Italy Current Account Surplus EUR 30.2bn, Up from 19.9bn

17 April 2026 For further information: statistiche@bancaditalia.it

www.bancaditalia.it/statistics/index.html

Figure 1

In the twelve months ending in February 2026, the current account recorded a surplus of EUR 30.2 billion (equivalent to 1.3 per cent of GDP); in the corresponding period of the previous year it was equal to 19.9 billion. The improvement was mainly driven by the primary income balance (2.6 billion, up from -5.3), but a positive contribution also came from the goods balance (53.0 billion, up from 50.1). These improvements more than offset the larger deficit in services (-6.5 billion, from -6.0).

Figure 2

Net international investment position

(quarterly data; per cent of GDP)Current account: 12−month cumulated balances20 20(billions of euros)

100 100 15 15 80 80 Goods Primary Income Current Account Flow in the quarter (financial account) Net position at the end of the previous quarter 10 10 Services Secondary Income Valuation adjustment in the quarter Net position at the end of the quarter60 60 5 5 At the end of December 2025, the net international investment position was positive by EUR 348 billion, equal to40 40 15.4 per cent of GDP. The 52 billion increase compared with the end of September mainly reflects positive valuation

adjustments (33 billion) and, to a lesser extent, the surplus in the current and capital accounts.20 200 0

0 0−5 −5 −20 −20 Reference period: February 2026 −10−10−40 −40 2020 2021 2022 2023 2024 2025 −60 −60 '26 2020 2021 2022 2023 2024

Figure 3

In February 2026, foreign assets held by residents in Italy declined by EUR 40.1 billion. The decrease was driven by "other investment" (-58.3 billion), largely due to a change in the interest rate risk management operating model adopted by an Italian subsidiary vis-à-vis its foreign parent company. This reduction more than offset the increases recorded in portfolio investment (14.7 billion), outward direct investment (2.5 billion), and derivatives (0.9 billion).

Figure 4

Financial account − liabilitiesFinancial account − assets

(monthly flows; billions of euros)(monthly flows; billions of euros)

8080 80 80 '26 60 6060 60 In February 2026, foreign liabilities decreased by EUR 35.7 billion. They were likewise affected, in the "other 40 40 investment" component (-65.9 billion), by the operation mentioned for assets, which therefore had an overall neutralDirect investment Portfolio investment Other investment Total liabilities40 40 Total assets effect on the financial account. Conversely, portfolio investment liabilities increased (27.9 billion, of which 24.3 20 20 government securities), as did inward direct investment (2.3 billion).20 20 0 0 0 0 −20 −20 −20 −20−40 −40 −40 −40−60 −60

Reference period: February 2026−60−80 −60 −80

2022 2023 2024 20252022 2023 2024 2025

General information

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 in italics () are estimated. III The tables are identified both by a number and by an alphanumeric code that defines the content of the table in the electronic database holding the information to be released to the public. A similar code identifies the different aggregates shown in each table.

Contents

Contents

General information Table 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 TBP60160Table 5 - Portfolio investment () TBP60170 Table 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 tables

Tables 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.

Table A- Balance of payments

Table A Balance of payments

February 2025 February 2026 Credits Debits Balance Credits Debits Balance 69,857 68,729 1,128 (70,740) (67,086) (3,654)Current account.............................

Goods.............................................. 48,458 43,989 4,469 (48,331) (43,407) (4,924)

Services .......................................... 9,800 11,389 -1,588 (10,716) (11,271) (-555)

Primary income ............................... 9,979 9,805 174 (9,925) (8,853) (1,072)

Secondary income .......................... 1,620 3,547 -1,927 (1,768) (3,555) (-1,787)

551 441 110 (1,377) (520) (857)Capital account .............................

February 2025 Assets Liabilities Balance Assets Liabilities Balance 17,477 22,407 -4,930 (-40,084) (-35,727) (-4,357) (*) .....................

Direct investment ............................ 2,029 7,956 -5,926 (2,529) (2,257) (271)

Portfolio investment......................... 6,864 25,191 -18,327 (14,713) (27,899) (-13,186)

Financial derivatives (**) ................. 56 - 56 (920) - (920)

Other investment............................. 8,420 -10,739 19,160 (-58,306) (-65,884) (7,578)

Reserve assets ............................... 108 - 108 (60) - (60)

• - -6,168 - - (-8,869)Errors and omissions ................... Twelve months ending in Twelve months ending in February 2025 February 2026 Credits Debits Balance Credits Debits Balance 868,377 848,508 19,869 (883,343) (853,136) (30,207)Current account ............................

Goods.............................................. 569,771 519,686 50,085 (577,910) (524,869) (53,041)

Services .......................................... 143,678 149,660 -5,982 (149,855) (156,343) (-6,488)

Primary income ............................... 130,873 136,175 -5,303 (129,003) (126,445) (2,558)

Secondary income .......................... 24,055 42,987 -18,932 (26,575) (45,479) (-18,904)

7,652 6,944 708 (13,091) (7,769) (5,322)Capital account .............................

February 2025 Assets Liabilities Balance Assets Liabilities Balance 178,062 130,086 47,976 (192,373) (164,568) (27,804) (*) .....................

Direct investment ............................ 33,170 24,833 8,337 (24,228) (4,761) (19,467)

Portfolio investment......................... 93,956 172,116 -78,160 (118,493) (149,183) (-30,690)

Financial derivatives (**) ................. 3,493 - 3,493 (-2,276) - (-2,276)

Other investment............................. 45,460 -66,864 112,324 (49,509) (10,624) (38,885)

Reserve assets ............................... 1,982 - 1,982 (2,418) - (2,418)

• - 27,399 - - (-7,725)Errors and omissions ................... () 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 16 April 2026.

Table 1a- (TBP60230) - Balance of payments: balances

Balance of payments and international investment position Table 1a

TBP60230

Balance of payments: balances

Errors CurrentCapitalTotal current account accountaccountand capital accountand omissionsof which: reserve assets

5,323 16,585 21,908 34,046 2,741 12,138 24,121 267 24,388 51,331 2,101 26,943 25,050 3,886 28,935 27,853 1,736 -1,082 6,305 7,325 13,630 19,819 1,372 6,1892023 - 4th qtr .....................

2,090 -415 1,675 -1,425 243 -3,1002024 - 1st qtr......................

7,903 -1,083 6,820 4,394 1,510 -2,4252nd " ......................

9,677 186 9,863 27,183 5 17,321 4,452 1,579 6,031 21,179 343 15,147 -3,059 146 -2,913 -12,043 -508 -9,1302025 - 1st qtr......................

9,607 394 10,000 8,429 2,207 -1,5722nd " ......................

13,657 -1,236 12,421 12,393 381 -28 4,845 4,583 9,428 19,074 -343 9,646 2,925 -116 2,809 3,141 178 3322024 - Feb...........................

1,177 -195 982 -3,132 704 -4,114 1,996 -385 1,610 -3,007 153 -4,617 1,551 -409 1,142 10,716 859 9,574 4,357 -289 4,068 -3,315 498 -7,383 6,295 115 6,409 15,901 -535 9,492 1,469 119 1,588 4,665 92 3,077 1,914 -48 1,866 6,618 448 4,752 3,817 700 4,518 1,019 84 -3,499 -1,861 576 -1,284 6,157 -242 7,442 2,496 303 2,798 14,002 500 11,204 -4,467 111 -4,357 3,282 -688 7,638 1,128 110 1,238 -4,930 108 -6,168 280 -75 205 -10,395 72 -10,600 1,060 -10 1,050 386 899 -664 1,907 3 1,910 956 1,044 -954 6,639 400 7,040 7,087 264 47 7,847 -334 7,513 17,941 -293 10,428 3,114 -343 2,770 1,218 -668 -1,552 2,697 -559 2,137 -6,766 1,342 -8,904 3,572 1,786 5,358 10,800 -1,839 5,443 -1,724 1,599 -126 -7,763 630 -7,638 2,998 1,198 4,196 16,038 866 11,842 (-1,836) (800) (-1,036) (2,661) (42) (3,697) (3,654) (857) (4,512) (-4,357) (60) (-8,869)

Table 1b- (TBP60050) - Balance of payments: credits and debits

Balance of payments and international investment position Table 1b

TBP60050

Balance of payments: credits and debits

Credits Debits CurrentCapital Total current account Current Capital Total current account accountaccount and capital account account account and capital account

860,172 24,910 885,082 854,849 8,325 863,1742023 ...........................................

