Current Account Surplus - Italy

20 March 2026For further information: statistiche@bancaditalia.itwww.bancaditalia.it/statistics/index.htmlFigure 1Current account: 12−month cumulated balances(billions of euros)2020 2021 2022 2023 2024 2025−60−40−20−60−40−20GoodsServicesPrimary IncomeSecondary IncomeCurrent AccountIn the twelve months ending in January 2026, the current account recorded a surplus of EUR 30.1 billion (equivalentto 1.3 per cent of GDP); in the corresponding period of the previous year it was equal to EUR 21.1 billion. Theimprovement was mainly driven by the primary income balance (3.8 billion, up from -6.5), but a positive contributionalso came from the goods balance (52.7 billion, up from 52.0). These improvements more than offset the largerdeficits in services (-5.6 billion, from -4.8) and secondary income (-20.9 billion, from -19.6).Figure 2Financial account: 12−month cumulated balances(billions of euros)2020 2021 2022 2023 2024 2025−280−240−200−160−120−80−40−280−240−200−160−120−80−40In the twelve months ending in January 2026, the financial account recorded net acquisitions of foreign assetsamounting to EUR 29.6 billion (against 53.6 billion in the corresponding period of the previous year). Positive balancesin direct investment (8.9 billion), official reserves (2.5 billion) and, above all, "other investment" (45.9 billion) were onlypartly offset by the negative balances in portfolio investment (-24.5 billion) and financial derivatives (-3.1 billion).Reference period: January 2026'26'26

Figure 3Financial account − assets(monthly flows; billions of euros)2022 2023 2024 2025−40−20−40−20Total assetsIn January 2026, foreign assets held by residents in Italy increased by EUR 33.8 billion. Portfolio investment abroadwas equal to 13.8 billion, due to net purchases of medium to long-term debt securities and fund shares. "Otherinvestment" was equal to 15.5 billion, while direct investment abroad and financial derivatives amounted to 3.1 and1.4 billion, respectively.Figure 4Financial account − liabilities(monthly flows; billions of euros)2022 2023 2024 2025−40−20−40−20Direct investment Portfolio investment Other investment Total liabilitiesIn January 2026, foreign liabilities increased by EUR 31.2 billion. The rise was mainly driven by net purchases ofItalian securities by non-residents (17.0 billion, of which 14.1 billion government securities) and by "other investment"(11.4 billion). Foreign direct investment amounted to 2.8 billion.Reference period: January 2026'26'26

General information I Unless indicated otherwise, figures have been computed by the Bank of Italy.II Symbols and Conventions:- the phenomenon does not occur;.... the phenomenon occurs but its value is not known;.. the value is known but is nil or less than half the final digit shown.Figures in parentheses in roman type () are provisional. Those in parentheses initalics () are estimated.III The tables are identified both by a number and by an alphanumeric code thatdefines the content of the table in the electronic database holding the informationto be released to the public. A similar code identifies the different aggregatesshown in each table.General information

ContentsTables available only on BDS Seasonally adjusted current account TBP60090 Services: balances TBP60125 Services: credits TBP60124 Services: debits TBP60123 Transport: balances TBP60600 Transport: credits TBP60610 Transport: debits TBP60620 Primary income: balances TBP60250 Primary income: credits TBP60240 Primary income: debits TBP60260 Other primary income, secondary income and capital account: balances TBP60060 Other primary income, secondary income and capital account: credits TBP60070 Other primary income, secondary income and capital account: debits TBP60080 Financial derivatives (net) TBP60280 Other investment: assets TBP60180 Other investment: liabilities TBP60270 International investment position: ratio to gross domestic product TIIP0500 International investment position: official reserve assets TRUF0450 Exchange rates of the euro TBEXR230 A brief description of the methodology, the statistical sources and the main revisions concerning the series included in this report is available in Methodological note .For a more detailed description of the methodology and the main statistical sources used to produce statistics on the Italian balance of payments and international investment position, see Italy's balance of payments and international investment position manual (only in Italian). () Tables for which more detail is available in BDS.General informationTable A - Balance of payments Access to data in BDS:Table 1a - Balance of payments: balances TBP60230 Table 1b - Balance of payments: credits and debits TBP60050 Table 2a - Current account: balances TBP60300 Table 2b - Current account: credits TBP60310 Table 2c - Current account: debits TBP60320 Table 3 - International travel by purpose: credits, debits and balances TBP60400 Table 4 - Financial account TBP60085 Table 5 - Portfolio investment ()TBP60160TBP60170Table 6 - Changes in reserve assets TBP60100 Table 7 - Changes in the TARGET balance in relation to the other Balance of payments items TBP60200 Table 8a - International investment position: net positions () TIIP0200 Table 8b - International investment position: assets () TIIP0300 Table 8c - International investment position: liabilities (*) TIIP0400 Table 9 - Breakdown of external liabilities other than equity (external debt) TED60500 Table 10 - Price-competitiveness indicators based on producer prices in manufacturing TICOM250 Notes to the tablesContents

Table ABalance of payments() Assets refer to Italian capital and liabilities refer to foreign capital.() Derivatives’ flows are computed only as a balance, but by convention they are reported also on the asset side.Notes on the data: data updated until 19 March 2026.Table A- Balance of payments January 2026Credits Debits Balance(64,544) (66,329) (-1,785)(41,493) (40,253) (1,240)(10,829) (11,775) (-946)(10,220) (9,687) (533)(2,002) (4,615) (-2,613)(1,288) (488) (800)Assets Liabilities Balance(33,844) (31,183) (2,661)(3,079) (2,850) (229)(13,765) (16,950) (-3,185)(1,447) - (1,447)(15,511) (11,383) (4,128)(42) - (42)- - (3,645)Twelve months ending inJanuary 2026Credits Debits Balance(882,869) (852,745) (30,123)(576,375) (523,627) (52,748)(149,936) (155,495) (-5,558)(131,128) (127,342) (3,786)(25,429) (46,280) (-20,852)(9,537) (6,730) (2,808)Assets Liabilities Balance(253,061) (223,464) (29,598)(28,536) (19,683) (8,852)(109,636) (134,165) (-24,529)(-3,132) - (-3,132)(115,556) (69,616) (45,941)(2,466) - (2,466)- - (-3,333)January 2025Credits Debits BalanceCurrent account.............................66,278 70,516 -4,239Goods..............................................43,503 43,337 166Services ..........................................10,494 11,618 -1,124Primary income ...............................10,466 10,345 121Secondary income ..........................1,815 5,217 -3,402Capital account .............................565 401 164January 2025 Assets Liabilities Balance () ..................... 14,517 14,551 -34Direct investment ............................954 -1,446 2,400Portfolio investment.........................14,141 15,399 -1,258Financial derivatives () .................1,586 - 1,586Other investment.............................-1,475 598 -2,073Reserve assets ...............................-688 - -688Errors and omissions ...................- - 4,041Twelve months ending inJanuary 2025Credits Debits BalanceCurrent account ............................871,233 850,165 21,068Goods..............................................573,473 521,466 52,007Services ..........................................143,766 148,604 -4,838Primary income ...............................129,979 136,434 -6,455Secondary income ..........................24,014 43,661 -19,646Capital account .............................6,760 6,829 -69January 2025 Assets Liabilities Balance (*) ..................... 166,871 113,275 53,597Direct investment ............................36,586 13,368 23,218Portfolio investment.........................91,033 171,422 -80,389Financial derivatives () .................3,242 - 3,242Other investment.............................33,957 -71,515 105,473Reserve assets ...............................2,052 - 2,052Errors and omissions ...................- - 32,598

Balance of payments and international investment position Table 1aTBP60230Balance of payments: balancesCurrentaccountCapitalaccountTotal current accountand capital accountErrors and omissionsof which:reserve assets4,726 16,933 21,659 33,995 2,741 12,33623,756 -353 23,403 51,838 2,101 28,435(27,670) (2,171) (29,841) (26,903) (1,736) (-2,938)2023 - 4th qtr .....................5,630 7,675 13,305 19,766 1,372 6,4612024 - 1st qtr......................2,147 -465 1,682 -2,509 243 -4,1912nd " ......................8,520 -1,129 7,391 3,353 1,510 -4,0389,520 246 9,765 28,683 5 18,9184th "......................3,570 995 4,565 22,310 343 17,7462025 - 1st qtr......................-2,276 295 -1,981 -8,141 -508 -6,1602nd " ......................10,293 770 11,062 7,381 2,207 -3,68114,440 -308 14,132 12,532 381 -1,6004th "......................(5,213) (1,415) (6,628) (15,132) (-343) (8,503)-1,550 -120 -1,671 -1,792 -639 -1222,682 -133 2,549 2,787 178 2381,016 -212 804 -3,503 704 -4,3072,380 -401 1,979 -3,353 153 -5,3321,613 -425 1,188 10,372 859 9,1844,526 -303 4,223 -3,667 498 -7,8906,319 130 6,450 16,366 -535 9,9161,653 141 1,794 5,167 92 3,3741,547 -26 1,522 7,150 448 5,6283,260 479 3,738 1,466 84 -2,272-2,212 376 -1,836 6,402 -242 8,2392,523 140 2,663 14,442 500 11,779-4,239 164 -4,075 -34 -688 4,0411,399 167 1,566 -1,481 108 -3,047564 -36 528 -6,627 72 -7,1541,311 62 1,373 -3,284 899 -4,6572,148 79 2,227 -1,875 1,044 -4,1016,833 629 7,462 12,539 264 5,0778,198 -28 8,171 16,709 -293 8,5383,371 -43 3,328 2,011 -668 -1,3172,871 -238 2,633 -6,187 1,342 -8,820(3,401) (585) (3,986) (11,342) (-1,839) (7,355)(-1,594) (510) (-1,084) (-9,495) (630) (-8,411)(3,406) (319) (3,725) (13,284) (866) (9,559)2026 - Jan. ..........................(-1,785) (800) (-985) (2,661) (42) (3,645)Table 1a- (TBP60230) - Balance of payments: balances

