Bank of Italy, companies report acceleration in sales and employment in 2026

"The opinions of companies with at least 20 employees point to an acceleration in sales at current prices in the first nine months of 2026, also attributable to the more accentuated dynamics of the price lists". This can be read in the Bank of Italy's economic survey of industrial and service companies according to which "in manufacturing, indications of growth have once again prevailed over those of contraction". 19.8% give a negative opinion on the turnover of the first nine months compared to the same period of the previous year while 46% give a positive opinion.

The prospects for turnover, we read, "remain favorable on both the domestic and foreign markets, despite the sharp worsening in the valuations of companies in the energy sector. The increase in energy input prices has increased the costs of purchasing goods and services and reduced profit margins, but the vast majority of companies continue to expect to close the financial year in profit". This is 81.4% of the responses.

The indications from companies on the trend of hours worked remained positive, improving in industry and confirming themselves as more favorable in services. Companies foresee a growth in the number of employees overall in 2026 (18.5% give a negative opinion, 31.6% positive).

The demand for bank loans remained almost unchanged compared to the last half-year, while the improvement in the conditions for accessing credit faded. Three out of four companies judged their liquidity to be more than sufficient to meet operational needs.

Companies have largely confirmed the investments planned in 2025 for 2026; among those that deviated from it, upward revisions prevailed in services, while in industry downward revisions were slightly more frequent. Revisions to plans are mainly attributable to internal organizational factors. For 2027, companies expect further growth in accumulation.

In 2026, construction production continued to expand, but at a significantly slower pace; the share of companies that attribute a positive effect to the Pnrr has reduced. Expectations for 2027 outline a slowdown in production.