867,727 7,053 874,779 843,605 6,786 850,3912024 ...........................................

884,087 11,488 895,575 859,037 7,602 866,6392025 ...........................................

221,064 10,116 231,181 214,760 2,791 217,5512023 - 4th qtr ............................

207,539 674 208,213 205,449 1,089 206,5392024 - 1st qtr.............................

223,345 1,075 224,419 215,442 2,158 217,6002nd " .............................

216,116 1,647 217,763 206,439 1,461 207,9013rd " .............................

220,727 3,657 224,383 216,275 2,077 218,3524th " .............................

210,561 1,501 212,062 213,620 1,356 214,9762025 - 1st qtr.............................

227,060 1,644 228,704 217,453 1,250 218,7042nd " .............................

221,416 1,983 223,398 207,759 3,219 210,9773rd " .............................

225,051 6,360 231,411 220,205 1,777 221,9834th " .............................

70,061 243 70,304 67,135 359 67,4952024 - Feb..................................

72,213 212 72,425 71,036 406 71,443Mar..................................

71,596 282 71,878 69,601 667 70,268Apr. .................................

77,613 298 77,911 76,063 707 76,770May .................................

74,135 495 74,630 69,779 783 70,562June ................................

81,249 638 81,887 74,954 523 75,478July .................................

62,980 540 63,520 61,511 421 61,932Aug. ................................

71,888 469 72,356 69,974 517 70,491Sept. ...............................

77,822 1,378 79,199 74,004 677 74,682Oct. .................................

72,718 1,241 73,960 74,579 665 75,244Nov..................................

70,187 1,037 71,224 67,691 735 68,426Dec. ................................

66,119 511 66,630 70,586 401 70,9872025 - Jan. .................................

69,857 551 70,408 68,729 441 69,170Feb..................................

74,585 439 75,024 74,305 514 74,819Mar..................................

72,601 393 72,994 71,541 403 71,943Apr. .................................

76,916 408 77,324 75,009 405 75,414May .................................

77,543 843 78,386 70,904 443 71,346June ................................

84,169 774 84,943 76,322 1,108 77,430July .................................

61,506 602 62,108 58,393 945 59,338Aug. ................................

75,740 607 76,347 73,044 1,166 74,209Sept. ...............................

79,447 2,406 81,854 75,875 621 76,496Oct. .................................

73,105 2,158 75,263 74,830 559 75,389Nov..................................

72,498 1,796 74,294 69,500 598 70,098Dec. ................................

(64,492) (1,288) (65,780) (66,328) (488) (66,816)2026 - Jan. .................................

(70,740) (1,377) (72,117) (67,086) (520) (67,606)Feb..................................

Table 2a- (TBP60300) - Current account: balances

Balance of payments and international investment position Table 2a

TBP60300

Current account: balances

Services Primary SecondaryGoodsof which: of which: income income travel

2023 ........................................ 36,919 -1,744 -14,591 20,102 -11,985 -17,867

2024 ........................................ 54,693 -6,158 -15,148 21,208 -6,538 -17,875

2025 ........................................ 51,510 -7,848 -17,021 22,671 1,103 -19,715

2023 - 4th qtr ......................... 15,944 -2,595 -3,487 2,930 -3,363 -3,680

2024 - 1st qtr.......................... 14,436 -5,092 -3,913 1,064 -829 -6,425

2nd " ........................... 15,961 1,213 -3,990 7,529 -5,778 -3,493

3rd " ........................... 10,351 2,987 -3,892 9,720 501 -4,162

4th " ........................... 13,945 -5,267 -3,352 2,894 -432 -3,795

2025 - 1st qtr.......................... 8,392 -5,004 -4,498 1,222 1,305 -7,753

2nd " ........................... 15,056 1,546 -4,224 7,839 -3,905 -3,090

3rd " ........................... 13,772 2,232 -4,154 10,524 3,077 -5,424

4th " ........................... 14,289 -6,621 -4,145 3,086 626 -3,449

2024 - Feb. ............................ 6,672 -1,830 -1,289 229 -148 -1,769

Mar.............................. 5,196 -2,003 -1,301 555 256 -2,272

Apr. ............................. 4,760 -600 -1,450 1,412 -934 -1,230

May............................. 6,301 453 -1,320 2,835 -4,437 -766

June............................ 4,900 1,360 -1,220 3,282 -407 -1,496

July ............................. 6,159 1,921 -1,282 4,147 -560 -1,226

Aug. ............................ 1,553 702 -1,317 2,852 603 -1,389

Sept. ........................... 2,639 364 -1,293 2,721 458 -1,547

Oct. ............................. 4,939 -1,403 -1,181 1,878 1,261 -979

Nov. ............................ 3,675 -2,349 -1,118 379 -2,635 -551

Dec. ............................ 5,331 -1,515 -1,054 638 942 -2,264

2025 - Jan.............................. 164 -1,324 -1,641 320 -24 -3,283

Feb. ............................ 4,469 -1,588 -1,366 371 174 -1,927

Mar.............................. 3,760 -2,092 -1,490 531 1,155 -2,543

Apr. ............................. 3,259 -186 -1,441 1,710 -919 -1,093

May............................. 6,171 174 -1,393 2,570 -3,747 -692

June............................ 5,626 1,558 -1,391 3,558 761 -1,305

July ............................. 7,819 1,313 -1,514 4,233 412 -1,698

Aug. ............................ 2,769 720 -1,298 3,255 1,484 -1,859

Sept. ........................... 3,184 199 -1,341 3,036 1,181 -1,867

Oct. ............................. 4,016 -1,726 -1,378 2,032 2,160 -878

Nov. ............................ 4,493 -2,836 -1,350 377 -3,035 -346

Dec. ............................ 5,780 -2,059 -1,417 677 1,501 -2,225

2026 - Jan.............................. (1,240) (-997) (-1,562) (399) (533) (-2,613)

Feb. ............................ (4,924) (-555) (-1,330) (812) (1,072) (-1,787)

Table 2b- (TBP60310) - Current account: credits

Balance of payments and international investment position Table 2b

TBP60310

Current account: credits

Services Primary SecondaryGoodsof which: of which: income income travel

2023 ........................................ 578,880 137,259 14,274 51,688 120,136 23,897

2024 ........................................ 570,979 142,332 15,046 54,214 130,729 23,687

2025 ........................................ 580,160 148,597 14,412 56,724 129,105 26,225

2023 - 4th qtr ......................... 147,769 34,430 3,507 10,223 32,258 6,608

2024 - 1st qtr.......................... 143,523 28,822 3,377 8,132 30,622 4,572

2nd " ........................... 147,279 36,864 3,948 15,347 33,364 5,838

3rd " ........................... 135,020 42,445 4,151 20,766 32,891 5,760

4th " ........................... 145,157 34,201 3,569 9,968 33,852 7,517

2025 - 1st qtr.......................... 143,740 30,894 3,228 8,670 30,798 5,128

2nd " ........................... 146,550 39,061 3,809 16,151 33,904 7,545

3rd " ........................... 140,998 43,805 3,971 21,612 31,424 5,189

4th " ........................... 148,872 34,837 3,404 10,291 32,979 8,363

2024 - Feb. ............................ 49,511 9,114 1,095 2,426 10,009 1,427

Mar.............................. 50,241 9,934 1,156 2,980 10,518 1,520

Apr. ............................. 48,467 11,061 1,237 4,040 10,458 1,611

May............................. 51,245 12,293 1,343 5,218 11,751 2,324

June............................ 47,567 13,510 1,368 6,090 11,155 1,904

July ............................. 52,444 15,529 1,448 7,399 11,023 2,253

Aug. ............................ 36,177 14,060 1,419 7,475 11,022 1,721

Sept. ........................... 46,398 12,857 1,284 5,892 10,846 1,786

Oct. ............................. 51,929 12,207 1,345 4,518 11,189 2,497

Nov. ............................ 48,631 10,150 1,151 2,605 11,055 2,882

Dec. ............................ 44,597 11,844 1,073 2,846 11,609 2,138

2025 - Jan.............................. 43,616 10,434 1,033 2,902 10,268 1,800

Feb. ............................ 48,458 9,800 1,054 2,600 9,979 1,620

Mar.............................. 51,666 10,660 1,140 3,168 10,551 1,708

Apr. ............................. 47,867 11,985 1,247 4,448 10,580 2,169

May............................. 49,594 12,697 1,256 5,216 11,809 2,815

June............................ 49,090 14,379 1,306 6,487 11,515 2,560

July ............................. 55,470 16,148 1,392 7,788 10,533 2,018

Aug. ............................ 35,209 14,360 1,280 7,731 10,494 1,444

Sept. ........................... 50,319 13,297 1,299 6,092 10,397 1,728

Oct. ............................. 53,295 12,417 1,297 4,642 10,983 2,752

Nov. ............................ 48,762 10,185 1,036 2,632 10,932 3,226

Dec. ............................ 46,815 12,235 1,071 3,017 11,064 2,385

2026 - Jan.............................. (41,493) (10,777) (1,071) (3,012) (10,220) (2,002)