Balance of payments and international investment position Table 1bTBP60050Balance of payments: credits and debitsCredits DebitsCurrentaccountCapitalaccountTotal current account and capital accountCurrentaccountCapitalaccountTotal current account and capital account2023 ...........................................859,667 25,258 884,925 854,941 8,325 863,2662024 ...........................................870,424 6,404 876,829 846,668 6,758 853,4262025 ...........................................(884,602) (8,813) (893,415) (856,932) (6,642) (863,574)2023 - 4th qtr ............................220,414 10,466 230,880 214,783 2,791 217,5752024 - 1st qtr.............................208,108 641 208,750 205,961 1,107 207,0682nd " .............................224,264 1,053 225,318 215,745 2,182 217,9273rd " .............................216,676 1,594 218,270 207,156 1,349 208,5054th ".............................221,376 3,115 224,491 217,806 2,120 219,9272025 - 1st qtr.............................211,024 1,650 212,674 213,300 1,356 214,6562nd " .............................227,476 2,020 229,495 217,183 1,250 218,4333rd " .............................221,803 2,078 223,880 207,363 2,386 209,7494th ".............................(224,300) (3,065) (227,365) (219,087) (1,651) (220,737)2024 - Jan. .................................65,469 209 65,678 67,020 329 67,349Feb..................................70,208 232 70,440 67,526 365 67,891Mar..................................72,431 201 72,632 71,415 413 71,828Apr. .................................71,830 275 72,104 69,449 676 70,125May .................................77,994 291 78,285 76,381 716 77,097June ................................74,441 488 74,929 69,914 791 70,705July .................................81,483 617 82,100 75,163 487 75,650Aug. ................................63,181 527 63,709 61,528 387 61,915Sept. ...............................72,011 450 72,461 70,464 476 70,940Oct. .................................78,102 1,172 79,274 74,842 693 75,536Nov..................................72,923 1,057 73,980 75,135 681 75,816Dec. ................................70,351 886 71,237 67,829 746 68,5752025 - Jan. .................................66,278 565 66,842 70,516 401 70,917Feb..................................70,014 608 70,622 68,615 441 69,056Mar..................................74,732 478 75,210 74,168 514 74,683Apr. .................................72,758 465 73,223 71,447 403 71,849May .................................77,055 484 77,539 74,907 405 75,313June ................................77,662 1,072 78,734 70,829 443 71,271July .................................84,291 811 85,102 76,093 838 76,931Aug. ................................61,681 636 62,317 58,310 679 58,989Sept. ...............................75,831 630 76,461 72,960 868 73,829Oct. .................................(79,138) (1,147) (80,285) (75,736) (562) (76,298)Nov..................................(72,917) (1,041) (73,958) (74,511) (530) (75,041)Dec. ................................(72,245) (878) (73,123) (68,839) (559) (69,398)2026 - Jan. .................................(64,544) (1,288) (65,832) (66,329) (488) (66,817)Table 1b- (TBP60050) - Balance of payments: credits and debits

Balance of payments and international investment position Table 2aTBP60300Current account: balancesGoodsServicesPrimaryincomeSecondaryincomeof which:of which:travel2023 ........................................ 36,919 -1,744 -14,591 20,102 -11,789 -18,6612024 ........................................ 54,960 -4,917 -16,295 21,208 -7,567 -18,7202025 ........................................ (51,673) (-5,737) (-16,746) (22,782) (3,374) (-21,641)2023 - 4th qtr ......................... 15,944 -2,595 -3,487 2,930 -3,312 -4,4062024 - 1st qtr.......................... 14,754 -4,894 -4,185 1,064 -1,011 -6,7022nd " ........................... 16,538 1,538 -4,229 7,529 -5,991 -3,5653rd " ........................... 10,486 3,325 -4,161 9,720 201 -4,4924th " ........................... 13,183 -4,886 -3,720 2,894 -766 -3,9612025 - 1st qtr.......................... 8,322 -4,203 -4,423 1,222 1,727 -8,1232nd " ........................... 14,877 1,797 -4,312 7,929 -3,194 -3,1873rd " ........................... 13,685 2,253 -4,276 10,445 4,156 -5,6554th " ........................... (14,790) (-5,584) (-3,734) (3,186) (684) (-4,676)2024 - Jan.............................. 3,118 -1,203 -1,415 280 -991 -2,476Feb. ............................ 6,529 -1,775 -1,384 229 -212 -1,860Mar.............................. 5,106 -1,916 -1,387 555 192 -2,367Apr. ............................. 5,145 -501 -1,527 1,412 -1,014 -1,251May............................. 6,353 559 -1,405 2,835 -4,510 -789June............................ 5,039 1,480 -1,296 3,282 -468 -1,525July ............................. 6,281 2,059 -1,369 4,147 -666 -1,355Aug. ............................ 1,817 805 -1,400 2,852 502 -1,471Sept. ........................... 2,388 460 -1,391 2,721 365 -1,666Oct. ............................. 4,500 -1,325 -1,356 1,878 1,146 -1,062Nov. ............................ 3,373 -2,214 -1,217 379 -2,746 -626Dec. ............................ 5,310 -1,348 -1,147 638 834 -2,2732025 - Jan.............................. 166 -1,124 -1,628 281 121 -3,402Feb. ............................ 4,443 -1,315 -1,340 385 321 -2,050Mar.............................. 3,713 -1,764 -1,454 556 1,286 -2,671Apr. ............................. 3,212 -92 -1,472 1,761 -683 -1,126May............................. 6,105 277 -1,415 2,610 -3,512 -722June............................ 5,559 1,612 -1,425 3,557 1,001 -1,339July ............................. 7,761 1,452 -1,540 4,318 779 -1,793Aug. ............................ 2,752 650 -1,352 3,164 1,871 -1,902Sept. ........................... 3,172 152 -1,384 2,963 1,507 -1,959Oct. ............................. (4,088) (-1,466) (-1,405) (2,106) (2,193) (-1,414)Nov. ............................ (4,683) (-2,438) (-1,141) (415) (-3,032) (-807)Dec. ............................ (6,019) (-1,681) (-1,188) (665) (1,523) (-2,455)2026 - Jan.............................. (1,240) (-946) (-1,562) (450) (533) (-2,613)Table 2a- (TBP60300) - Current account: balances

Balance of payments and international investment position Table 2bTBP60310Current account: creditsGoodsServicesPrimaryincomeSecondaryincomeof which:of which:travel2023 ........................................ 578,880 137,259 14,274 51,688 120,334 23,1942024 ........................................ 574,005 143,085 15,357 54,214 129,505 23,8302025 ........................................ (578,385) (149,601) (15,158) (56,805) (131,374) (25,242)2023 - 4th qtr ......................... 147,769 34,430 3,507 10,223 32,310 5,9052024 - 1st qtr.......................... 144,245 28,940 3,454 8,132 30,318 4,6062nd " ........................... 148,123 37,011 4,020 15,347 33,085 6,0463rd " ........................... 135,817 42,540 4,217 20,766 32,578 5,7404th " ........................... 145,820 34,594 3,665 9,968 33,523 7,4392025 - 1st qtr.......................... 143,354 31,124 3,471 8,656 31,373 5,1732nd " ........................... 145,838 39,274 4,036 16,208 34,557 7,8073rd " ........................... 140,058 43,874 4,187 21,567 32,426 5,4454th " ........................... (149,135) (35,329) (3,465) (10,374) (33,019) (6,817)2024 - Jan.............................. 44,034 9,813 1,151 2,727 9,992 1,630Feb. ............................ 49,707 9,154 1,121 2,426 9,907 1,440Mar.............................. 50,504 9,974 1,182 2,980 10,419 1,535Apr. ............................. 48,675 11,106 1,259 4,040 10,366 1,683May............................. 51,595 12,343 1,368 5,218 11,660 2,397June............................ 47,853 13,562 1,393 6,090 11,060 1,966July ............................. 52,757 15,558 1,473 7,399 10,920 2,248Aug. ............................ 36,449 14,098 1,439 7,475 10,917 1,717Sept. ........................... 46,611 12,884 1,306 5,892 10,742 1,774Oct. ............................. 52,203 12,356 1,393 4,518 11,075 2,467Nov. ............................ 48,852 10,272 1,175 2,605 10,946 2,854Dec. ............................ 44,766 11,966 1,098 2,846 11,502 2,1182025 - Jan.............................. 43,503 10,494 1,113 2,883 10,466 1,815Feb. ............................ 48,333 9,870 1,134 2,590 10,178 1,634Mar.............................. 51,519 10,760 1,225 3,183 10,729 1,724Apr. ............................. 47,636 12,064 1,323 4,476 10,799 2,259May............................. 49,356 12,779 1,333 5,245 12,015 2,905June............................ 48,845 14,430 1,379 6,488 11,743 2,643July ............................. 55,103 16,208 1,471 7,814 10,859 2,122Aug. ............................ 34,958 14,366 1,345 7,692 10,839 1,517Sept. ........................... 49,997 13,300 1,370 6,062 10,728 1,806Oct. ............................. (53,357) (12,590) (1,333) (4,639) (11,015) (2,175)Nov. ............................ (48,813) (10,422) (1,063) (2,700) (10,953) (2,730)Dec. ............................ (46,965) (12,317) (1,069) (3,034) (11,051) (1,912)2026 - Jan.............................. (41,493) (10,829) (1,071) (3,065) (10,220) (2,002)Table 2b- (TBP60310) - Current account: credits

