Consumer and business confidence - June 2025

In June 2025, the consumer confidence index declined slightly, from 96.5 to 96.1. From a closer look at its components a mixed picture emerged: both the current confidence climate index and the personal one regressed, changing from 98.6 to 97.9 and from 96.1 to 94.8 respectively. In contrast, the economic confidence index increased from 97.5 to 99.6, while the future one remained stable at 93.7.

With reference to the business confidence climate, the index (IESI, Istat Economic Sentiment Indicator) progressed from 93.1 to 93.9.

The manufacturing confidence climate improved from 86.6 to 87.3. Assessments on order books slightly worsened, but expectations on future production got better (the related balances varied from -21.2 to -21.6 and from -1.3 to 1.0 respectively). Finally, respondents reported a decrease in the stock level (the corresponding balance diminished from 2.7 to 2.3).

The construction confidence climate increased from 102.1 to 103.4. Particularly, compared to the previous month, the survey pointed more favourable expectations on labour market (the balance of the variable rose from 6.6 to 9.3), while assessments on order books remained unchanged (the related balance held steady at -2.2).

The market service confidence climate improved from 94.5 to 95.6 mainly benefiting from widespread optimism regarding current business trend (the related balance increased, in fact, from 2.8 to 5.2). Both assessments and expectations on order books also gave more favourable indications (the corresponding balances increased from 0.0 to 1.0 and from -0.2 to -0.1).

The retail trade confidence climate worsened from 102.8 to 101.9. Expectations on business trend deteriorated significantly, while assessments on current sales bettered once again (the related balances changed from 21.7 to 14.7 and from 15.1 to 19.0, respectively). Firms also reported a slight reduction in inventory level (with the corresponding balance slipping from 7.7 to 7.5).