Feb. ............................ (48,331) (10,716) (993) (2,972) (9,925) (1,768)

Table 2c- (TBP60320) - Current account: debits

Balance of payments and international investment position Table 2c

TBP60320

Current account: debits

Services Secondary income PrimaryGoods of which:of which: of which: income workers' travel remittances

2023 ........................................ 541,961 139,003 28,865 31,585 132,121 41,764 8,178

2024 ........................................ 516,286 148,490 30,194 33,006 137,267 41,562 8,285

2025 ........................................ 528,650 156,445 31,433 34,053 128,002 45,940 8,608

2023 - 4th qtr ......................... 131,825 37,025 6,994 7,293 35,621 10,287 2,096

2024 - 1st qtr.......................... 129,087 33,914 7,291 7,068 31,451 10,998 1,955

2nd " ........................... 131,318 35,651 7,938 7,818 39,142 9,331 2,042

3rd " ........................... 124,669 39,458 8,043 11,046 32,390 9,922 2,172

4th " ........................... 131,212 39,467 6,921 7,074 34,284 11,311 2,116

2025 - 1st qtr.......................... 135,348 35,898 7,726 7,447 29,493 12,881 2,072

2nd " ........................... 131,495 37,515 8,033 8,313 37,809 10,635 2,173

3rd " ........................... 127,225 41,573 8,125 11,088 28,347 10,613 2,195

4th " ........................... 134,583 41,458 7,550 7,205 32,353 11,811 2,167

2024 - Feb. ............................ 42,839 10,943 2,384 2,197 10,157 3,196 628

Mar.............................. 45,045 11,937 2,457 2,424 10,262 3,792 669

Apr. ............................. 43,707 11,661 2,687 2,628 11,391 2,841 637

May............................. 44,944 11,840 2,663 2,383 16,189 3,090 699

June............................ 42,667 12,150 2,588 2,807 11,562 3,400 706

July ............................. 46,286 13,608 2,730 3,252 11,583 3,479 727

Aug. ............................ 34,624 13,358 2,736 4,623 10,419 3,110 737

Sept. ........................... 43,759 12,493 2,577 3,171 10,388 3,333 708

Oct. ............................. 46,990 13,610 2,526 2,640 9,928 3,476 719

Nov. ............................ 44,956 12,499 2,269 2,226 13,690 3,433 660

Dec. ............................ 39,265 13,358 2,127 2,208 10,666 4,402 737

2025 - Jan.............................. 43,453 11,758 2,675 2,581 10,293 5,083 697

Feb. ............................ 43,989 11,389 2,421 2,228 9,805 3,547 666

Mar.............................. 47,907 12,752 2,631 2,637 9,396 4,251 709

Apr. ............................. 44,608 12,171 2,688 2,738 11,499 3,262 678

May............................. 43,422 12,524 2,649 2,646 15,556 3,507 744

June............................ 43,464 12,821 2,696 2,928 10,754 3,865 751

July ............................. 47,650 14,835 2,906 3,556 10,121 3,715 735

Aug. ............................ 32,440 13,640 2,578 4,476 9,010 3,303 745

Sept. ........................... 47,135 13,098 2,641 3,056 9,216 3,595 716

Oct. ............................. 49,279 14,143 2,675 2,610 8,823 3,630 737

Nov. ............................ 44,268 13,021 2,387 2,255 13,967 3,572 675

Dec. ............................ 41,035 14,294 2,488 2,340 9,563 4,609 755

2026 - Jan.............................. (40,253) (11,774) (2,633) (2,613) (9,687) (4,615) (696)

Feb. ............................ (43,407) (11,271) (2,323) (2,160) (8,853) (3,555) (666)

Table 3 - (TBP60400) - International travel by purpose: credits, debits and balances

Balance of payments and international investment position Table 3

TBP60400

International travel by purpose: credits, debits and balances

Credits Debits Balances Personal Personal Personal of which: of which: of which: other than other than other than Business Business Business health-related health-related health-related and education- and education- and education- related related related

2023 ........................................ 7,385 44,303 42,380 9,448 22,137 19,797 -2,063 22,165 22,582

2024 ........................................ 7,911 46,303 44,318 8,827 24,179 21,974 -916 22,124 22,344

2025 ........................................ 6,302 50,422 48,751 7,125 26,928 25,038 -823 23,494 23,713

2023 - 4th qtr ......................... 1,805 8,418 7,855 2,417 4,876 4,207 -612 3,542 3,648

2024 - 1st qtr.......................... 1,868 6,264 5,762 2,402 4,666 4,078 -534 1,599 1,684

2nd " .......................... 2,236 13,111 12,670 2,475 5,342 4,847 -240 7,769 7,823

3rd " .......................... 1,930 18,835 18,376 1,855 9,192 8,637 76 9,644 9,740

4th " .......................... 1,877 8,092 7,510 2,095 4,979 4,412 -218 3,112 3,098

2025 - 1st qtr.......................... 1,638 7,032 6,506 2,233 5,214 4,685 -595 1,818 1,821

2nd " .......................... 1,647 14,504 14,175 1,754 6,559 6,081 -106 7,945 8,094

3rd " .......................... 1,466 20,146 19,810 1,399 9,689 9,237 67 10,456 10,573

4th " .......................... 1,551 8,740 8,260 1,739 5,465 5,035 -189 3,275 3,225

2024 - Feb. ............................ 599 1,827 1,678 829 1,368 1,175 -229 459 503

Mar.............................. 648 2,331 2,164 866 1,558 1,329 -218 773 835

Apr. ............................. 675 3,364 3,223 787 1,841 1,648 -112 1,523 1,575

May............................. 737 4,482 4,352 780 1,603 1,457 -44 2,879 2,895

June............................ 824 5,265 5,095 908 1,899 1,742 -84 3,367 3,353

July ............................. 618 6,781 6,665 682 2,570 2,393 -64 4,211 4,272

Aug. ............................ 427 7,048 6,921 489 4,134 3,967 -62 2,914 2,954

Sept. ........................... 886 5,006 4,790 684 2,487 2,276 201 2,519 2,514

Oct. ............................. 863 3,655 3,449 733 1,907 1,694 129 1,749 1,754

Nov. ............................ 609 1,996 1,810 742 1,484 1,290 -133 512 520

Dec. ............................ 406 2,440 2,252 620 1,588 1,428 -214 852 824

2025 - Jan.............................. 540 2,362 2,156 622 1,959 1,799 -82 403 357

Feb. ............................ 514 2,085 1,926 696 1,533 1,383 -181 553 543

Mar.............................. 583 2,585 2,424 915 1,722 1,502 -332 863 922

Apr. ............................. 582 3,866 3,733 507 2,231 2,115 75 1,635 1,618

May............................. 585 4,631 4,521 677 1,969 1,801 -92 2,662 2,720

June............................ 480 6,007 5,920 569 2,359 2,165 -89 3,648 3,755

July ............................. 529 7,260 7,178 524 3,032 2,862 5 4,228 4,317

Aug. ............................ 305 7,427 7,354 338 4,138 4,021 -33 3,288 3,334

Sept. ........................... 633 5,459 5,278 537 2,519 2,355 96 2,940 2,923

Oct. ............................. 708 3,934 3,750 616 1,995 1,806 92 1,940 1,944

Nov. ............................ 516 2,116 1,968 643 1,612 1,489 -127 504 479

Dec. ............................ 327 2,690 2,542 481 1,858 1,740 -154 832 803

2026 - Jan.............................. (361) (2,652) (2,465) (543) (2,071) (1,964) (-182) (581) (502)

Feb. ............................ (569) (2,403) (2,232) (665) (1,495) (1,424) (-96) (909) (808)