Balance of payments and international investment position Table 2cTBP60320Current account: debitsGoodsServicesPrimaryincomeSecondary incomeof which:of which:travelof which:workers’ remittances2023 ........................................ 541,961 139,003 28,865 31,585 132,123 41,855 8,1782024 ........................................ 519,045 148,002 31,652 33,006 137,072 42,550 8,2852025 ........................................ (526,711) (155,338) (31,904) (34,022) (128,000) (46,883) (8,459)2023 - 4th qtr ......................... 131,825 37,025 6,994 7,293 35,622 10,310 2,0962024 - 1st qtr.......................... 129,491 33,834 7,639 7,068 31,328 11,308 1,9552nd " ........................... 131,585 35,473 8,249 7,818 39,077 9,610 2,0423rd " ........................... 125,331 39,215 8,378 11,046 32,377 10,232 2,1724th " ........................... 132,637 39,480 7,386 7,074 34,289 11,400 2,1162025 - 1st qtr.......................... 135,032 35,327 7,894 7,434 29,645 13,296 2,0722nd " ........................... 130,961 37,477 8,348 8,280 37,751 10,994 2,1733rd " ........................... 126,373 41,621 8,463 11,122 28,270 11,099 2,1954th " ........................... (134,345) (40,913) (7,199) (7,187) (32,335) (11,493) (2,018)2024 - Jan.............................. 40,916 11,015 2,566 2,447 10,982 4,106 658Feb. ............................ 43,178 10,929 2,505 2,197 10,119 3,300 628Mar.............................. 45,398 11,889 2,569 2,424 10,226 3,902 669Apr. ............................. 43,530 11,607 2,786 2,628 11,379 2,933 637May............................. 45,241 11,784 2,774 2,383 16,170 3,186 699June............................ 42,814 12,082 2,689 2,807 11,528 3,491 706July ............................. 46,476 13,498 2,842 3,252 11,586 3,603 727Aug. ............................ 34,632 13,293 2,839 4,623 10,415 3,189 737Sept. ........................... 44,223 12,424 2,697 3,171 10,377 3,440 708Oct. ............................. 47,703 13,681 2,749 2,640 9,929 3,529 719Nov. ............................ 45,479 12,485 2,393 2,226 13,692 3,480 660Dec. ............................ 39,456 13,314 2,244 2,208 10,668 4,391 7372025 - Jan.............................. 43,337 11,618 2,741 2,603 10,345 5,217 697Feb. ............................ 43,890 11,185 2,474 2,205 9,857 3,684 666Mar.............................. 47,806 12,524 2,679 2,626 9,444 4,395 709Apr. ............................. 44,424 12,157 2,796 2,714 11,482 3,384 678May............................. 43,251 12,502 2,748 2,634 15,527 3,628 744June............................ 43,286 12,818 2,805 2,931 10,742 3,982 751July ............................. 47,342 14,756 3,012 3,496 10,080 3,915 735Aug. ............................ 32,206 13,716 2,698 4,528 8,968 3,419 745Sept. ........................... 46,825 13,148 2,753 3,098 9,222 3,765 716Oct. ............................. (49,269) (14,056) (2,738) (2,533) (8,822) (3,589) (711)Nov. ............................ (44,130) (12,860) (2,204) (2,285) (13,985) (3,537) (652)Dec. ............................ (40,946) (13,998) (2,257) (2,369) (9,528) (4,368) (656)2026 - Jan.............................. (40,253) (11,775) (2,633) (2,614) (9,687) (4,615) (696)Table 2c- (TBP60320) - Current account: debits

Balance of payments and international investment position Table 3TBP60400International travel by purpose: credits, debits and balancesCredits Debits BalancesBusinessPersonalBusinessPersonalBusinessPersonalof which:other than health-related and education-related of which:other than health-related and education-related of which:other than health-related and education-related 2023 ........................................ 7,385 44,303 42,380 9,448 22,137 19,797 -2,063 22,165 22,5822024 ........................................ 7,911 46,303 44,318 8,827 24,179 21,974 -916 22,124 22,3442025 ........................................ (6,314) (50,491) (48,830) (7,175) (26,848) (24,849) (-861) (23,643) (23,981)2023 - 4th qtr ......................... 1,805 8,418 7,855 2,417 4,876 4,207 -612 3,542 3,6482024 - 1st qtr.......................... 1,868 6,264 5,762 2,402 4,666 4,078 -534 1,599 1,6842nd " .......................... 2,236 13,111 12,670 2,475 5,342 4,847 -240 7,769 7,8233rd " .......................... 1,930 18,835 18,376 1,855 9,192 8,637 76 9,644 9,7404th ".......................... 1,877 8,092 7,510 2,095 4,979 4,412 -218 3,112 3,0982025 - 1st qtr.......................... 1,615 7,041 6,514 2,193 5,240 4,679 -578 1,800 1,8352nd " .......................... 1,646 14,563 14,189 1,708 6,572 6,010 -62 7,991 8,1803rd " .......................... 1,491 20,076 19,837 1,515 9,607 9,168 -24 10,470 10,6694th ".......................... (1,562) (8,812) (8,290) (1,758) (5,429) (4,993) (-196) (3,383) (3,297)2024 - Jan.............................. 620 2,106 1,921 708 1,739 1,575 -87 367 346Feb. ............................ 599 1,827 1,678 829 1,368 1,175 -229 459 503Mar.............................. 648 2,331 2,164 866 1,558 1,329 -218 773 835Apr. ............................. 675 3,364 3,223 787 1,841 1,648 -112 1,523 1,575May............................. 737 4,482 4,352 780 1,603 1,457 -44 2,879 2,895June............................ 824 5,265 5,095 908 1,899 1,742 -84 3,367 3,353July ............................. 618 6,781 6,665 682 2,570 2,393 -64 4,211 4,272Aug. ............................ 427 7,048 6,921 489 4,134 3,967 -62 2,914 2,954Sept. ........................... 886 5,006 4,790 684 2,487 2,276 201 2,519 2,514Oct. ............................. 863 3,655 3,449 733 1,907 1,694 129 1,749 1,754Nov. ............................ 609 1,996 1,810 742 1,484 1,290 -133 512 520Dec. ............................ 406 2,440 2,252 620 1,588 1,428 -214 852 8242025 - Jan.............................. 528 2,355 2,163 608 1,994 1,792 -80 361 371Feb. ............................ 511 2,079 1,925 683 1,521 1,383 -173 558 542Mar.............................. 576 2,606 2,426 902 1,724 1,504 -325 882 922Apr. ............................. 597 3,879 3,746 497 2,217 2,086 99 1,662 1,660May............................. 588 4,657 4,528 661 1,973 1,786 -73 2,683 2,742June............................ 461 6,027 5,916 550 2,381 2,137 -88 3,645 3,778July ............................. 544 7,270 7,179 479 3,017 2,829 65 4,253 4,350Aug. ............................ 313 7,378 7,353 408 4,119 4,000 -95 3,259 3,353Sept. ........................... 634 5,428 5,305 628 2,471 2,338 6 2,958 2,966Oct. ............................. (713) (3,926) (3,774) (626) (1,907) (1,774) (87) (2,019) (2,001)Nov. ............................ (519) (2,182) (1,974) (648) (1,637) (1,483) (-130) (545) (491)Dec. ............................ (331) (2,704) (2,542) (484) (1,885) (1,737) (-153) (819) (805)2026 - Jan.............................. (323) (2,742) (2,613) (467) (2,147) (2,039) (-145) (595) (574)Table 3 - (TBP60400) - International travel by purpose: credits, debits and balances

