The recent decline in Italy's non-construction investment since 2007 was mainly driven by a decrease in investment across all sectors, with non-financial private services playing a significant role. Demand conditions were found to be the most important factor influencing capital accumulation, while the user cost of capital had a negative impact during the sovereign debt crisis but turned positive after 2013 due to the ECB's monetary policy. Tight credit supply conditions in 2009 and 2012 also hindered capital accumulation. Uncertainty was a major obstacle to investment growth during the global financial crisis and in recent years.