Annual Sector Accounts / Years 1995-2025

Profit share of non-financial corporations declines as investment rate grows

In 2025 gross disposable income increases by 2.4% and households purchasing power by 0.9%. Final consumption expenditure grows by 2.5% and households saving ratedecreases to 8.2%, from 8.3% in 2024.

Households investment rate falls to 5.9% from 6.3% in 2024.

Non-financial corporations profit share drops to 43.3% (44.1% in 2024) due to the slight increase in gross operating surplus (+0.9%) against a 2.6% growth in value added. Investment rate of non-financial corporations rises to 24.9%. (from 24.3% in 2024).

The behaviour of economic operators in the economic process

The sequence of annual sector accounts described hereafter, as compared to those released in September 2025, provides estimates for year 2025 and updates estimates for years 2022-2024. For the years 2023 and 2024, revisions of indicators and estimates related to households and non-financial corporations are due to the availability of more up-to-date and complete information. In particular, for the year 2024, they incorporate the preliminary estimates of the economic accounts of enterprises with persons employed, released by Istat in December 2025. Furthermore, annual sector accounts series incorporate an updated version of the General Government sector account for the year 2025. This version, resulting from the inclusion of more current information made available after the data dissemination occurred on March 2, 2026, does not affect the General Government net lending/borrowing as a percentage of GDP.

This report focuses on the last three years, complete time series since 1995 are available on IstatData.

Non-financial institutional sector accounts describe the economic results achieved by households, corporations, non-profit institutions and general government during the different phases of the economic cycle. The behavior of resident operators is described starting from production and generation of income, through its distribution and re-distribution to economic operators. Furthermore, the sector accounts also document the use of disposable income for consumption and saving and how the saving, along with net capital transfers, is used for fixed capital formation, changes in inventories, acquisition of valuables.  If saving and capital transfers exceed capital investment, net lending occurs (financial savings); on the contrary, net borrowing is registered and capital investment must be covered with external resources.

In 2025, Italy’s final position showed a surplus and net lending measured 30.8 billion euros, higher than that registered in the previous year (23.4 billion euros in 2024). This result was driven by higher inflows to Italy resulting from improved balances of compensation of employees and property income, as well as current and capital transfers (+9.5 billion euros compared to 2024); these factors more than offset the reduction in the external balance of goods and services (-2.1 billion euros compared to 2024). Net borrowing of General Government decreased by 4.4 billion euros compared to 2024, reaching -69.4 billion euros (-73.8 billion euros in 2024). Net lending of consumer households increased to 35.9 billion euros, a recovery of 6.8 billion euros compared to 2024. Conversely, the position of non-financial corporations worsened: sector’s net lending fell to 5.1 billion euros in 2025 (-3.9 billion euros compared to 2024), primarily due to the growth in gross fixed capital formation despite the substantial stability of the sector’s primary incomes. Net lending of financial corporations improved, reaching 51.9 billion euros (+1.8 billion compared to 2024), driven by the performance of primary incomes.