Italy’s public debt fell slightly in September, reaching 3.0809 trillion euros. The Bank of Italy said Treasury liquidity dropped sharply and drove the movement.
Treasury liquid assets fell to 45.4 billion euros after a 26.7-billion-euro decline. The government’s borrowing needs offset part of this shift in the public debt, alongside minor valuation and exchange-rate effects.
Exports recover as global trade remains unstable
Exports rebounded in September after an August fall, rising by 2.6% according to Istat. Imports increased by 4.1% over the same month. Istat said demand from non-EU markets supported the export recovery, with a 6.4% rise. Exports to EU partners slipped by 0.8%. Imports grew strongly from non-EU markets and rose moderately from EU suppliers.
Year-on-year data showed broad strength. Exports increased by 10.5% and imports rose by 9.9%. The trade balance posted a 2.852-billion-euro surplus, driven by non-EU sales. Energy-adjusted trade data showed an even stronger surplus.
Import prices continued to fall, slipping by 0.2% in September. Year-on-year import prices declined by 2.5%, with a steeper drop outside the euro zone.
Corporate results signal steady momentum
Enel reported a net income of 5.703 billion euros for the first nine months of 2025. This marked a 4.5% increase compared to the same period of 2024. The result signalled stable corporate performance during a period of uneven global growth.
Mixed signals from global economics
The global economy continued to slow during late summer. International trade remained volatile due to unstable policies. China and the euro area posted modest quarterly GDP acceleration. Expectations of softer US growth supported the recent US interest rate cut.
Italy’s GDP holds steady
Italian GDP remained flat in the third quarter. The result matched Germany’s performance but trailed France and Spain. Export activity offered some support during the summer, rising by 1.2% over the quarter. Imports fell slightly.
Industrial production rose by 2.8% in September after a deep August fall. The quarterly result remained weak, with a 0.5% decline. Employment increased in September, with gains among women and most age groups. Permanent jobs rose, while temporary positions fell.
Inflation continues to ease
Italy’s HICP inflation slowed to 1.3% in October. The rate remained below the euro area average and continued its recent moderation.
Food inflation told a different story. Food prices rose by 24.9% between October 2021 and October 2025. This increase far exceeded the overall harmonised index. Energy shocks in 2022 and 2023 pushed up food production costs. Fertiliser prices and energy-intensive processes drove much of the surge. Growth has eased recently as margins for producers recovered.