Balance of payments and international investment position Table 4TBP60085Direct investmentPortfolioinvestmentOtherinvestmentFinancialderivativesChangein reserveassetsabroad in Italy assets liabilities assets liabilities2023 .................................... 28,267 38,890 50,480 74,323 -2,619 -72,513 -4,175 2,7412024 .................................... 42,329 24,835 86,418 165,251 30,804 -76,910 3,362 2,1012025 .................................... (26,410) (15,387) (110,012) (132,613) (98,570) (58,831) (-2,993) (1,736)2023 - 4th qtr ..................... 4,069 17,291 2,607 20,925 6,238 -42,714 982 1,3722024 - 1st qtr...................... 14,153 8,716 25,197 54,238 -683 -20,171 1,364 2432nd " ...................... 4,705 3,756 8,997 41,006 19,829 -12,808 265 1,5103rd " ...................... 12,234 6,306 30,417 30,426 8,326 -13,191 1,242 54th "...................... 11,236 6,057 21,806 39,581 3,333 -30,740 492 3432025 - 1st qtr...................... 16,765 19,041 36,321 37,238 7,271 11,788 77 -5082nd " ...................... 5,535 8,736 24,634 58,076 71,130 29,391 79 2,2073rd " ...................... 1,111 -1,688 34,227 4,869 18,607 35,507 -3,105 3814th "...................... (2,999) (-10,703) (14,830) (32,431) (1,562) (-17,855) (-43) (-343)2024 - Jan.......................... 6,696 10,021 9,526 9,228 -4,628 -4,796 1,706 -639Feb. ........................ 5,132 -4,837 3,878 23,123 -3,395 -15,474 -195 178Mar.......................... 2,325 3,533 11,793 21,886 7,341 100 -148 704Apr. ......................... 2,136 5,909 1,768 8,687 -8,044 -15,657 -427 153May......................... 3,190 -6,372 7,615 14,163 12,250 6,096 346 859June........................ -621 4,219 -385 18,156 15,623 -3,247 346 498July ......................... 4,027 -1,343 14,445 7,985 -4,863 -9,306 627 -535Aug. ........................ 2,980 6,874 9,125 3,886 -1,245 -4,933 43 92Sept. ....................... 5,228 775 6,847 18,555 14,433 1,048 571 448Oct. ......................... 4,228 7,843 5,636 14,950 -452 -14,946 -183 84Nov. ........................ 4,296 -5,361 5,019 14,067 7,237 1,819 617 -242Dec. ........................ 2,712 3,575 11,151 10,564 -3,452 -17,612 58 5002025 - Jan.......................... 954 -1,446 14,141 15,399 -1,475 598 1,586 -688Feb. ........................ 2,855 5,373 6,865 25,274 8,552 -10,731 56 108Mar.......................... 12,957 15,114 15,315 -3,434 195 21,921 -1,565 72Apr. ......................... 259 14,920 5,943 2,721 8,205 1,504 558 899May......................... 1,728 -1,458 10,272 10,243 501 6,960 326 1,044June........................ 3,549 -4,726 8,419 45,111 62,424 20,927 -805 264July ......................... 3,844 1,392 19,511 1,893 8,584 8,673 -2,978 -293Aug. ........................ 2,622 2,531 10,849 -2,203 -2,626 7,749 -89 -668Sept. ....................... -5,355 -5,611 3,868 5,179 12,649 19,084 -39 1,342Oct. ......................... (2,959) (-3,774) (1,997) (19,491) (-4,016) (-27,979) (-21) (-1,839)Nov. ........................ (2,323) (-1,469) (-2,497) (10,702) (5,279) (6,041) (44) (630)Dec. ........................ (-2,283) (-5,460) (15,329) (2,238) (299) (4,083) (-67) (866)2026 - Jan.......................... (3,079) (2,850) (13,765) (16,950) (15,511) (11,383)(1,447) (42)Table 4 - (TBP60085) - Financial account

Balance of payments and international investment position Table 5 Assets: TBP60160 Liabilities: TBP60170 Table 5 - (TBP60160) (TBP60170)Portfolio investment AssetsEquityInvestment fund sharesDebt securities Total2023 ................... -7,862 -26,863 85,206 50,4802024 ................... 5,078 3,553 77,787 86,4182025 ................... (-789) (36,758) (74,043) (110,012)2023 - 4th qtr..... -1,648 -7,748 12,002 2,6072024 - 1st qtr..... -1,573 -5,417 32,188 25,1972nd " ...... -692 -4,011 13,700 8,9973rd " ...... 3,460 3,094 23,863 30,4174th " ...... 3,882 9,888 8,036 21,8062025 - 1st qtr..... -4,241 11,494 29,069 36,3212nd " ...... -121 7,186 17,569 24,6343rd " ...... 2,221 13,477 18,529 34,2274th " ...... (1,352) (4,601) (8,877) (14,830)2024 - Jan......... 861 -4,408 13,073 9,526Feb......... -1,550 -4,310 9,738 3,878Mar......... -883 3,300 9,376 11,793Apr. ........ -1,276 -1,757 4,801 1,768May........ 1,069 -2,724 9,270 7,615June....... -485 471 -371 -385July ........ 1,497 858 12,090 14,445Aug. ....... 207 2,889 6,029 9,125Sept. ...... 1,756 -653 5,744 6,847Oct. ........ -202 1,642 4,197 5,636Nov......... 2,954 1,315 750 5,019Dec. ....... 1,130 6,932 3,089 11,1512025 - Jan......... 120 4,206 9,815 14,141Feb......... -3,116 1,676 8,305 6,865Mar......... -1,245 5,611 10,949 15,315Apr. ........ 1,651 3,510 781 5,943May........ -437 2,559 8,151 10,272June....... -1,335 1,118 8,637 8,419July ........ 645 7,950 10,915 19,511Aug. ....... -267 4,495 6,621 10,849Sept. ...... 1,843 1,032 993 3,868Oct. ........ (1,200) (-3,126) (3,923) (1,997)Nov......... (-1,369) (2,206) (-3,333) (-2,497)Dec. ....... (1,521) (5,521) (8,287) (15,329)2026 - Jan......... (163) (7,074) (6,528) (13,765)PLiabilitiesEquityInvestment fund sharesDebt securitiesTotalof which:General government1,077 2,538 70,707 31,097 74,323-1,294 5,101 161,445 124,339 165,251(-9,037) (1,187) (140,463) (112,042) (132,613)1,117 666 19,142 5,813 20,9251,473 1,433 51,331 42,266 54,2382,301 1,432 37,273 28,789 41,006-1,666 1,121 30,971 23,141 30,426-3,402 1,113 41,870 30,143 39,5811,052 509 35,678 27,544 37,238-7,768 547 65,296 56,874 58,076-1,342 71 6,140 2,068 4,869(-979) (60) (33,350) (25,557) (32,431)-438 474 9,192 4,866 9,228F76 474 22,573 21,535 23,123M1,834 485 19,567 15,865 21,886A681 481 7,525 5,183 8,687M1,694 511 11,958 6,523 14,163J-75 441 17,790 17,083 18,156J458 379 7,149 4,027 7,985A-2,582 370 6,098 7,082 3,886S458 372 17,724 12,032 18,555O-1,036 374 15,613 13,832 14,950N-2,229 367 15,928 8,644 14,067D-137 372 10,329 7,666 10,5641,498 167 13,733 8,983 15,399F-125 175 25,225 23,526 25,274M-321 168 -3,281 -4,965 -3,434A-11,763 189 14,296 20,466 2,721M2,357 188 7,698 2,762 10,243J1,638 171 43,302 33,646 45,111J1,325 23 544 -1,822 1,893A-1,432 12 -783 261 -2,203S-1,235 36 6,378 3,628 5,179O(-1,563) (6) (21,048) (19,231) (19,491)N(-742) (28) (11,415) (9,481) (10,702)D(1,326) (26) (886) (-3,156) (2,238)(-1,112) (29) (18,033) (14,082) (16,950)

