April: business expectations moderately worsening
Giovanna Labartino
Lorenzo Marchetti
Wednesday 29 April 2026
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- The April survey on industrial production among large companies associated with Confindustria indicates a worsening of expectations compared to the previous month. Slightly less than half of the companies surveyed (43.5%, compared to 45.6% in March) expect production to remain stable, while 38.4% expect a moderate or significant increase (it was 45.6% in the previous month). Finally, almost a fifth of respondents expect a decrease (18.2%), compared to 8.8% in March.
- Demand and orders still remain an important element supporting production. The balance shows expansive values in the last two months (+15.3% in April after +16.6% in March), as fewer respondents identify it as a potential hindrance (Chart 2).
- In April, most of the companies surveyed indicated production costs as a factor holding back production. The balance of responses still shows strong declines after the sharp drop in March (-10.2% from -14.2%).
- Businesses' expectations of labour availability in the coming months turned negative again: the balance in the current month was -3.0%, after +2.5% in the previous survey.
- The balance of material availability in the month of survey improved, but confirmed the period of negative expectations (-3.7% from -5.4%).
- Ratings for financial conditions worsened this month but did not slip into negative territory, remaining perfectly neutral (0.0% from 1.7%).
- Large industrial companies' assessment of plant availability increased in this month's survey and returned to expansionary territory (1.5% after -1.2% in March).
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