Ciro Rapacciuolo

RTT, constructed on the basis of seasonally adjusted and deflated turnover data from TeamSystem's sample of client companies, shows a moderate decline in March (-1.1%). The indicator shows a decrease in services and industry, while construction is growing.

The RTT aggregate figure for the Italian economy

• In March, RTT indicated a moderate decline in turnover at constant business prices of -1.1% (see Chart 1), following the sharp decline in February.
• Due to these dynamics, RTT recorded a negative change in turnover of -2.6% in Q1 2025.

RTT for production macro-sectors

• The moderate decline of RTT in industry (-0.8% in March) signals a softening of the fall in the sector.
• In services, the trend is similar, with a larger drop in March, as was already the case in February (see Chart 2).
• The change in Q1 2025 is very negative in both industry and services.
• The construction sector bucked the trend: RTT rose moderately in March (+0.6%) after February's decline, and positive change in Q1 (+0.7%).

RTT for macro-areas and enterprise size

• In March, RTT recorded a decline in turnover in almost all geographic regions, except for the Centre, which recorded an increase of 1.8%. The most pronounced decline is again seen in the North-West (see Chart 3).
• Changes in Q1 were negative in all areas of the country, with a moderate decrease in the Centre (-0.5%).
• RTT indicated declines in turnover in March for all enterprise sizes, with a more pronounced drop for large enterprises, as already noted in February.
• Consequently, also in Q1, the change is negative for all size classes, but the decline is much stronger for large enterprises.