Italian economy update – new report outlines export importance
Image courtesy of La Milano
Marco Fortis, vice president of the Edison Foundation, has provided insights into the Italian nautical industry and its role in the national economy during the presentation of The Nautical Industry: Numbers, Markets, and Territories: Market Data and Territorial Analysis of the Supply Chain, organised by Confindustria Nautica with the scientific support of the foundation.
His opening remarks made reference to recent developments in the global economy, focusing in particular on the slowdown seen in the United States in the second half of 2025. In the final quarter of the year, US GDP grew by 0.35 per cent compared to the previous quarter, Fortis reports, a figure that is particularly significant when considered in conjunction with the large primary deficit of the US economy, amounting to approximately $800 billion.
The slowdown in the leading world economies comes amidst a backdrop of numerous uncertainties, made more tumultuous with the recent US-Isreal conflict and unrest in the Middle East. In 2025 and into 2026, trade tensions related to tariffs and uncertainty over US economic policies have created strong headinds for global industries.
Fortis says the possibility of new tariffs of up to 15 per cent introduces further elements of instability for international trade.
“We have been collaborating with Confindustria Nautica for ten years now, so this joint study on the sector’s performance and its importance to the Italian economy is now ten years old. This importance has also been confirmed by the 2025 data from the pleasure boat sector, particularly the large yacht sector, one of the key sectors of the Italian economy and Italy’s foreign trade,” says Fortis.
Positive export growth
Despite this scenario, world trade continued to grow in 2025, particularly driven by major emerging economies such as China and India. In this context, Italian exports showed positive growth in the first nine months of the year, with growth of around 2-3 per cent, in line with that recorded by France.
According to Fortis, this result was possible thanks to the diversified structure of the Italian manufacturing system. Alongside the traditional Made in Italy sectors of fashion, furniture, and mechanical engineering, new high-value sectors have emerged in recent years, including recreational boating, shipbuilding, pharmaceuticals, cosmetics, eyewear, and food.
It is precisely this set of activities that Fortis defines as the “new Made in Italy.” A system that today generates an overall foreign trade surplus greater than that produced by mechanical engineering and the traditional personal and home sectors.
In recent months, MIN has spoken to several leading Italian manufacturers and stakeholders in the Italian marine industry about current strategies, diversification and the wider business landacape.
MIN went behind the scenes at Baglietto shipyard, talked to Azimut-Benetti CEO Marco Valle on market shifts and 2026 challenges, and got the lowdown on Cranchi’s decisive reset for its business.
Export diversification – a key factor for Italian economy’s resilience
During his presentation, Fortis emphasises the importance of export diversifcation for the health of the Italian economy.
International indicators on export concentration show that only a few countries in the world have such a complex structure. Italy is one of these, but it stands out for its size and influence in global trade.
In 2024, the value of Italian exports in dollars was just $12 billion less than that of Japan, effectively placing Italy in competition for the world’s fourth largest exporter.
The growth of the new Made in Italy brand has contributed significantly to strengthening the country’s position in international markets. This development has also reduced the systemic risk of the Italian economy, Fortis says.
Italian GDP grows
Turning to domestic macroeconomic data, Fortis noted that Italian GDP grew by 0.5 per cent in 2025, while domestic demand grew by 1.5 per cent. The negative contribution of net foreign demand and inventories subtracted approximately 0.9 percentage points from overall growth.
The dynamics of recreational boating also fit into this picture. Fortis notes the strong growth seen in the sector in the post-pandemic period, emphasising how exports have shown particularly strong growth.
Although definitive data for the whole of 2025 is not yet available, the value of exports from December 2024 to November 2025 reached E4.3 billion.
The sector is, however, entering a phase of progressive stabilisation: large yachts continue to support the market and drive exports, while smaller-sized boats are going through a more complex phase.
US uncertainty makes market unpredictable
One of the most important markets for the Italian boating industry remains the US. Uncertainties surrounding potential tariffs and American trade policies have contributed to a decline in exports to the US.
This decline was offset by growth in other markets, including certain unit registration jurisdictions such as the Marshall Islands and the British Virgin Islands, as well as increased demand from the United Arab Emirates.
