FX.co ★ Czech Republic Retail Sales Growth at 2-Year Low

In December 2025, the HCOB Italy Construction PMI dropped to 47.9 from 48.2 in November, indicating a continued contraction in construction activity as the year concluded. This figure represents the lowest since August, with declines across all three sub-sectors. Residential construction faced the sharpest decline, while commercial and civil engineering activity also saw more moderate reductions. New orders fell for the second consecutive month, ranking among the fastest declines of the year, prompting companies to reduce their purchasing activities. Although employment showed a slight increase, continuing a modest hiring trend, the use of subcontractors decreased. Supplier delivery times were extended due to shortages of raw materials, with input costs rising at the quickest pace since May, driven by increased energy and material prices. Despite this, overall cost pressures remained below historical averages. Business confidence experienced a slight upswing, attributed to anticipated projects in 2026, yet sentiment remained historically subdued due to fragile demand.