Balance of payments and international investment position Table 6TBP60100Changes in reserve assetsNet acquisition of reserve assetsTotal (a)Valuation adjustments (b)Change in stocks(a)+(b)Monetary goldSDRsIMF reserve positionOther reserve assetsCurrency and depositsSecuritiesFinancial derivativesOther claimsTotal2023 .................... .. 485 -236 -3,219 5,483 .. 228 2,492 2,741 10,143 12,8832024 .................... .. 66 -543 608 1,397 .. 573 2,578 2,101 53,443 55,5442025 .................... (..) (-91) (347) (-2,178) (3,540) (..) (118) (1,480) (1,736) (84,213) (85,949)2023 - 4th qtr ..... .. -223 -174 -2,920 4,426 .. 262 1,769 1,372 6,695 8,0672024 - 1st qtr ..... .. 117 -170 7,847 -7,603 .. 52 295 243 14,539 14,7822nd " ....... .. -16 -197 -8,108 9,463 .. 368 1,724 1,510 10,814 12,3253rd " ....... .. 428 67 1,247 -1,749 .. 13 -489 5 13,211 13,2164th " ....... .. -463 -242 -379 1,287 .. 140 1,048 343 14,878 15,2212025 - 1st qtr ..... .. 42 1 -2,175 1,634 .. -9 -551 -508 27,489 26,9822nd " ....... .. 305 393 433 1,084 .. -10 1,508 2,207 -11,353 -9,1463rd " ....... .. -491 44 27 634 .. 166 828 381 35,145 35,5264th " ....... (..) (53) (-92) (-463) (188) (..) (-29) (-304) (-343) (32,931) (32,588)2024 - Jan. ........ .. 2 10 5,777 -6,426 .. -2 -651 -639 1,793 1,154Feb. ........ .. 75 -91 825 -630 .. .. 194 178 -622 -444Mar. ........ .. 40 -89 1,245 -547 .. 54 752 704 13,368 14,072Apr.......... .. 14 .. -5,858 6,011 .. -14 140 153 8,728 8,882May ........ .. 360 .. -2,489 2,996 .. -8 498 859 -299 560June ....... .. -390 -197 240 456 .. 390 1,086 498 2,385 2,883July......... .. 345 .. 454 -1,355 .. 21 -880 -535 4,243 3,708Aug......... .. 75 .. 294 -276 .. -1 17 92 2,464 2,556Sept........ .. 8 67 499 -118 .. -8 374 448 6,505 6,953Oct.......... .. -226 .. -387 712 .. -14 311 84 15,141 15,225Nov. ........ .. 80 -80 -849 614 .. -8 -242 -242 109 -133Dec......... .. -317 -163 857 -39 .. 162 980 500 -372 1292025 - Jan. ........ .. -28 182 -1,763 924 .. -2 -841 -688 14,877 14,189Feb. ........ .. 63 -107 415 -263 .. .. 152 108 4,201 4,308Mar. ........ .. 8 -74 -827 973 .. -8 138 72 8,412 8,484Apr.......... .. 254 492 20 147 .. -14 153899 -3,097 -2,199May ........ .. 63 -13 382 619 .. -7 994 1,044 1,739 2,783June ....... .. -11 -85 31 319 .. 11 361 264 -9,995 -9,730July......... .. -203 -4 -1,100 841 .. 173 -86 -293 7,902 7,609Aug......... .. -295 48 -195 -226 .. .. -421 -668 2,252 1,584Sept........ .. 7 .. 1,322 20 .. -7 1,335 1,342 24,991 26,333Oct.......... (..) (9) (26) (-1,536) (-329) (..) (-9) (-1,873) (-1,839) (19,528) (17,689)Nov. ........ (..) (70) (-117) (360) (334) (..) (-17) (677) (630) (9,600) (10,230)Dec......... (..) (-26) (..) (713) (182) (..) (-3) (892) (866) (3,803) (4,669)2026 - Jan. ........ (..) (-5) (-47) (-321) (415) (..) (..) (94) (42) (46,278) (46,320)Table 6 - (TBP60100) - Changes in reserve assets

Balance of payments and international investment position Table 7TBP60200Changes in the TARGET balance in relation to the other Balance of payments itemsChange inTARGET balanceForeign portfolio investment in Italian government bondsForeign portfolio investment in Italian private sector securities (excl. bank bonds)Foreign portfolio investment in Italian bank bondsResident MFIs other than central bank' net foreign fundingBalance on current account and capital accountOther items (direct investment, financial derivatives, other investment residual items, official reserves, errors and omissions)Italian portfolio investment in foreign securitiesof which:cleared through resident central counterparty(A)+(B)+(C)+(D)+(E)+(F)-(G)(A) (B) (C) (D) (E) (F) (G)2023 ................ 163,435 31,097 26,883 16,342 82,679 3,471 21,659 35,255 50,4802024 ................ 104,952 124,339 28,901 12,011 -30,932 -21,048 23,403 33,647 86,4182025 ................ 57,562 (112,042) (13,391) (7,181) (-1,853) (-24,491) (29,841) (6,972) (110,012)2023 - 4th qtr . 34,342 5,813 10,462 4,650 -18,193 -9,507 13,305 20,912 2,6072024 - 1st qtr.. 19,952 42,266 7,134 4,837 3,814 -10,526 1,682 -14,584 25,1972nd " ... 15,635 28,789 8,864 3,353 -16,907 -4,690 7,391 -6,857 8,9973rd " ... 38,878 23,141 7,389 -104 -582 1,469 9,765 29,686 30,4174th " ... 30,486 30,143 5,513 3,926 -17,256 -7,301 4,565 25,403 21,8062025 - 1st qtr.. 7,411 27,544 8,812 882 7,752 36 -1,981 723 36,3212nd " ... 14,331 56,874 -1,754 2,956 -19,244 -13,826 11,062 -10,928 24,6343rd " ... 11,474 2,068 1,525 1,277 8,422 -1,453 14,132 18,279 34,2274th " ... 24,345 (25,557) (4,808) (2,066) (1,216) (-9,249) (6,628) (-1,101) (14,830)2024 - Jan. ...... 16,442 4,866 2,789 1,574 12,450 -9,412 -1,671 5,960 9,526Feb....... 37,895 21,535 1,976 -388 17,835 906 2,549 -1,734 3,878Mar....... -34,385 15,865 2,370 3,651 -26,472 -2,020 804 -18,811 11,793Apr. ...... 63,136 5,183 -36 3,540 33,003 -306 1,979 21,235 1,768May ...... -1,308 6,523 6,179 1,461 -4,642 -4,731 1,188 -4,403 7,615June ..... -46,193 17,083 2,721 -1,648 -45,268 347 4,223 -23,689 -385July ...... 23,489 4,027 4,574 -616 23,636 1,687 6,450 -136 14,445Aug. ..... -11,433 7,082 -2,588 -608 -14,847 -14,796 1,794 6,859 9,125Sept. .... 26,822 12,032 5,403 1,120 -9,371 14,578 1,522 22,964 6,847Oct. ...... 17,919 13,832 1,163 -45 8,144 -16,744 3,738 -3,277 5,636Nov....... -132 8,644 2,350 3,073 -24,372 5,272 -1,836 17,028 5,019Dec. ..... 12,699 7,666 2,000 898 -1,029 4,172 2,663 11,652 11,1512025 - Jan. ...... 13,742 8,983 6,498 -83 22,713 5,502 -4,075 -6,154 14,141Feb....... -1,554 23,526 -248 1,997 -977 2,961 1,566 -20,552 6,865Mar....... -4,777 -4,965 2,562 -1,031 -13,983 -8,426 528 27,428 15,315Apr. ...... 37,391 20,466 -15,294 -2,451 13,076 3,558 1,373 26,163 5,943May ...... -11,252 2,762 5,959 1,522 -18,696 -12,642 2,227 5,247 10,272June ..... -11,808 33,646 7,581 3,884 -13,624 -4,742 7,462 -42,339 8,419July ...... 27,430 -1,822 2,681 1,03434,176 9,497 8,171 2,702 19,511Aug. ..... -18,952 261 -2,468 4 -19,754 -9,602 3,328 10,526 10,849Sept. .... 2,996 3,628 1,312 239 -5,999 -1,348 2,633 5,051 3,868Oct. ...... 35,014 (19,231) (-2,468) (2,728) (22,137) (9,199) (3,986) (-8,603) (1,997)Nov....... -31,139 (9,481) (1,540) (-319) (-27,770) (-16,745) (-1,084) (-15,484) (-2,497)Dec. ..... 20,470 (-3,156) (5,735) (-342) (6,850) (-1,703) (3,725) (22,986) (15,329)2026 - Jan. ...... 8,995 (14,082) (1,840) (1,027) (24,590) (22,301) (-985) (-17,796) (13,765)Table 7 - (TBP60200) - Changes in the TARGET balance in relation to the other Balance of payments items

