94% of Italian companies in Spain consider their presence in the Spanish market to be strategic, 71% expect to increase both their turnover and their investments, and 47% are considering expanding their workforce. This is according to the third barometer on the climate and outlook for Italian investment in Spain, promoted by the Italian Chamber of Commerce and Industry for Spain (CCIS) and prepared in collaboration with Analistas Financieros Internacionales (Afi), the Italian Trade Agency (ITA) and the Italian Embassy.

More than 60 Italian companies operating in Spain took part in the survey, conducted in the first four months of 2026, and from which the barometer data were taken. Its authors state that the new study confirms the strength and strategic nature of the economic relationship between the two countries. 93% of participants had no hesitation in stating that they will continue operating in Spain over the next five years.

Business climate and quality of life
The data also show the Italian business community’s confidence in the performance of the Spanish economy and in the opportunities offered by its market. The average business climate rating is 3.3 points out of 5, 0.1higher than in the previous survey. 59% of companies do in addition rate it as good or excellent. Quality of life once again ranks as the highest-rated factor, with an average score of 3.8 out of 5, and 4.4 when ranking overall quality of life.

Italy plays a very significant role in the Spanish economy. It is the fifth-largest foreign investor in Spain, accounting for 7.7% of foreign capital. Its current investment exceeds 46.7 billion euros. And for Italy, Spain is the third-largest international destination for its foreign investment.

A long-standing investment relationship
Over the past decade, Italian companies have invested nearly 8 billion euros in Spain, a figure that, according to the authors of the report, confirms the strength of this long-standing investment relationship. Indeed, they play down the slowdown observed in 2025, with a total of 500 million euros, which they explain was mainly due to an international climate affected by geopolitical uncertainty and greater investor caution worldwide.

By sector, the main destination for Italian investment is the energy industry, with more than 30.8 billion euros in total, and the barometer highlights progressive diversification into others, such as financial services, the chemical industry and logistics. There is also geographical diversification and, although Madrid, Andalusia and Catalonia remain the main destinations, new centres of attraction are emerging, such as Murcia and the Autonomous Community of Valencia.

In terms of employment, Italian investments in Spain helped to create and maintain more than 126,000 jobs in 2024. Moreover, 77% of Italian companies not only see Spain as a destination for their investments, but also as a platform for channelling investment opportunities and business cooperation in the Mediterranean, and 42% see us as a gateway to the Latin American market following the EU-Mercosur agreement.

^{Photo: Italian Chamber of Commerce and Industry for Spain}