The Studies and Research Department of Intesa Sanpaolo has carried out a study on German direct investments in Italy. As a result, Germany is the first country by number of foreign companies in Italy, with 15.7% of the total subsidiaries, and the third by turnover generated (16.1% of the total turnover produced by foreign subsidiaries in Italy). There are 1,712 German companies in Italy, with a turnover of about 96 billion euros and 193,000 employed. From 2010 to 2019, the number of German subsidiary companies decreased, albeit with a less marked decrease than the average of foreign subsidiaries in Italy (respectively -0.8% and -1.7% annual average). In the same period, however, German subsidiaries recorded an increase in both turnover (+3.3% on average per year) and the number of employees (+39,000 units). In the 2019-2021 period, among foreign subsidiary companies, German companies recorded a turnover growth (+7.6%) second only to that of US subsidiaries (+8%), compared to an average of +6.3% of foreign multinationals active in our country. In addition, Germany is the first country for Greenfield investments in Italy.