Table 4 - (TBP60085) - Financial account

Balance of payments and international investment position Table 4

TBP60085

Direct Portfolio Other investment investment investment Change Financial in reserve derivatives assets abroad in Italy assets liabilities assets liabilities

2023 .................................... 28,267 38,890 50,421 74,212 -2,619 -72,513 -4,175 2,741

2024 .................................... 42,329 26,316 86,302 164,271 30,717 -77,106 3,362 2,101

2025 .................................... 21,290 2,783 111,018 144,318 99,007 55,096 -3,001 1,736

2023 - 4th qtr ..................... 4,069 17,291 2,547 20,812 6,238 -42,714 982 1,372

2024 - 1st qtr...................... 14,153 7,859 25,137 53,921 -712 -20,171 1,364 243

2nd " ...................... 4,705 2,898 8,902 40,704 19,805 -12,809 265 1,510

3rd " ...................... 12,234 7,904 30,313 30,206 8,308 -13,192 1,242 5

4th " ...................... 11,236 7,655 21,951 39,439 3,317 -30,934 492 343

2025 - 1st qtr...................... 15,728 21,969 36,311 37,469 6,839 11,052 77 -508

2nd " ...................... 3,926 -3,932 22,290 65,014 70,847 29,829 70 2,207

3rd " ...................... -492 -7,157 34,422 8,899 19,313 36,383 -3,105 381

4th " ...................... 2,128 -8,095 17,996 32,937 2,008 -22,169 -42 -343

2024 - Feb. ........................ 5,132 -5,123 3,850 23,017 -3,406 -15,474 -195 178

Mar.......................... 2,325 3,247 11,788 21,783 7,328 100 -148 704

Apr. ......................... 2,136 5,623 1,730 8,584 -8,050 -15,657 -427 153

May......................... 3,190 -6,658 7,585 14,068 12,242 6,096 346 859

June........................ -621 3,933 -413 18,053 15,613 -3,247 346 498

July ......................... 4,027 -810 14,413 7,879 -4,869 -9,307 627 -535

Aug. ........................ 2,980 7,407 9,094 3,819 -1,251 -4,933 43 92

Sept. ....................... 5,228 1,308 6,806 18,508 14,428 1,047 571 448

Oct. ......................... 4,228 8,376 5,604 14,902 -457 -15,020 -183 84

Nov. ........................ 4,296 -4,828 5,196 14,018 7,233 1,752 617 -242

Dec. ........................ 2,712 4,108 11,150 10,519 -3,459 -17,666 58 500

2025 - Jan.......................... 640 -4,826 14,139 14,794 -1,718 710 1,586 -688

Feb. ........................ 2,029 7,956 6,864 25,191 8,420 -10,739 56 108

Mar.......................... 13,058 18,839 15,308 -2,516 136 21,082 -1,565 72

Apr. ......................... -144 2,270 4,017 8,979 8,040 1,735 559 899

May......................... 1,131 -4,890 10,212 10,128 359 6,876 324 1,044

June........................ 2,939 -1,312 8,061 45,907 62,449 21,218 -813 264

July ......................... 3,021 -1,658 19,503 2,883 8,714 8,800 -2,978 -293

Aug. ........................ 2,154 1,749 11,052 -372 -2,214 7,641 -89 -668

Sept. ....................... -5,667 -7,249 3,866 6,388 12,813 19,942 -38 1,342

Oct. ......................... 1,448 -3,016 1,682 19,478 -538 -26,527 -18 -1,839

Nov. ........................ 2,239 -31 -523 10,880 2,261 1,565 43 630

Dec. ........................ -1,559 -5,049 16,836 2,579 285 2,792 -68 866

2026 - Jan.......................... (3,079) (2,850) (13,765) (16,950) (15,511) (11,383) (1,447) (42)

(920) (60 )Feb. ........................ (2,529) (2,257) (14,713) (27,899) (-58,306) (-65,884)

Table 5 - (TBP60160) (TBP60170)Portfolio investment

Balance of payments and international investment position Table 5

Assets: TBP60160 Liabilities: TBP60170

PAssets Liabilities Debt securities Investment fund Investment fund of which:MEquityADebt securities Total MEquity Totalshares shares General government 2 02023 ................... -7,862 -26,863 85,147 50,421 1,077 2,543 70,592 31,097 74,212

22024 ................... 5,092 3,553 77,657 86,302 -1,335 5,227 160,379 124,339 164,271

2 3,298 2,263 138,757 111,196 144,3182025 ................... -1,543 35,355 77,206 111,018

22023 - 4th qtr..... -1,648 -7,748 11,943 2,547 1,117 668 19,027 5,813 20,8120

22024 - 1st qtr..... -1,549 -5,417 32,103 25,137 1,473 1,438 51,010 42,266 53,921

22nd " ...... -702 -4,011 13,615 8,902 2,294 1,437 36,973 28,789 40,704

3 -1,701 1,180 30,727 23,141 30,2063rd " ...... 3,461 3,094 23,758 30,313

4 -3,402 1,172 41,668 30,143 39,4394th " ...... 3,882 9,888 8,181 21,951

2 2,045 423 35,002 27,544 37,4692025 - 1st qtr..... -4,238 11,395 29,153 36,311

2 -352 461 64,905 56,751 65,0142nd " ...... -121 4,967 17,444 22,290

3 2,157 695 6,047 2,065 8,8993rd " ...... 2,219 13,477 18,725 34,422

4 -551 685 32,803 24,837 32,9374th " ...... 596 5,516 11,883 17,996

2 76 476 22,465 21,535 23,0172024 - Feb......... -1,550 -4,310 9,710 3,8500

1,834 487 19,462 15,865 21,783Mar......... -860 3,300 9,348 11,788

681 482 7,420 5,183 8,584Apr. ........ -1,286 -1,757 4,773 1,730

1,694 512 11,861 6,523 14,068May........ 1,069 -2,724 9,240 7,585

J -82 443 17,692 17,083 18,053June....... -485 471 -398 -413

J 423 398 7,057 4,027 7,879July ........ 1,497 858 12,058 14,413

A -2,582 390 6,012 7,082 3,819Aug. ....... 207 2,889 5,999 9,094

S 458 392 17,658 12,032 18,508Sept. ...... 1,757 -653 5,702 6,806

O -1,036 393 15,545 13,832 14,902Oct. ........ -202 1,642 4,165 5,604

N -2,229 387 15,860 8,644 14,018Nov......... 2,954 1,315 927 5,196

D -137 392 10,263 7,666 10,519Dec. ....... 1,130 6,932 3,089 11,150

2 1,487 138 13,168 8,983 14,7942025 - Jan......... 120 4,108 9,912 14,139

F -125 146 25,170 23,526 25,191Feb......... -3,113 1,676 8,300 6,864

M 683 139 -3,337 -4,965 -2,516Mar......... -1,245 5,611 10,942 15,308

A -5,418 160 14,237 20,466 8,979Apr. ........ 1,651 1,603 763 4,017

M 2,357 159 7,611 2,762 10,128May........ -437 2,561 8,088 10,212

J 2,708 142 43,056 33,523 45,907June....... -1,335 802 8,594 8,061

J 2,374 231 278 -2,039 2,883July ........ 645 7,950 10,908 19,503

A 112 220 -704 339 -372Aug. ....... -269 4,495 6,827 11,052

S -329 244 6,473 3,764 6,388Sept. ...... 1,844 1,032 990 3,866

O -1,422 214 20,687 18,578 19,478Oct. ........ 956 -3,717 4,443 1,682

N -738 236 11,382 9,573 10,880Nov......... -1,621 2,738 -1,640 -523

D 1,610 235 735 -3,315 2,579Dec. ....... 1,261 6,496 9,080 16,836

2 (-1,112) (29) (18,033) (14,082) (16,950)2026 - Jan......... (163) (7,074) (6,528) (13,765)

F (-78) (40) (27,937) (24,302) (27,899)Feb......... (-1,117) (5,130) (10,701) (14,713)

Table 6 - (TBP60100) - Changes in reserve assets

Balance of payments and international investment position Table 6

TBP60100

Changes in reserve assets

Net acquisition of reserve assets Valuation Change in Other reserve assets Total (a) adjustments stocksIMF Monetary (b) (a)+(b) Currency SDRsreserve Financial Other gold Securities Total and position derivatives claims deposits

2023 .................... .. 485 -236 -3,219 5,483 .. 228 2,492 2,741 10,143 12,883

