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. The shift of value added away from industry also contributed to the decline. Demand conditions were found to be the most important factor influencing capital accumulation, with the user cost of capital impacting investment negatively during the sovereign debt crisis but positively since 2013 due to the ECB's monetary policy. Tight credit supply conditions in 2009 and 2012 hindered capital accumulation, while uncertainty had a notable negative effect on investment growth during the global financial crisis and in recent years.