Consumer and business confidence - August 2025

In August 2025, the consumer confidence index declined from 97.2 to 96.2. All its components experienced a decrease: the economic climate worsened from 98.2 to 97.0, the personal one from 96.9 to 95.9, the future one from 93.9 to 92.2 and, finally, the current one fell, but to a lesser extent, from 99.7 to 99.2. 

With reference to the business confidence climate, the index (IESI, Istat Economic Sentiment Indicator) remained stable at 93.6.

The manufacturing confidence climate weakened from 87.8 to 87.4. This unfavourable evolution was due to both a deterioration in expectations on future production and an increase in inventories. Conversely, assessments on order books slightly improved (the related balances varied from 1.3 to 0.6, from 1.7 to 2.6 and from -21.0 to-20.5).  

The construction confidence climate declined further, slipping from 102.3 to 101.3. Compared to the July survey, assessments on order books deteriorated (the related balance fell from -2.0 to -4.6), while expectations on employment improved (the corresponding balance recovered from 6.9 to 7.5).

The market service confidence climate improved from 93.8 to 95.0. Compared to the previous survey, firms reported better assessments on both the current business trend and the order books (the related balances rose from 1.1 to 2.1 and from -0.2 to 1.1) and indicated a rise in expectations on order books (the balance of the variable recovered from -0.6 to 1.0).

The retail trade confidence climate decreased from 105.7 to 102.8. The decline was driven by worsening assessments and expectations on business trend, while inventories increased (the balances of the variables changed from 19.8 to 16.2, from 24.5 to 21.8 and, finally, from 5.9 to 8.7, respectively).