Balance of payments and international investment position Table 8aTIIP0200International investment position: net positionsEquity capital and reinvested earnings ........ 151,139 151,628 158,228 152,939 140,553 151,571 of which: listed shares............................. 5,494 4,299 6,013 7,998 -1,921 8,487 General government.................................. 2,217 2,216 851 752 704 701Other monetary financial institutions ......... 28,132 26,780 28,267 27,591 23,247 30,746Other sectors............................................. 120,790 122,632 129,110 124,595 116,602 120,124Debt securities ............................................. -43,255 -44,486 -44,391 -44,023 -50,377 -55,972General government.................................. 72 69 68 69 68 67Other monetary financial institutions ......... 25 14 2 2 2 2Other sectors............................................. -43,352 -44,569 -44,462 -44,094 -50,447 -56,041Total ............................................................. 107,884 107,142 113,837 108,916 90,176 95,599General government.................................. 2,288 2,285 920 821 772 768Deposit-taking corporations except the CB 28,157 26,793 28,269 27,593 23,249 30,748Other sectors............................................. 77,438 78,063 84,649 80,501 66,155 64,083Equity and investment funds shares ............ 844,470 834,794 869,496 797,398 806,154 821,523Central Bank (CB) ..................................... 19,219 19,034 18,909 18,630 19,066 20,984General government.................................. 37,032 38,346 39,730 39,489 42,237 44,965Deposit-taking corporations except the CB -102,289 -111,086 -109,790 -145,206 -153,081 -177,107Other sectors............................................. 890,508 888,500 920,646 884,485 897,932 932,681Debt securities ............................................. -282,709 -277,226 -309,851 -317,218 -375,940 -359,170Central Bank (CB) ..................................... 23,495 23,564 23,716 22,414 21,969 21,826General government.................................. -695,253 -738,738 -766,649 -787,759 -855,657 -853,721Deposit-taking corporations except the CB 81,382 86,701 81,122 92,558 94,083 99,474Other sectors............................................. 307,667 351,248 351,960 355,569 363,665 373,250Total ............................................................. 561,760 557,568 559,644 480,180 430,214 462,353Central Bank (CB) ..................................... 42,713 42,598 42,625 41,044 41,035 42,810General government.................................. -658,221 -700,392 -726,920 -748,270 -813,420 -808,755Deposit-taking corporations except the CB -20,907 -24,385 -28,668 -52,648 -58,998 -77,633Other sectors............................................. 1,198,175 1,239,747 1,272,606 1,240,054 1,261,597 1,305,931General government .................................... 6,873 3,798 4,161 5,534 5,071 5,967Deposit-taking corporations except the CB.. 7,472 772 26 6,213 8,569 10,122Other sectors ............................................... 2,907 2,688 843 799 697 668Total ............................................................. 17,252 7,258 5,030 12,546 14,337 16,757Central Bank (CB)........................................ -475,305 -437,645 -416,548 -398,504 -373,946 -361,407General government .................................... -79,620 -89,698 -91,303 -124,662 -114,503 -130,044Deposit-taking corporations except the CB.. -126,772 -124,657 -114,686 -118,916 -117,899 -127,862Other sectors ............................................... -5,168 -13,328 -7,607 11,041 12,162 9,250Total ............................................................. -686,865 -665,328 -630,144 -631,041 -594,187 -610,064Total ............................................................. 251,191 264,407 279,628 306,609 297,463 332,989Net position - TotalCentral Bank (CB)........................................ -181,401 -130,640 -94,295 -50,851 -35,448 14,392General government .................................... -728,679 -784,007 -813,142 -866,577 -922,080 -932,065Deposit-taking corporations except the CB.. -112,050 -121,477 -115,059 -137,758 -145,078 -164,625Other sectors ............................................... 1,273,352 1,307,171 1,350,492 1,332,396 1,340,611 1,379,933Total .......................................... 251,222 271,047 327,996 277,210 238,005 297,635Table 8a- (TIIP0200) - International investment position: net positions

Balance of payments and international investment position Table 8bTIIP0300International investment position: assetsEquity capital and reinvested earnings ........ 576,761 581,633 591,721 595,578 588,748 605,427 of which: listed shares............................. 26,086 25,834 27,840 29,664 27,844 38,836 General government.................................. 2,217 2,216 2,259 2,260 2,262 2,258Deposit-taking corporations except the CB 65,260 65,392 68,530 68,881 67,989 77,310Other sectors............................................. 509,285 514,026 520,932 524,437 518,497 525,859Debt securities ............................................. 178,300 177,352 190,089 196,521 195,462 183,784General government.................................. 75 73 72 72 72 72Deposit-taking corporations except the CB 26 15 4 4 4 4Other sectors............................................. 178,199 177,264 190,014 196,446 195,387 183,708Total ............................................................. 755,061 758,985 781,810 792,099 784,210 789,210General government.................................. 2,291 2,289 2,330 2,332 2,333 2,330Deposit-taking corporations except the CB 65,286 65,407 68,534 68,884 67,993 77,313Other sectors............................................. 687,484 691,289 710,946 720,883 713,884 709,567Equity and investment funds shares ............ 1,191,135 1,202,181 1,236,026 1,215,172 1,238,165 1,288,379Central Bank (CB) ..................................... 19,219 19,034 18,909 18,630 19,066 20,984General government.................................. 37,032 38,347 39,730 39,489 42,238 44,965Deposit-taking corporations except the CB 12,043 15,338 18,997 17,733 17,333 15,850Other sectors............................................. 1,122,842 1,129,463 1,158,389 1,139,320 1,159,528 1,206,579Debt securities ............................................. 791,553 854,815 865,089 885,058 901,182 919,011Central Bank (CB) ..................................... 23,495 23,564 23,716 22,414 21,969 21,826General government.................................. 12,607 14,429 15,306 15,490 14,472 14,733Deposit-taking corporations except the CB 221,095 228,391 227,873 239,419 243,125 250,099Other sectors............................................. 534,356 588,430 598,195 607,735 621,616 632,353Total ............................................................. 1,982,688 2,056,996 2,101,115 2,100,230 2,139,347 2,207,389Central Bank (CB) ..................................... 42,713 42,598 42,625 41,044 41,035 42,810General government.................................. 49,639 52,776 55,035 54,979 56,710 59,698Deposit-taking corporations except the CB 233,137 243,729 246,870 257,153 260,458 265,949Other sectors............................................. 1,657,198 1,717,893 1,756,585 1,747,054 1,781,144 1,838,932General government .................................... 6,873 4,215 4,213 5,534 5,071 5,967Deposit-taking corporations except the CB.. 77,957 223,831 219,785 224,722 230,214 230,132Other sectors ............................................... 14,443 14,046 10,201 10,054 9,917 9,829Total ............................................................. 99,273 242,093 234,199 240,311 245,201 245,928Central Bank (CB)........................................ 45,376 46,435 45,111 48,788 50,511 51,382General government .................................... 84,615 83,371 84,146 80,105 84,124 87,595Deposit-taking corporations except the CB.. 278,507 284,826 289,534 301,012 356,353 375,749Other sectors ............................................... 187,826 187,686 192,676 188,741 188,749 183,430Total ............................................................. 596,325 602,318 611,468 618,646 679,737 698,156Total ............................................................. 251,191 264,407 279,628 306,609 297,463 332,989Assets - TotalCentral Bank (CB)........................................ 339,280 353,440 367,364 396,441 389,009 427,182General government .................................... 143,418 142,651 145,725 142,950 148,238 155,590Deposit-taking corporations except the CB.. 654,887 817,793 824,723 851,772 915,017 949,143Other sectors ............................................... 2,546,952 2,610,914 2,670,408 2,666,732 2,693,693 2,741,758Total .......................................... 3,684,537 3,924,799 4,008,220 4,057,895 4,145,958 4,273,672Table 8b- (TIIP0300) - International investment position: assets

Balance of payments and international investment position Table 8cTIIP0400International investment position: liabilitiesEquity capital and reinvested earnings ........ 425,622 430,006 433,493 442,639 448,195 453,855 of which: listed shares............................. 20,592 21,534 21,827 21,666 29,765 30,349 Central Bank (CB) ..................................... - - - - - -General government.................................. .. .. .. 1,508 1,558 1,558Deposit-taking corporations except the CB 37,127 38,612 40,264 41,290 44,742 46,564Other sectors............................................. 388,495 391,394 391,822 399,842 401,896 405,734Debt securities ............................................. 221,555 221,838 234,480 240,544 245,839 239,756Central Bank (CB) ..................................... - - - - - -General government.................................. 3 4 3 3 4 4Deposit-taking corporations except the CB 1 1 2 2 2 2Other sectors............................................. 221,551 221,832 234,476 240,540 245,833 239,750Total ............................................................. 647,178 651,844 667,973 683,183 694,034 693,611Central Bank (CB) ..................................... - - - - - -General government.................................. 3 4 1,411 1,511 1,561 1,562Deposit-taking corporations except the CB 37,128 38,613 40,265 41,291 44,744 46,565Other sectors............................................. 610,046 613,226 626,298 640,382 647,729 645,484Equity and investment funds shares ............ 346,665 367,387 366,531 417,774 432,010 466,855General government.................................. .. .. .. .. .. ..Deposit-taking corporations except the CB 114,331 126,424 128,787 162,939 170,414 192,957Other sectors............................................. 232,334 240,963 237,743 254,835 261,596 273,898Debt securities ............................................. 1,074,262 1,132,040 1,174,940 1,202,275 1,277,122 1,278,181General government.................................. 707,860 753,167 781,955 803,249 870,129 868,453Deposit-taking corporations except the CB 139,713 141,691 146,751 146,861 149,042 150,625Other sectors............................................. 226,690 237,183 246,235 252,165 257,951 259,102Total ............................................................. 1,420,927 1,499,428 1,541,471 1,620,050 1,709,133 1,745,036General government.................................. 707,860 753,168 781,955 803,249 870,130 868,454Deposit-taking corporations except the CB 254,044 268,114 275,538 309,800 319,456 343,582Other sectors............................................. 459,023 478,146 483,978 507,000 519,547 533,000General government .................................... .. 418 52 .. .. ..Deposit-taking corporations except the CB.. 70,485 223,059 219,759 218,510 221,645 220,010Other sectors ............................................... 11,536 11,357 9,357 9,255 9,219 9,161Total ............................................................. 82,021 234,834 229,169 227,765 230,864 229,171Central Bank (CB)........................................ 520,682 484,080 461,660 447,292 424,457 412,790General government .................................... 164,235 173,069 175,449 204,767 198,628 217,639Deposit-taking corporations except the CB.. 405,279 409,483 404,220 419,928 474,251 503,611Other sectors ............................................... 192,994 201,014 200,283 177,700 176,587 174,180Total ............................................................. 1,283,189 1,267,646 1,241,612 1,249,687 1,273,923 1,308,220Liabilities - TotalCentral Bank (CB)........................................ 520,682 484,080 461,660 447,292 424,457 412,790General government .................................... 872,097 926,658 958,867 1,009,527 1,070,319 1,087,655Deposit-taking corporations except the CB.. 766,937 939,270 939,782 989,530 1,060,095 1,113,768Other sectors ............................................... 1,273,599 1,303,743 1,319,916 1,334,337 1,353,082 1,361,825Total .......................................... 3,433,315 3,653,751 3,680,225 3,780,685 3,907,954 3,976,037Table 8c- (TIIP0400) - International investment position: liabilities

