Ciro Rapacciuolo

RTT, constructed from seasonally adjusted and deflated turnover data from TeamSystem's sample of client companies, shows a significant downward correction in May. The indicator shows declines in all sectors, larger in services and industry, less so in construction.

The RTT aggregate figure for the Italian economy

• In May, RTT indicates a downward correction of turnover at constant business prices, after the increase in April: the 3-month moving average slows down, but remains on the rise (+1.1% in May; Chart 1).
• In spite of this decline, RTT still indicates a positive acquired change in turnover in Q2 2025.

RTT for production macro-sectors

• The reduction of RTT in industry (-3.2% in May) interrupted the two-month positive phase (Chart 2).
• In services, the decline is greater in May, again after a strong increase in April.
• The change in Q2 2025 remains positive, especially in industry, but also in services.
• In construction RTT shows a more moderate decline in May (-2.7%), as was the increase in April. The change in Q2 is positive (+0.3%): this would be the fourth consecutive increase.

RTT for macro-areas and enterprise size

• RTT in May recorded a decline in all geographical areas, strongest in the North-West, moderate in the South (Chart 3).
• The change for Q2 became negative only in the Northwest, while it was positive in the other areas of the country.
• RTT indicates turnover declines in May for all company sizes: deeper for large companies, also strong for small ones.
• The change for Q2, however, is positive for all size classes, thanks to strong increases in April.