2024 .................... .. 66 -543 608 1,397 .. 573 2,578 2,101 53,443 55,544

2025 .................... .. -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 8,067

2024 - 1st qtr ..... .. 117 -170 7,847 -7,603 .. 52 295 243 14,539 14,782

2nd " ....... .. -16 -197 -8,108 9,463 .. 368 1,724 1,510 10,814 12,325

3rd " ....... .. 428 67 1,247 -1,749 .. 13 -489 5 13,211 13,216

4th " ....... .. -463 -242 -379 1,287 .. 140 1,048 343 14,878 15,221

2025 - 1st qtr ..... .. 42 1 -2,175 1,634 .. -9 -551 -508 27,489 26,982

2nd " ....... .. 305 393 433 1,084 .. -10 1,508 2,207 -11,353 -9,146

3rd " ....... .. -491 44 27 634 .. 166 828 381 35,145 35,526

4th " ....... .. 53 -92 -463 188 .. -29 -304 -343 32,931 32,588

2024 - Feb. ........ .. 75 -91 825 -630 .. .. 194 178 -622 -444

Mar. ........ .. 40 -89 1,245 -547 .. 54 752 704 13,368 14,072

Apr.......... .. 14 .. -5,858 6,011 .. -14 140 153 8,728 8,882

May ........ .. 360 .. -2,489 2,996 .. -8 498 859 -299 560

June ....... .. -390 -197 240 456 .. 390 1,086 498 2,385 2,883

July......... .. 345 .. 454 -1,355 .. 21 -880 -535 4,243 3,708

Aug......... .. 75 .. 294 -276 .. -1 17 92 2,464 2,556

Sept........ .. 8 67 499 -118 .. -8 374 448 6,505 6,953

Oct.......... .. -226 .. -387 712 .. -14 311 84 15,141 15,225

Nov. ........ .. 80 -80 -849 614 .. -8 -242 -242 109 -133

Dec......... .. -317 -163 857 -39 .. 162 980 500 -372 129

2025 - Jan. ........ .. -28 182 -1,763 924 .. -2 -841 -688 14,877 14,189

Feb. ........ .. 63 -107 415 -263 .. .. 152 108 4,201 4,308

Mar. ........ .. 8 -74 -827 973 .. -8 138 72 8,412 8,484

Apr.......... .. 254 492 20 147 .. -14 153 899 -3,097 -2,199

39 2,7831,044 1,7May ........ .. 63 -13 382 619 .. -7 994

June ....... .. -11 -85 31 319 .. 11 361 264 -9,995 -9,730

July......... .. -203 -4 -1,100 841 .. 173 -86 -293 7,902 7,609

Aug......... .. -295 48 -195 -226 .. .. -421 -668 2,252 1,584

Sept........ .. 7 .. 1,322 20 .. -7 1,335 1,342 24,991 26,333

Oct.......... .. 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)

Feb. ........ (..) (39) (..) (77) (-66) (..) (10) (21) (60) (12,640) (12,700)

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 7

TBP60200

Changes in the TARGET balance in relation to the other Balance of payments items

Other items (direct investment, Resident MFIs other than central Italian portfolio Foreign portfolio Balance on Foreign portfolio Foreign portfolio financial Change inbank' net foreign funding investment in investment in current account investment in investment in derivatives, TARGET foreign Italian bank and capital Italian Italian private other investment balancebondsaccountgovernment securitiessector securities residual items, bonds(excl. bank official reserves, of which:bonds)errors and cleared through omissions)resident central

(A)+(B)+(C)+(D)+ counterparty (A) (B) (C) (D) (E) (F) (G)(E)+(F)-(G)

2023 ................ 163,435 31,097 26,772 16,342 82,679 3,471 21,908 35,057 50,421

2024 ................ 104,952 124,339 27,920 12,011 -30,931 -21,047 24,388 33,526 86,302

2025 ................ 57,562 111,196 26,016 7,106 -1,847 -24,491 28,935 -2,827 111,018

2023 - 4th qtr . 34,342 5,813 10,350 4,650 -18,193 -9,507 13,630 20,640 2,547 2024 - 1st qtr.. 19,952 42,266 6,818 4,837 3,814 -10,526 1,675 -14,322 25,137 2nd " ... 15,635 28,789 8,563 3,353 -16,907 -4,690 6,820 -6,079 8,902 3rd " ... 38,878 23,141 7,169 -104 -582 1,469 9,863 29,704 30,313 4th " ... 30,486 30,143 5,370 3,926 -17,256 -7,300 6,031 24,223 21,951 2025 - 1st qtr.. 7,411 27,544 9,043 882 7,753 37 -2,913 1,413 36,311 2nd " ... 14,331 56,751 5,360 2,903 -19,245 -13,826 10,000 -19,148 22,290 3rd " ... 11,474 2,065 5,572 1,262 8,422 -1,453 12,421 16,153 34,422 4th " ... 24,345 24,837 6,041 2,059 1,222 -9,249 9,428 -1,247 17,996

2024 - Feb....... 37,895 21,535 1,870 -388 17,835 906 2,809 -1,915 3,850

Mar....... -34,385 15,865 2,266 3,651 -26,472 -2,020 982 -18,890 11,788

Apr. ...... 63,136 5,183 -139 3,540 33,003 -306 1,610 21,669 1,730

May ...... -1,308 6,523 6,084 1,461 -4,642 -4,731 1,142 -4,291 7,585

June ..... -46,193 17,083 2,618 -1,648 -45,268 347 4,068 -23,458 -413

July ...... 23,489 4,027 4,468 -616 23,636 1,687 6,409 -22 14,413

Aug. ..... -11,433 7,082 -2,655 -608 -14,847 -14,796 1,588 7,101 9,094

Sept. .... 26,822 12,032 5,356 1,120 -9,371 14,578 1,866 22,625 6,806

Oct. ...... 17,919 13,832 1,115 -45 8,144 -16,744 4,518 -4,040 5,604

Nov....... -132 8,644 2,301 3,073 -24,371 5,272 -1,284 16,702 5,196

Dec. ..... 12,699 7,666 1,954 898 -1,028 4,172 2,798 11,561 11,150

2025 - Jan. ...... 13,742 8,983 5,894 -83 22,713 5,502 -4,357 -5,269 14,139

Feb....... -1,554 23,526 -331 1,997 -977 2,961 1,238 -20,142 6,864

Mar....... -4,777 -4,965 3,481 -1,031 -13,983 -8,426 205 26,825 15,308

Apr. ...... 37,391 20,466 -9,036 -2,451 13,076 3,558 1,050 18,303 4,017

May ...... -11,252 2,762 5,843 1,522 -18,696 -12,642 1,910 5,619 10,212

June ..... -11,808 33,523 8,552 3,832 -13,625 -4,742 7,040 -43,069 8,061

July ...... 27,430 -2,039 3,900 1,022 34,176 9,497 7,513 2,362 19,503

-19,754 -9, 602 2,770 9,456 11,052Aug. ..... -18,952 339 -716 5

Sept. .... 2,996 3,764 2,389 235 -5,999 -1,348 2,137 4,336 3,866

Oct. ...... 35,014 18,578 -1,826 2,726 22,137 9,199 5,358 -10,276 1,682

Nov....... -31,139 9,573 1,646 -339 -27,770 -16,745 -126 -14,646 -523

Dec. ..... 20,470 -3,315 6,222 -328 6,855 -1,703 4,196 23,676 16,836

2026 - Jan. ...... 8,995 (14,082) (1,840) (1,027) (24,590) (22,301) (-1,036) (-17,745) (13,765)

Feb....... -18,732 (24,302) (1,858) (1,740) (-26,755) (-9,731) (4,512) (-9,674) (14,713)

Table 8a- (TIIP0200) - International investment position: net positions

Balance of payments and international investment position Table 8a

TIIP0200

International investment position: net positions

Equity capital and reinvested earnings ........ 151,628 156,781 150,291 136,758 147,684 152,563

of which: listed shares............................. 4,299 6,065 7,681 -2,174 7,248 8,654

General government.................................. 2,216 847 749 660 657 636

Other monetary financial institutions ......... 26,780 28,267 27,591 23,248 30,744 32,206

Other sectors............................................. 122,632 127,667 121,951 112,850 116,283 119,720

Debt securities ............................................. -44,312 -44,523 -47,360 -49,003 -50,393 -43,877

