RTT, constructed on the basis of seasonally adjusted and deflated turnover data from TeamSystem's sample of client companies, shows a moderate increase in January (+0.2%). The indicator shows a decrease in services and construction, conversely a moderate recovery in industry.

The RTT aggregate figure for the Italian economy

• In January, RTT indicates a moderate increase in turnover at constant business prices of +0.2% (Chart 1). Better start to 2025.
• In spite of this positive figure, RTT suggests for Q1 2025 a negative acquired change in turnover, given the declines in November-December.

RTT for production macro-sectors

• The moderate increase in RTT in industry (+1.8% in January) only partly recovered previous declines.
• In services, however, the decline in RTT continued (-2.7%), for the third consecutive month (Chart 2).
• The change in Q1 2025 is negative in both industry (-1.7%) and services.
• In construction, RTT reversed course (-4.2% in January), after six consecutive months of increase, suggesting a downturn in Q1.

RTT for macro-areas and enterprise size

• RTT recorded a decrease in January in three out of four areas, with the largest decrease in the South, followed by the Centre (-4.0%; Chart 3) and the North-West (-3.5%).
• Conversely, RTT reports a very marked increase in the North-East, after two months of decline.
• The changes acquired for Q1 show similar heterogeneity between the different areas.
• RTT indicated declines in January for large (-2.0%) and small enterprises (-2.9%), as in previous months. By contrast, medium-sized enterprises (+1.6%) recovered.
• The change in Q1 was negative for all size classes of enterprises, especially for large ones.