourable indications, with-standing a new destocking of inventories (the related balances varied from 23.1 to 29.3, from 12.3 to 12.8 and from 7.2 to 5.6, respectively).