Italian competition holds steady as mark-ups rise modestly
Italy's competitive conditions remained broadly stable in 2010–2023, according to the Italian Competition Authority and Bank of Italy. Aggregate mark-ups rose from 1.20 to 1.23, while concentration returned near its starting level.
Margins rise within sectors
The October 2026 report assesses mark-ups, turnover concentration and business dynamism.
Mark-ups cover the non-financial, non-agricultural private sector.
Their increase chiefly reflected higher margins within sectors, not movement towards more profitable activities.
Gains centred on initially low-margin sectors undergoing restructuring, notably manufacturing, energy and wholesale trade, where larger firms expanded.
Construction margins rose from 2020 as public incentives and recovering investment supported demand.
Professional services margins fell after liberalization but remained relatively high.
Margins also edged down in technology-intensive or heavily regulated sectors.
Overall conditions resembled major European peers, unlike weakening competition in the United States.
Entry recovers, leaders persist
Concentration rose through 2014 as less efficient firms exited, then declined towards 2010 levels by 2023, helped by growth in fragmented service sectors.
Net firm entry stayed negative for much of the decade, turning positive from 2021 amid recovery and crisis support.
Leading firms retained positions, though persistence eased over the last five years.
Oil, motor vehicles and maritime and air transport bucked that trend.
Regulated transport, telecommunications and postal services remained highly concentrated; retail and food services were less concentrated.
Stability leaves barriers intact
The report's stable aggregate picture coexists with concentrated sectors and limited challenges to market leaders.
It links weak competitive pressure partly to numerous micro-enterprises and adverse demographic trends.
Its prescription centres on firm entry, productive firms' growth and further liberalization.