01 — The two ledgers
Inbound and outbound, side by side. Each figure on its own perimeter and vintage — do not net them across years.
| Ledger | Measure | Value | Scope |
|---|---|---|---|
| Inbound | International tourists | 61.5M | 2025; 5th worldwide (ministry / ISTAT-based ranking) |
| Travel surplus | €22.7bn = 1.0% of GDP | Banca d'Italia survey, 26 Jun 2026 — final; the dossier's €22.8bn was provisional | |
| Foreign spending growth | +4.6% nominal · +3.1% real | 2025; ≈two-thirds of the growth from the Jubilee | |
| Total tourists incl. domestic | 185M +7.1% | Ministry of Tourism / ISTAT, 2025 | |
| Outbound | Travel debit | ≈€34.1bn +3.1% | Banca d'Italia, 2025 provisional composition |
| Residents travelling abroad | 38.4M | BdI border-survey perimeter | |
| Average trip length | 8.8 → 8.2 days | Two-year shortening (BdI) | |
| Extra-EU spend | +1.3% 2025 · −2.1% spring 2026 | BdI monthly releases |
The domestic third ledger. Four Italians in five spend Ferragosto in Italy (Confcommercio–SWG, August 2025): the world's fifth inbound machine is also its own best customer, and most of the 185M total flow is domestic. That is why the surplus holds even when the debit grows.
02 — The inbound mirror: after the Jubilee
The 2025 inbound peak was event-driven; the 2026 test is what annualises.
Two-thirds of 2025's nominal spending growth came from Jubilee flows into Rome — a one-off that flatters the trend line. The structural build is at the airports: ENAC closed a record 2025, Fiumicino passed 51.3 million passengers, and Malpensa is assembling a long-haul portfolio (ITA Airways added the Mauritius link from November 2025). If the extra-EU outbound line stays negative (−2.1% in spring 2026) while long-haul inbound capacity grows, Italy's surplus widens again in 2026 — on other nations' cheques.
03 — Gateways
2025 throughput, all nationalities (ENAC definitive report; AdR / SEA annual files):
| Airport | 2025 pax | Role |
|---|---|---|
| Rome Fiumicino (FCO) | 51.3M | National hub; long-haul build-out continues |
| Milan Malpensa (MXP) | 31.4M | The long-haul growth bet; ITA's Mauritius link from Nov 2025 |
| Bergamo (BGY) | 16.9M | Low-cost workhorse of the north |
| Naples (NAP) | 13.2M | The south's fastest riser |
04 — TIO coverage of Italy
Everything the office publishes on the country, one click away:
Sources. Banca d'Italia — international tourism survey, 26 Jun 2026 (final 2025 balance, spending growth, Jubilee share); December 2025 commentary and 2026 monthly releases (provisional balance, EU/extra-EU split) · Banca d'Italia border survey — resident travellers and trip characteristics · Ministry of Tourism / ISTAT — 2025 arrivals, total flows and the worldwide ranking · ENAC — definitive 2025 traffic; Aeroporti di Roma and SEA — 2025 annual files · Confcommercio–SWG — Ferragosto 2025 survey. All figures are published data on the perimeters stated; where a survey or an operator panel is used, it is labelled in place.