General government.................................. 69 68 67 67 68 70

Other monetary financial institutions ......... 14 2 2 2 2 2

Other sectors............................................. -44,395 -44,593 -47,429 -49,072 -50,462 -43,949

Total ............................................................. 107,316 112,258 102,930 87,755 97,291 108,685

General government.................................. 2,285 916 816 726 724 706

Deposit-taking corporations except the CB 26,793 28,269 27,593 23,250 30,746 32,208

Other sectors............................................. 78,237 83,074 74,521 63,778 65,821 75,771

Equity and investment funds shares ............ 834,645 869,221 797,205 802,916 818,297 817,086

Central Bank (CB) ..................................... 19,034 18,909 18,630 19,066 20,984 21,475

General government.................................. 38,346 39,729 39,488 42,237 44,965 45,666

Deposit-taking corporations except the CB -111,086 -109,790 -145,264 -153,139 -177,806 -196,102

Other sectors............................................. 888,351 920,371 884,351 894,752 930,153 946,047

Debt securities ............................................. -276,691 -309,002 -315,590 -373,795 -359,069 -378,467

Central Bank (CB) ..................................... 23,564 23,716 22,414 21,969 21,826 21,402

General government.................................. -738,738 -766,419 -787,429 -854,956 -853,348 -878,281

Deposit-taking corporations except the CB 86,701 81,122 92,558 94,135 99,508 98,637

Other sectors............................................. 351,783 352,580 356,867 365,057 372,944 379,774

Total ............................................................. 557,955 560,219 481,615 429,122 459,228 438,619

Central Bank (CB) ..................................... 42,598 42,625 41,044 41,035 42,810 42,877

General government.................................. -700,392 -726,690 -747,940 -812,719 -808,382 -832,614

Deposit-taking corporations except the CB -24,385 -28,668 -52,706 -59,004 -78,297 -97,464

Other sectors............................................. 1,240,134 1,272,951 1,241,218 1,259,810 1,303,097 1,325,821

General government .................................... 3,798 4,161 5,534 5,071 5,967 6,885

Deposit-taking corporations except the CB.. 772 26 6,213 8,569 10,122 14,974

Other sectors ............................................... 2,688 843 799 697 668 641

Total ............................................................. 7,258 5,030 12,546 14,337 16,757 22,500

Central Bank (CB)........................................ -437,645 -416,548 -398,504 -373,946 -361,407 -337,817

General government .................................... -89,698 -91,051 -124,623 -114,867 -130,513 -126,307

Deposit-taking corporations except the CB.. -124,657 -114,686 -118,916 -117,899 -127,862 -140,574

Other sectors ............................................... -13,398 -7,690 11,596 12,665 9,721 17,780

Total ............................................................. -665,398 -629,975 -630,447 -594,047 -610,062 -586,918

Total ............................................................. 264,407 279,628 306,609 297,463 332,989 365,577

Net position - Total

Central Bank (CB)........................................ -130,640 -94,295 -50,851 -35,448 14,392 70,637

General government .................................... -784,007 -812,664 -866,213 -921,788 -932,204 -951,331

Deposit-taking corporations except the CB.. -121,477 -115,059 -137,816 -145,084 -165,291 -190,856

Other sectors ............................................... 1,307,662 1,349,178 1,328,134 1,336,950 1,379,307 1,420,012

Total .......................................... 271,538 327,160 273,253 234,630 296,204 348,463

Table 8b- (TIIP0300) - International investment position: assets

Balance of payments and international investment position Table 8b

TIIP0300International investment position: assets

Equity capital and reinvested earnings ........ 581,633 588,580 590,552 582,175 596,134 602,408

of which: listed shares............................. 25,834 27,799 28,990 27,521 37,782 38,309

General government.................................. 2,216 2,255 2,256 2,247 2,244 2,244

Deposit-taking corporations except the CB 65,392 68,530 68,881 67,989 77,310 79,519

Other sectors............................................. 514,026 517,795 519,414 511,938 516,580 520,645

Debt securities ............................................. 177,408 190,041 195,671 196,375 184,406 185,313

General government.................................. 73 72 72 72 72 72

Deposit-taking corporations except the CB 15 4 4 4 4 4

Other sectors............................................. 177,320 189,966 195,596 196,300 184,331 185,237

Total ............................................................. 759,042 778,621 786,223 778,549 780,539 787,720

General government.................................. 2,289 2,327 2,328 2,319 2,316 2,315

Deposit-taking corporations except the CB 65,407 68,534 68,884 67,993 77,313 79,522

Other sectors............................................. 691,346 707,760 715,011 708,238 700,910 705,883

Equity and investment funds shares ............ 1,202,130 1,235,976 1,215,020 1,235,806 1,288,325 1,318,802

Central Bank (CB) ..................................... 19,034 18,909 18,630 19,066 20,984 21,475

General government.................................. 38,346 39,730 39,488 42,237 44,965 45,666

Deposit-taking corporations except the CB 15,338 18,997 17,676 17,275 15,850 16,833

Other sectors............................................. 1,129,412 1,158,339 1,139,226 1,157,228 1,206,526 1,234,827

Debt securities ............................................. 854,370 864,757 884,817 900,817 918,615 931,363

Central Bank (CB) ..................................... 23,564 23,716 22,414 21,969 21,826 21,402

General government.................................. 14,429 15,536 15,820 14,802 14,733 14,787

Deposit-taking corporations except the CB 228,391 227,873 239,419 243,125 250,099 250,879

Other sectors............................................. 587,985 597,633 607,164 620,922 631,957 644,295

Total ............................................................. 2,056,500 2,100,733 2,099,837 2,136,624 2,206,941 2,250,165

Central Bank (CB) ..................................... 42,598 42,625 41,044 41,035 42,810 42,877

General government.................................. 52,776 55,265 55,309 57,039 59,698 60,453

Deposit-taking corporations except the CB 243,729 246,870 257,095 260,400 265,949 267,711

Other sectors............................................. 1,717,397 1,755,973 1,746,390 1,778,149 1,838,483 1,879,123

General government .................................... 4,215 4,213 5,534 5,071 5,967 6,885

Deposit-taking corporations except the CB.. 223,831 219,785 224,722 230,214 230,132 249,816

Other sectors ............................................... 14,046 10,201 10,054 9,917 9,829 9,683

Total ............................................................. 242,093 234,199 240,311 245,201 245,928 266,383

Central Bank (CB)........................................ 46,435 45,111 48,788 50,511 51,382 50,860

General government .................................... 83,371 84,146 80,105 84,124 87,527 84,320

Deposit-taking corporations except the CB.. 284,826 289,534 301,012 356,353 375,749 373,475

Other sectors ............................................... 187,618 192,593 188,575 188,676 183,900 189,751

Total ............................................................. 602,250 611,384 618,480 679,664 698,558 698,406

Total ............................................................. 264,407 279,628 306,609 297,463 332,989 365,577

Assets - Total

Central Bank (CB)........................................ 353,440 367,364 396,441 389,009 427,182 459,314

General government .................................... 142,651 145,951 143,276 148,554 155,508 153,973

Deposit-taking corporations except the CB.. 817,793 824,723 851,714 914,959 949,143 970,525

Other sectors ............................................... 2,610,407 2,666,527 2,660,030 2,684,980 2,733,122 2,784,439

Total .......................................... 3,924,291 4,004,565 4,051,460 4,137,502 4,264,955 4,368,251

Table 8c- (TIIP0400) - International investment position: liabilities

Balance of payments and international investment position Table 8c

TIIP0400

International investment position: liabilities

Equity capital and reinvested earnings ........ 430,006 431,799 440,261 445,417 448,450 449,845

of which: listed shares............................. 21,534 21,734 21,309 29,695 30,534 29,655

Central Bank (CB) ..................................... - - - - - -

General government.................................. .. .. 1,508 1,588 1,588 1,608

Deposit-taking corporations except the CB 38,612 40,264 41,290 44,741 46,565 47,312

Other sectors............................................. 391,394 390,128 397,464 399,088 400,297 400,925

Debt securities ............................................. 221,720 234,564 243,032 245,378 234,799 229,190

Central Bank (CB) ..................................... - - - - - -

General government.................................. 4 3 5 5 4 2

Deposit-taking corporations except the CB 1 2 2 2 2 2

Other sectors............................................. 221,715 234,559 243,026 245,372 234,793 229,186

Total ............................................................. 651,726 666,363 683,293 690,795 683,248 679,035

Central Bank (CB) ..................................... - - - - - -

General government.................................. 4 1,411 1,512 1,592 1,592 1,610

Deposit-taking corporations except the CB 38,613 40,265 41,291 44,743 46,567 47,314

Other sectors............................................. 613,108 624,687 640,490 644,459 635,090 630,112

Equity and investment funds shares ............ 367,485 366,755 417,814 432,890 470,028 501,715

General government.................................. .. .. .. .. .. ..

