Consumer and business confidence - May 2025

In May 2025, the consumer confidence index rose from 92.7 to 96.5. Examining its components, a marked improvement was observed in the economic climate index which increased from 89.6 to 97.5. Additionally, the future, current and personal components also showed growth passing from 89.1 to 93.7, 95.4 to 98.6 and 93.9 to 96.1, respectively.  

With reference to the business confidence climate, the index (IESI, Istat Economic Sentiment Indicator) increased from 91.6 to 93.1.

The manufacturing confidence climate grew from 85.8 to 86.5. In particular, both assessments on order books and expectations on future production improved (the related balances recovered from -22.4 to       -21.1 and from -2.3 to -1.8 respectively). Finally, the balance of the inventories decreased from 3.0 to 2.7.

The construction confidence climate declined further, slipping from 103.6 to 102.2. Compared to April, labour market expectations deteriorated (the related balance varied from 9.4 to 6.6) and assessments on order books remained unchanged (the balance of the variable held steady at -2.1).

The market service confidence climate improved from 91.4 to 94.5. The favourable evolution was driven by both higher expectations and more positive assessments on order books (the respective balances shifted from -4.5 to -0.3 and from -2.7 to 0.0, respectively). Moreover, encouraging signals came from assessments on current business trend (the related balance increased, in fact, from 0.0 to 2.8).

The retail trade confidence climate increased from 101.8 to 102.8 benefiting mainly from strong optimism about the current volume of sales and supported by a reduction in inventory level (the related balances varied from 6.4 to 14.7 and from 8.7 to 7.7, respectively). Respondents, on the contrary, gave a less favourable appraisal of the future business trend (the related balance shrank in fact from 28.4 to 22.1).