Italian firms report faster sales growth as energy costs rise
Italian firms reported faster nominal sales growth in the first nine months of 2026, partly reflecting stronger selling-price increases, according to the Bank of Italy. Higher energy costs squeezed margins, but most firms still anticipate annual profits.
Sales strengthen as margins narrow
Firms with at least 20 employees reported an acceleration in sales at current prices in the first nine months of 2026.
In manufacturing, reports of growth again outnumbered reports of contraction.
Turnover prospects remained favourable in domestic and foreign markets, despite a sharp deterioration in energy firms' assessments.
Higher energy input prices increased purchasing costs for goods and services and reduced margins, but the vast majority anticipated a profit for the year.
Assessments of hours worked improved in industry and remained more favourable in services.
Firms anticipated an increase in headcount employment for 2026 as a whole.
Investment holds, construction loses pace
Most firms retained the 2026 investment plans drawn up in 2025.
Among firms revising plans, upward revisions prevailed in services, while downward revisions were slightly more frequent in industry.
Internal organizational factors were the main reason for changes.
Firms anticipated further capital accumulation growth in 2027.
Construction output continued to expand in 2026, but more slowly.
Fewer firms reported a positive impact from the National Recovery and Resilience Plan (NRRP), and firms anticipated slower output growth in 2027.
Liquidity cushions operating needs
Three out of four firms reported liquidity more than sufficient to cover operational needs.
Demand for bank loans remained virtually unchanged from the previous half-year.
Meanwhile, the improvement in credit access conditions faded.