Deposit-taking corporations except the CB 126,424 128,787 162,939 170,414 193,655 212,934

Other sectors............................................. 241,061 237,968 254,875 262,475 276,373 288,781

Debt securities ............................................. 1,131,060 1,173,759 1,200,408 1,274,612 1,277,684 1,309,830

General government.................................. 753,167 781,955 803,249 869,758 868,080 893,068

Deposit-taking corporations except the CB 141,691 146,751 146,861 148,990 150,591 152,241

Other sectors............................................. 236,203 245,054 250,297 255,864 259,013 264,521

Total ............................................................. 1,498,545 1,540,514 1,618,222 1,707,502 1,747,712 1,811,546

General government.................................. 753,168 781,955 803,249 869,758 868,080 893,068

Deposit-taking corporations except the CB 268,114 275,538 309,800 319,404 344,246 365,176

Other sectors............................................. 477,263 483,022 505,172 518,340 535,386 553,302

General government .................................... 418 52 .. .. .. ..

Deposit-taking corporations except the CB.. 223,059 219,759 218,510 221,645 220,010 234,841

Other sectors ............................................... 11,357 9,357 9,255 9,219 9,161 9,042

Total ............................................................. 234,834 229,169 227,765 230,864 229,171 243,883

Central Bank (CB)........................................ 484,080 461,660 447,292 424,457 412,790 388,677

General government .................................... 173,069 175,197 204,728 198,991 218,040 210,627

Deposit-taking corporations except the CB.. 409,483 404,220 419,928 474,251 503,611 514,049

Other sectors ............................................... 201,017 200,283 176,979 176,011 174,179 171,971

Total ............................................................. 1,267,648 1,241,360 1,248,927 1,273,711 1,308,620 1,285,324

Liabilities - Total

Central Bank (CB)........................................ 484,080 461,660 447,292 424,457 412,790 388,677

General government .................................... 926,658 958,615 1,009,489 1,070,342 1,087,712 1,105,304

Deposit-taking corporations except the CB.. 939,270 939,782 989,530 1,060,043 1,114,434 1,161,380

Other sectors ............................................... 1,302,746 1,317,349 1,331,896 1,348,030 1,353,815 1,364,427

Total .......................................... 3,652,754 3,677,405 3,778,207 3,902,871 3,968,751 4,019,788

Table 9 - (TED60500) - Breakdown of external liabilities other than equity (external debt)

Balance of payments and international investment position Table 9

TED60500

Breakdown of external liabilities other than equity (external debt)

2025-Q1 2025-Q2 2025-Q3 2025-Q4

General government ........................................ 1,007,978 1,068,751 1,086,121 1,103,696

Short-term......................................................... 96,049 93,892 93,403 83,602

Currency and deposits .................................... 32,404 28,188 29,097 18,207

Debt securities................................................. 63,452 65,485 64,114 65,177

Loans............................................................... 72 72 72 72

Trade credit and advances .............................. 121 147 120 146

Other debt liabilities......................................... .. .. .. ..

Long-term ......................................................... 911,929 974,859 992,718 1,020,094

SDRs ............................................................... .. .. .. ..

Currency and deposits .................................... .. .. .. ..

Debt securities................................................. 739,797 804,274 803,966 827,891

Loans............................................................... 150,992 150,950 164,798 171,523

Trade credit and advances .............................. 148 148 148 148

Other debt liabilities......................................... 20,992 19,487 23,806 20,532

Central bank (CB)............................................. 447,293 424,457 412,790 388,676

Short-term......................................................... 421,468 399,814 388,245 364,177

Currency and deposits .................................... 421,468 399,814 388,245 364,177

Debt securities................................................. .. .. .. ..

Loans............................................................... .. .. .. ..

Trade credit and advances .............................. .. .. .. ..

Other debt liabilities......................................... .. .. .. ..

Long-term ......................................................... 25,825 24,643 24,545 24,499

SDRs ............................................................... 25,825 24,643 24,545 24,499

Currency and deposits .................................... .. .. .. ..

Debt securities................................................. .. .. .. ..

Loans............................................................... .. .. .. ..

Trade credit and advances .............................. .. .. .. ..

Other debt liabilities......................................... .. .. .. ..

Deposit-taking corporations except the CB .. 566,784 623,235 654,198 666,286

Short-term......................................................... 264,564 288,664 301,552 307,739

Currency and deposits .................................... 255,025 277,661 290,588 296,304

Debt securities................................................. 6,927 8,367 8,712 9,245

Loans............................................................... .. .. .. ..

Trade credit and advances .............................. 813 611 547 554

Other debt liabilities......................................... 1,799 2,025 1,705 1,636

Long-term ......................................................... 302,220 334,571 352,646 358,547

Currency and deposits .................................... 162,286 193,949 210,767 215,551

Debt securities................................................. 139,934 140,622 141,879 142,996

Loans............................................................... .. .. .. ..

Trade credit and advances .............................. .. .. .. ..

Other debt liabilities......................................... .. .. .. ..

Other sectors.................................................... 427,088 431,688 433,003 436,303

Short-term......................................................... 113,270 108,640 109,972 105,433

Currency and deposits .................................... .. .. .. ..

Debt securities................................................. 7,060 5,841 6,959 4,952

Loans............................................................... 48,430 44,726 45,181 40,295

Trade credit and advances .............................. 55,395 55,632 55,394 57,625

Other debt liabilities......................................... 2,385 2,441 2,438 2,561

Long-term ......................................................... 313,818 323,048 323,031 330,870

Currency and deposits .................................... .. .. .. ..

Debt securities................................................. 243,237 250,023 252,054 259,569

Loans............................................................... 59,384 61,886 59,116 58,513

Trade credit and advances .............................. 2,943 2,858 2,774 3,067

Other debt liabilities......................................... 8,254 8,281 9,087 9,721

Direct investment: intercompany lending ..... 243,032 245,378 234,799 229,190

Debt liabilities of direct investment enterprises

to direct investors ........................................... 89,284 91,161 79,392 78,543

Debt liabilities of direct investors to direct

investment enterprises .................................... 72,229 75,552 75,765 73,765

Debt liabilities to fellow enterprises ................. 81,519 78,665 79,642 76,882

2,692,175 2,793,509 2,820,911 2,824,151Total ................................................

Table 10- (TICOM250) -

Balance of payments and international investment position Table 10

TICOM250Price-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 96.5 128.1 104.0 110.0 89.8 91.7 95.8 129.5 102.9 104.2 90.7 92.9 96.5

127.6 104.2 112.8 90.2 91.5 96.42023 - 4th qtr.......................

127.4 104.4 110.7 90.3 91.7 96.12024 - 1st qtr.......................

128.2 105.0 110.4 89.8 91.8 95.62nd "......................

128.2 103.9 109.1 90.0 92.0 96.1 128.8 102.7 109.8 89.3 91.3 95.4 127.9 101.8 106.1 89.3 91.1 94.82025 - 1st qtr.......................

128.7 102.9 103.6 90.7 93.3 96.42nd "......................

130.3 103.1 102.7 91.4 93.8 97.4 131.2 104.0 104.5 91.2 93.5 97.3

126.3 104.2 110.6 90.4 91.8 96.32024 - Jan. ..........................