Balance of payments and international investment position Table 9TED60500Breakdown of external liabilities other than equity (external debt)2024-Q4 2025-Q1 2025-Q2 2025-Q3General government ........................................ 957,405 1,008,017 1,068,759 1,086,094Short-term......................................................... 63,627 96,049 93,892 93,403Currency and deposits .................................... 1,301 32,404 28,188 29,097Debt securities................................................. 62,134 63,452 65,485 64,114Loans............................................................... 72 72 72 72Trade credit and advances .............................. 120 121 147 120Other debt liabilities......................................... .. .. .. ..Long-term ......................................................... 893,778 911,968 974,867 992,691SDRs ............................................................... .. .. .. ..Currency and deposits .................................... .. .. .. ..Debt securities................................................. 719,821 739,797 804,645 804,340Loans............................................................... 151,512 150,992 150,950 164,869Trade credit and advances .............................. 148 148 148 148Other debt liabilities......................................... 22,297 21,031 19,124 23,334Central bank (CB)............................................. 461,659 447,293 424,457 412,790Short-term......................................................... 435,283 421,468 399,814 388,245Currency and deposits .................................... 435,283 421,468 399,814 388,245Debt securities................................................. .. .. .. ..Loans............................................................... .. .. .. ..Trade credit and advances .............................. .. .. .. ..Other debt liabilities......................................... .. .. .. ..Long-term ......................................................... 26,376 25,825 24,643 24,545SDRs ............................................................... 26,376 25,825 24,643 24,545Currency and deposits .................................... .. .. .. ..Debt securities................................................. .. .. .. ..Loans............................................................... .. .. .. ..Trade credit and advances .............................. .. .. .. ..Other debt liabilities......................................... .. .. .. ..Deposit-taking corporations except the CB .. 550,966 566,784 623,287 654,232Short-term......................................................... 249,791 264,564 288,664 301,552Currency and deposits .................................... 241,262 255,025 277,661 290,588Debt securities................................................. 6,168 6,927 8,367 8,712Loans............................................................... .. .. .. ..Trade credit and advances .............................. 896 813 611 547Other debt liabilities......................................... 1,465 1,799 2,025 1,705Long-term ......................................................... 301,175 302,220 334,623 352,680Currency and deposits .................................... 160,593 162,286 193,949 210,767Debt securities................................................. 140,582 139,934 140,674 141,913Loans............................................................... .. .. .. ..Trade credit and advances .............................. .. .. .. ..Other debt liabilities......................................... .. .. .. ..Other sectors.................................................... 446,329 429,677 434,349 433,092Short-term......................................................... 135,536 113,261 108,586 110,160Currency and deposits .................................... .. .. .. ..Debt securities................................................. 6,573 7,060 5,841 6,959Loans............................................................... 70,457 48,269 44,513 45,184Trade credit and advances .............................. 56,123 55,547 55,791 55,578Other debt liabilities......................................... 2,383 2,385 2,441 2,439Long-term ......................................................... 310,793 316,416 325,763 322,932Currency and deposits .................................... .. .. .. ..Debt securities................................................. 239,662 245,105 252,110 252,143Loans............................................................... 59,422 59,336 61,835 59,110Trade credit and advances .............................. 2,789 2,943 2,858 2,774Other debt liabilities......................................... 8,920 9,032 8,960 8,905Direct investment: intercompany lending ..... 234,480 240,544 245,839 239,756Debt liabilities of direct investment enterprises to direct investors ........................................... 79,711 86,182 88,840 81,106Debt liabilities of direct investors to direct investment enterprises .................................... 73,062 72,252 75,640 75,829Debt liabilities to fellow enterprises ................. 81,707 82,110 81,359 82,821Total ................................................2,650,839 2,692,315 2,796,691 2,825,964Table 9 - (TED60500) - Breakdown of external liabilities other than equity (external debt)

Balance of payments and international investment position Table 10TICOM250Price-competitiveness indicators based on producer prices in manufacturing(vis-à-vis 60 partner countries; period averages; indices, 1999=100) Belgium Canada China France Germany Italy 128.0 105.6 114.7 90.4 91.4 96.5128.1 104.0 110.0 89.8 91.7 95.8129.5 103.0 104.4 90.7 92.9 96.52023 - 4th qtr.......................127.6 104.2 112.8 90.2 91.5 96.42024 - 1st qtr.......................127.4 104.4 110.7 90.3 91.7 96.12nd "......................128.2 105.0 110.4 89.8 91.8 95.6128.2 103.9 109.1 90.0 92.0 96.14th " ......................128.8 102.7 109.8 89.3 91.3 95.42025 - 1st qtr.......................127.9 101.8 106.1 89.3 91.1 94.82nd "......................128.7 102.9 103.6 90.7 93.3 96.4130.4 103.2 103.0 91.4 93.9 97.44th " ......................131.2 104.2 104.9 91.2 93.6 97.32023 - Dec. .........................127.5 104.1 112.7 90.2 91.6 96.4126.3 104.2 110.6 90.4 91.8 96.3127.5 104.4 110.9 90.3 91.5 95.9128.4 104.5 110.6 90.2 91.9 96.0128.7 104.9 110.3 89.9 91.7 95.6127.9 105.2 110.2 89.9 92.0 95.8128.0 104.8 110.8 89.7 91.7 95.5128.1 104.6 110.0 90.0 92.0 95.9128.4 103.7 108.7 90.0 92.1 96.1128.3 103.3 108.7 89.8 92.0 96.1128.6 103.3 110.1 89.7 91.7 95.8128.9 102.9 110.4 89.3 91.3 95.4128.8 102.0 108.9 89.0 91.0 95.0128.0 101.7 106.8 89.2 90.9 94.9127.3 102.3 106.0 89.0 90.6 94.4128.3 101.5 105.6 89.8 91.6 95.2128.6 102.9 103.7 90.6 93.2 96.3128.5 102.2 103.7 90.5 93.0 96.1129.0 103.4 103.3 91.1 93.5 96.8129.8 103.2 102.6 91.6 93.9 97.2130.3 103.1 103.0 91.3 93.8 97.4131.0 103.2 103.4 91.3 94.0 97.6130.4 103.5 104.2 91.1 93.6 97.1131.1 104.2 105.1 91.3 93.5 97.6132.2 104.8 105.4 91.2 93.7 97.2Table 10- (TICOM250) - (follows)

Balance of payments and international investment position (follows)Table 10TICOM250Price-competitiveness indicators based on producer prices in manufacturing(vis-à-vis 60 partner countries; period averages; indices, 1999=100) Japan Netherlands South Korea SpainUnitedKingdomUnitedStates 53.2 124.0 87.5 112.7 85.1 116.851.2 124.4 86.8 112.7 88.8 121.152.0 125.8 82.3 112.0 90.5 122.72023 - 4th qtr.......................51.5 123.6 88.4 113.3 86.5 118.62024 - 1st qtr.......................51.6 125.0 88.3 113.9 87.9 118.92nd "......................49.8 124.6 87.1 113.4 88.1 120.551.9 124.6 86.7 112.7 89.4 121.14th " ......................51.5 123.2 85.2 111.0 89.9 123.92025 - 1st qtr.......................52.2 124.1 83.3 110.9 89.3 126.12nd "......................53.8 126.0 82.5 111.6 91.3 121.952.1 127.0 82.8 112.8 91.2 121.24th " ......................50.1 126.1 80.6 112.6 90.1 121.42023 - Dec. .........................52.5 123.3 88.4 113.1 87.2 117.152.2 124.6 88.1 113.7 87.9 118.251.4 124.9 88.4 114.0 87.8 119.551.2 125.6 88.3 114.1 88.0 119.050.6 125.1 87.2 113.7 87.6 120.249.7 124.6 87.4 113.4 88.1 119.849.3 124.0 86.7 113.0 88.6 121.649.4 124.5 86.6 113.2 89.4 121.552.7 124.7 86.7 112.8 88.6 121.153.6 124.4 86.6 112.1 90.0 120.851.7 123.7 85.8 111.8 89.9 122.451.0 123.3 85.6 110.9 89.7 124.251.9 122.7 84.1 110.3 90.0 125.251.1 123.8 84.1 110.9 88.6 127.352.3 123.8 83.8 110.7 89.2 126.353.0 124.6 82.1 111.2 90.0 124.754.5 126.1 81.5 111.7 90.2 123.053.5 125.4 82.7 111.3 91.7 122.053.3 126.5 83.2 111.8 91.9 120.952.3 127.2 83.2 112.9 91.1 121.252.2 126.7 82.9 112.5 91.4 121.451.9 126.9 82.4 112.9 91.1 121.151.0 126.3 81.5 112.5 90.6 121.549.9 126.1 80.4 112.8 89.4 121.749.4 125.8 79.9 112.5 90.3 121.0

