More economic growth in Fvg in the first six months of 2022, but we are heading towards a slowdown

More economic growth in Fvg in the first six months of 2022, but we are heading towards a slowdown
More economic growth in Fvg in the first six months of 2022, but we are heading towards a slowdown
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The economic growth of Friuli Venezia Giulia continues in the first half of 2022 but there are signs of a slowdown in the current half year. This can be seen from the quarterly indicator of the regional economy (Iter) prepared by the Bank of Italy and illustrated in the Corso Cavour headquarters this morning. The data were presented by the director of the Trieste office, Marco Martella, and by Achille Puggioni, researcher of the local Division of Analysis and Territorial Economic Research.

Going into detail, compared to 2021, the increase in product is around 6 percent in the first half of the year, in line with national data, and the figure is also growing compared to pre-pandemic, in contrast to the Italian average. However, it should be noted that the region has been particularly resilient and the decline during the pandemic has been lower than the national average.

Construction and services performed very well, less so by industry, which was affected by the increase in energy prices and supply problems and in the first part of the year ‘resisted’ thanks to inventories. It was also noted that the industries, most exposed to price increases, have held up well to the increase in costs and have focused on energy efficiency, resorting to self-production.

The construction sector, thanks to the boost from tax incentives, recorded a 14 per cent increase in hours worked in the first half of the year. Exports grew by 27 percent, but over two-thirds of the increase is due to rising prices, very positive data for tourism and transport (back to pre-pandemic levels), while the handling of goods in the port of Trieste increased by 5 percent compared to the same period of the previous year.

In the first three quarters of the current year, however, the Bank of Italy survey confirms a slowdown in business, as companies’ short-term expectations are oriented towards the stability of hours worked and turnover. Employment grew by 5.2 percent, exceeding pre-pandemic levels, and permanent contracts accounted for almost 40 percent of net new jobs. Household bank loans continue to grow in the first half of the year, especially in relation to home purchase loans.

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The article is in Italian

Italy

Tags: economic growth Fvg months heading slowdown