127.5 104.4 110.9 90.3 91.5 95.9 128.4 104.5 110.6 90.2 91.9 96.0 128.7 104.9 110.3 89.9 91.7 95.6 127.9 105.2 110.2 89.9 92.0 95.8 128.0 104.8 110.8 89.7 91.7 95.5 128.1 104.6 110.0 90.0 92.0 95.9 128.4 103.7 108.7 90.0 92.1 96.1 128.3 103.3 108.7 89.8 92.0 96.1 128.6 103.3 110.1 89.7 91.7 95.8 128.9 102.9 110.4 89.3 91.3 95.4 128.8 102.0 108.9 89.0 91.0 95.0 128.0 101.7 106.8 89.2 90.9 94.9 127.3 102.3 106.0 89.0 90.6 94.4 128.3 101.5 105.6 89.8 91.6 95.2 128.6 102.9 103.8 90.6 93.2 96.3 128.5 102.2 103.7 90.5 93.0 96.1 129.0 103.4 103.2 91.1 93.5 96.8 129.8 103.2 102.4 91.5 93.8 97.2 130.3 103.0 102.6 91.3 93.8 97.3 130.9 103.1 103.0 91.3 93.9 97.6 130.4 103.4 103.8 91.1 93.5 97.1 131.0 104.0 104.7 91.3 93.4 97.6 132.1 104.7 105.0 91.2 93.7 97.1 133.6 107.1 104.9 90.9 93.8 97.1 (follows)

Balance of payments and international investment position (follows)Table 10

TICOM250Price-competitiveness indicators based on producer prices in manufacturing (vis-à-vis 60 partner countries; period averages; indices, 1999=100)

United UnitedJapan Netherlands South Korea SpainKingdom States

53.2 124.0 87.5 112.7 85.1 116.8 51.2 124.4 86.8 112.7 88.8 121.1 52.0 125.8 82.3 111.9 90.4 122.6

51.5 123.6 88.4 113.3 86.5 118.62023 - 4th qtr.......................

51.6 125.0 88.3 113.9 87.9 118.92024 - 1st qtr.......................

49.8 124.6 87.1 113.4 88.1 120.52nd "......................

51.9 124.6 86.7 112.7 89.4 121.1 51.5 123.2 85.2 111.0 89.9 123.9 52.2 124.1 83.3 110.9 89.3 126.12025 - 1st qtr.......................

53.8 126.0 82.5 111.6 91.3 121.92nd "......................

52.1 126.9 82.7 112.7 91.2 121.1 50.0 126.0 80.5 112.5 90.0 121.3

52.2 124.6 88.1 113.7 87.9 118.22024 - Jan. ..........................

51.4 124.9 88.4 114.0 87.8 119.5 51.2 125.6 88.3 114.1 88.0 119.0 50.6 125.1 87.2 113.7 87.6 120.2 49.7 124.6 87.4 113.4 88.1 119.8 49.3 124.0 86.7 113.0 88.6 121.6 49.4 124.5 86.6 113.2 89.4 121.5 52.7 124.7 86.7 112.8 88.6 121.1 53.6 124.4 86.6 112.1 90.0 120.8 51.7 123.7 85.8 111.8 89.9 122.4 51.0 123.3 85.6 110.9 89.7 124.2 51.9 122.7 84.1 110.3 90.0 125.2 51.1 123.8 84.0 110.9 88.6 127.3 52.3 123.8 83.8 110.7 89.2 126.3 53.0 124.6 82.1 111.2 90.0 124.8 54.5 126.1 81.5 111.7 90.2 123.0 53.6 125.4 82.7 111.3 91.7 122.0 53.2 126.5 83.2 111.8 91.9 120.8 52.2 127.2 83.2 112.9 91.1 121.1 52.1 126.7 82.8 112.5 91.4 121.3 51.8 126.9 82.3 112.8 91.0 121.0 50.9 126.3 81.4 112.4 90.5 121.4 49.8 126.0 80.3 112.7 89.3 121.6 49.3 125.8 79.8 112.4 90.3 120.9 48.9 125.8 80.1 112.3 90.4 120.3

Methodological appendix Notes to the tables

The order of the tables in the following notes is based on their code numbers. TBP60085- Financial account Italy's balance of payments data have been compiled since 2013 on the basis of the international standards laid down by the IMF's Balance of Payments and International Investment Position Manual (BPM6) and reconstructed for the 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 by nonresidents (liabilities), in quantity or nominal value, evaluated at the average price of the security in the reference period. 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 investors supplemented by the reports of resident banks and money market funds and the Bank of Italy on their own securities and 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 the form of central bank money are settled through the common payments system T2, within the integrated platform of TARGET Services (Trans-European Automated Real-time Gross settlement Express Transfer Services ). When a bank makes a cross-border payment to another bank, this transaction is debited to the account of the paying bank at its NCB and credited to the account of the receiving bank at its NCB. The NCB of the paying bank therefore records a decrease in the bank's account with it while the NCB of the recipient bank records an increase in the account of the recipient 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 and offset 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 other investments in the item 'accounts and deposits' of the central bank, either on the asset side (when the balance is positive) or on the liability side (when the balance is negative). The TARGET balance of each country can be seen as a contra item to the commercial and financial transactions between residents and non-residents and its changes over time can, therefore, be described ex-post using the balance of payments accounting identity. The table provides a breakdown of the changes in the TARGET balance by showing its main counterparts for Italy:

1. foreign portfolio investment in Italian public debt securities;
2. foreign portfolio investment in Italian private sector securities, excluding bank bonds;
3. foreign portfolio investment in Italian bank bonds;
4. resident monetary financial institutions' (excluding the central bank) net foreign funding for loans, deposits and

other investments (including transactions cleared through the resident central counterparty);

1. current account balance and capital account balance;
2. net liquidity inflows due to other items (direct investments from and into the country, residual items in the 'other

investments' 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 the residual 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 resident monetary financial institutions (excluding the central bank); positive values represent liquidity inflows. The liabilities in item D also include repo transactions by the banking sector that are cleared through the resident central counterparty (CCP, which in the balance of payments presentation is classified under 'other sectors', as it is not a bank), 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 residual items 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 in assets when the balance is positive, and in liabilities when the balance is negative. In the latter case, which is the situation of the TARGET balance of the Bank of Italy since July 2011, an improvement in the balance is recorded with a negative sign, i.e. as a reduction in liabilities. Therefore, the sign of the change in the TARGET balance obtained from 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's Balance of Payments and International Investment Position Manual (BPM6) and reconstructed for the earlier periods to 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's Balance of Payments and International Investment Position Manual (BPM6) and reconstructed for the earlier periods to 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's Balance of Payments and International Investment Position Manual (BPM6) and reconstructed for the earlier periods to 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 a continuous basis since 1996. The survey consists in questioning a sample of inbound and outbound travellers at the borders. Two main activities are carried out each year: around 150,000 face-to-face interviews in order to collect information on the travellers' expenditure and on a set of detailed traveller's characteristics and behaviour, and about 1,500,000 counting operations for disaggregating the number of travellers - drawn by administrative sources - by country 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 Position Manual (BPM6) and therefore are consistent with those related to international investment position. External debt statistics are a subset of the international investment position statistics, as the former do not include financial derivatives, equity capital and reinvested earnings. Partial misalignments between the two sets of statistics may be due to the differences in the provisional nature of the data. With effect from end-2008 data, portfolio investment stocks are calculated on the basis of an anonymous security-by-security reporting of the stocks held for investors by depositories. TICOM250 - Price-competitiveness indicators based on producer prices in manufacturing The table gives overall price-competitiveness indicators (export and import competitiveness combined) as calculated on the basis of manufacturing producer prices in 61 countries. Starting in December 2018, the set of indicators presented in the table comprises 12 countries, as Brazil, Poland and Turkey are now excluded from the group of countries for which indicators are provided; at the same time, the dissemination of new time series has begun which provide a breakdown of the indicators based on a number of attributes (outlet market; subset of competitors; . All thedistinction between import and export competitiveness). The new series are published in Excel format published 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 di Economia 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's Balance of Payments and International Investment Position Manual (BPM6) and reconstructed for the earlier periods to 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's Balance of Payments and International Investment Position Manual (BPM6) and reconstructed for the earlier periods to guarantee continuity. With effect from end-2007, Italy's international investment position is compiled on the basis of a statistical data collection and compilation system based on stock data; the series prior to end-2007 have been revised to provide continuity with the new data. With effect from end-2008 data, portfolio investment stocks are calculated 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's Balance of Payments and International Investment Position Manual (BPM6) and reconstructed for the earlier periods to guarantee continuity. With effect from end-2007, Italy's international investment position is compiled on the basis of a statistical data collection and compilation system based on stock data; the series prior to end-2007 have been revised to provide continuity with the new data. With effect from end-2008 data, portfolio investment stocks are calculated 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 the Supplement, the external debtor position in financial derivatives of General government of Italy includes new information on transactions with foreign banks. The information became available following a cooperation agreement with the Ministry of Economy and Finance, under which new estimation methods consistent with national accounts and balance of payments definitions were developed. Since the variation in the liability side is entirely due to valuation adjustments, 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 to statistiche@bancaditalia.it

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