February: companies expect activity to strengthen

Giovanna Labartino

Senior Economist

Labour Market and Income Distribution

Lorenzo Marchetti

Economist

Conjuncture and Macroeconomic Simulations

Friday 27 February 2026

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  • The quick survey on industrial production at large enterprises associated with Confindustria¹ shows, in the February survey, a improving expectations compared to the previous month. The half of the companies surveyed (50.3%) expect a increased production, moderate or significant, while 38.8% expects a substantial stability. It remains very contained quota of those who anticipate a drop (10,9%).

  • Also this month demand and orders continued to be the main element supporting production. However, while remaining in expansionary territory, the balance in February decreased compared to January, from 3.8% to 0.3% (Chart 2).
  • Business expectations on the availability of labour in the coming months are again positive: the balance in the current month is 2.1%, after -1.2% in the previous survey.
  • The relative balance to production costs in the survey month improved, but confirmed the period of negative expectations (-3.2% from -4.6%).
  • Judgments regarding the financial conditions this month slipped into negative territory (-0.7% from 0.1%).
  • Regarding the availability of materials, the balance of responses in February was positive, but weakened compared to the previous survey (1.0% from 1.5% in January).
  • The judgement of large companies on the availability of facilities barely increased in the current month's survey (0.6% after 0.4% in December).

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