Methodological appendixNotes to the tables The order of the tables in the following notes is based on their code numbers.TBP60085- Financial accountItaly’s balance of payments data have been compiled since 2013 on the basis of the international standards laiddown by the IMF’s Balance of Payments and International Investment Position Manual (BPM6) and reconstructed forthe earlier periods to guarantee continuity. Starting from January 2009, investment portfolio data are derived, security-by-security, as the difference of the monthly stocks of foreign securities held by residents (assets) and bynonresidents (liabilities), in quantity or nominal value, evaluated at the average price of the security in the referenceperiod. The data sources used to calculate the stocks of foreign securities are the reports of resident custodians(mainly banks), anonymous and security-by-security, on securities held in custody on behalf of investorssupplemented by the reports of resident banks and money market funds and the Bank of Italy on their own securitiesand by a sample survey on assets held abroad by non-bank entities. TBP60200 - Changes in the TARGET balance in relation to the other Balance of payments items The cross-border payments in euro of the euro-area national banking sectors and central banks (NCBs) in theform of central bank money are settled through the common payments system T2, within the integrated platform ofTARGET Services (Trans-European Automated Real-time Gross settlement Express Transfer Services ). When abank makes a cross-border payment to another bank, this transaction is debited to the account of the paying bank atits NCB and credited to the account of the receiving bank at its NCB. The NCB of the paying bank therefore recordsa decrease in the bank's account with it while the NCB of the recipient bank records an increase in the account of therecipient bank. These positions correspond to a liability in the T2 system for the first NCB and an asset for the second.Changes in TARGET assets and liabilities may also derive from cross-border transactions by the NCBs themselves,such as purchases and sales of securities. At the end of the business day, assets and liabilities are aggregated andoffset at the Eurosystem level. This process gives rise, for each NCB, to a bilateral net position vis-à-vis the ECB,either positive or negative, known as TARGET balance. The balance is recorded in the external statistics among otherinvestments in the item 'accounts and deposits' of the central bank, either on the asset side (when the balance ispositive) or on the liability side (when the balance is negative). The TARGET balance of each country can be seenas a contra item to the commercial and financial transactions between residents and non-residents and its changesover time can, therefore, be described ex-post using the balance of payments accounting identity. The table providesa breakdown of the changes in the TARGET balance by showing its main counterparts for Italy:A. foreign portfolio investment in Italian public debt securities;B. foreign portfolio investment in Italian private sector securities, excluding bank bonds;C. foreign portfolio investment in Italian bank bonds;D. resident monetary financial institutions' (excluding the central bank) net foreign funding for loans, deposits andother investments (including transactions cleared through the resident central counterparty);E. current account balance and capital account balance;F. net liquidity inflows due to other items (direct investments from and into the country, residual items in the 'otherinvestments' item, changes in official reserves, financial derivatives, other portfolio l liabilities, errors and omissions);and

1. portfolio investment in foreign financial assets by Italian residents.By definition, the change in the TARGET balance is equal to A + B + C + D + E + F - G: liquidity inflows (outflows)determine an improvement (worsening) of the TARGET balance over the reference period.The sum of items A, B and C corresponds to the total purchases of Italian portfolio securities by non-residents(excluding central bank portfolio liabilities and the equity securities of the public sector, which are included in theresidual items 'F' and are typically zero); positive values represent liquidity inflows.Item D is the difference between the increase in liabilities and that in assets for other investments by residentmonetary financial institutions (excluding the central bank); positive values represent liquidity inflows. The liabilitiesin item D also include repo transactions by the banking sector that are cleared through the resident centralcounterparty (CCP, which in the balance of payments presentation is classified under 'other sectors', as it is not abank), net of transactions cleared through the CCP by other domestic sectors.Positive current and capital account balances indicate liquidity inflows, as well as a positive value for the residualitems F. Purchases of foreign portfolio securities by residents (item G) instead indicate liquidity outflows.From an accounting point of view, changes in the TARGET balance are recorded as an increase/decrease inassets when the balance is positive, and in liabilities when the balance is negative. In the latter case, which is thesituation of the TARGET balance of the Bank of Italy since July 2011, an improvement in the balance is recorded witha negative sign, i.e. as a reduction in liabilities. Therefore, the sign of the change in the TARGET balance obtainedfrom the sum A + B + C + D + E + F - G is the opposite of that in the standard presentation of the balance of payments. TBP60300 - Current account: balances The data have been compiled since 2013 on the basis of the international standards laid down by the IMF’sBalance of Payments and International Investment Position Manual (BPM6) and reconstructed for the earlier periodsto guarantee continuity. TBP60310 - Current account: credits The data have been compiled since 2013 on the basis of the international standards laid down by the IMF’sBalance of Payments and International Investment Position Manual (BPM6) and reconstructed for the earlier periodsto guarantee continuity. TBP60320 - Current account: debits The data have been compiled since 2013 on the basis of the international standards laid down by the IMF’sBalance of Payments and International Investment Position Manual (BPM6) and reconstructed for the earlier periodsto guarantee continuity. TBP60400 - International travel by purpose: credits, debits and balances Data are derived from the sample survey on Italy's international tourism, carried out by the Banca d'Italia on acontinuous basis since 1996. The survey consists in questioning a sample of inbound and outbound travellers at theborders. Two main activities are carried out each year: around 150,000 face-to-face interviews in order to collectinformation on the travellers' expenditure and on a set of detailed traveller's characteristics and behaviour, and about1,500,000 counting operations for disaggregating the number of travellers - drawn by administrative sources - bycountry of residence. TED60500 - Breakdown of external liabilities other than equity (external debt) The data are compiled on the basis of the sixth IMF’s Balance of Payments and International Investment PositionManual (BPM6) and therefore are consistent with those related to international investment position. External debtstatistics are a subset of the international investment position statistics, as the former do not include financialderivatives, equity capital and reinvested earnings. Partial misalignments between the two sets of statistics may bedue to the differences in the provisional nature of the data. With effect from end-2008 data, portfolio investment stocksare calculated on the basis of an anonymous security-by-security reporting of the stocks held for investors bydepositories. TICOM250 - Price-competitiveness indicators based on producer prices in manufacturing The table gives overall price-competitiveness indicators (export and import competitiveness combined) ascalculated on the basis of manufacturing producer prices in 61 countries. Starting in December 2018, the set ofindicators presented in the table comprises 12 countries, as Brazil, Poland and Turkey are now excluded from thegroup of countries for which indicators are provided; at the same time, the dissemination of new time series has begunwhich provide a breakdown of the indicators based on a number of attributes (outlet market; subset of competitors;distinction between import and export competitiveness). The new series are published in Excel format . All thepublished time series are monthly and begin in January 1992. For the method of calculation see A. Felettigh and C.Giordano, Rethinking prices and markets underlying price-competitiveness indicators , Banca d’Italia, Questioni diEconomia e Finanza (Occasional Papers), 447, July 2018. Rounding may cause discrepancies between monthly,quarterly and annual data. TIIP0200 - International investment position: net positions The data have been compiled since 2013 on the basis of the international standards laid down by the IMF’sBalance of Payments and International Investment Position Manual (BPM6) and reconstructed for the earlier periodsto guarantee continuity. Further information is included in the notes to Tables TIIP0300 e TIIP0400. TIIP0300 - International investment position: assets The data have been compiled since 2013 on the basis of the international standards laid down by the IMF’sBalance of Payments and International Investment Position Manual (BPM6) and reconstructed for the earlier periodsto guarantee continuity. With effect from end-2007, Italy's international investment position is compiled on the basisof a statistical data collection and compilation system based on stock data; the series prior to end-2007 have beenrevised to provide continuity with the new data. With effect from end-2008 data, portfolio investment stocks arecalculated on the basis of an anonymous security-by-security reporting of the stocks held for investors by depositories(as provided for in Guidelines ECB/2004/15 and ECB/2007/3). TIIP0400 - International investment position: liabilities The data have been compiled since 2013 on the basis of the international standards laid down by the IMF’sBalance of Payments and International Investment Position Manual (BPM6) and reconstructed for the earlier periodsto guarantee continuity. With effect from end-2007, Italy's international investment position is compiled on the basisof a statistical data collection and compilation system based on stock data; the series prior to end-2007 have beenrevised to provide continuity with the new data. With effect from end-2008 data, portfolio investment stocks arecalculated on the basis of an anonymous security-by-security reporting of the stocks held for investors by depositories(as provided for in Guidelines ECB/2004/15 and ECB/2007/3). Starting with the November 2013 issue of theSupplement, the external debtor position in financial derivatives of General government of Italy includes newinformation on transactions with foreign banks. The information became available following a cooperation agreementwith the Ministry of Economy and Finance, under which new estimation methods consistent with national accountsand balance of payments definitions were developed. Since the variation in the liability side is entirely due to valuationadjustments, no corrections were made to balance of payments flows.

‘Statistics’ series publications are available on the Bank of Italy’s site: http://www.bancaditalia.it/statistiche/ Requests for clarifications concerning data contained in this publication can be sent by e-mail tostatistiche@bancaditalia.itPublication not subject to registration pursuant to Article 3 bis of Law 103/2012