Consumer and business confidence - May 2026

In May, the consumer confidence index, running counter to the trend shown in the past two months, rose from 90.8 to 93.4. The improvement was seen across all components: the future component increased from 82.5 to 87.2, the economic one rose from 82.7 to 86.2, the personal one improved from 93.8 to 96.0, and finally, the current one rose from 96.9 to 98.0.

Regarding the business confidence climate, the index (IESI, Istat Economic Sentiment Indicator) showed another decrease, moving from 95.1 to 94.1. 

The manufacturing confidence climate held steady at 87.9. Assessments on order books improved (from -19.4 to -18.4) and inventories increased (the balance rose from 2.3 to 3.1); expectations on production level remained virtually stable (the related balance slipped only from 0.6 to 0.5).

The construction confidence climate continued to fall, from 100.8 to 99.4. The decline was driven by worsening assessments on order books and employment expectations (the balances of the variables decreased from -4.3 to -4.8 and from 6.2 to 3.7, respectively).

The market services confidence climate worsened from 98.9 to 96.8. Negative developments were mainly due to a deterioration in order book assessments (with the balance felling from 4.7 to 1.6), while both opinions on current business trend and future order book level weakened (the respective balances declined from 6.8 to 4.1 and from 5.3 to 4.3, respectively).

The retail trade confidence climate rose again from 100.8 to 101.0. More specifically, assessments on current business trend improved for the third consecutive month, while a further deterioration was observed in expectations on future sales (the balances of the variables moved from 12.2 to 12.9 and from 17.0 to 16.7, respectively). Lastly, surveyed firms reported a reduction in their stock levels (the balance of the variable slipped from 6.4 to 6.0).