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Emilia-Romagna Economy Slows Despite Rising Incomes
The Emilia-Romagna regional economy is slowing, with manufacturing down, but construction and tourism are strong. Incomes are up, but consumption isn't, and mortgage lending is down.
Italian
Italy
EconomyGermany European UnionInvestmentInternational TradeGrowthConsumptionRegional
Bankitalia
Pietro RaffaAlessandra Testa
- How are family incomes and consumer spending changing?
- While family incomes are rising due to decreased inflation, consumer spending is not increasing. Families are instead directing savings towards higher-yield investments like securities.
- What is the current state of the Emilia-Romagna regional economy?
- The Emilia-Romagna region's economy is slowing, with manufacturing growth at only 0.4% in the first half of 2024, down from 1.1% in 2023. This slowdown is attributed to factors such as the German recession, US tariffs, and the weakening French economy.
- What is the situation in the construction and real estate sectors?
- The construction sector is performing well, supported by Pnrr projects, while the real estate market remains weak due to high interest rates. New mortgage lending has decreased by 11.5%.
- What is the overall employment situation and the financial health of businesses?
- Overall employment is growing at 1.2%, and the unemployment rate is 4.1%. Despite high interest rates impacting credit demand, businesses maintain high profitability and liquidity.
- How is the tourism sector performing, and what are the challenges in other sectors?
- Tourism is a bright spot, with a 3.6% increase in tourist arrivals between January and August. However, the industrial downturn negatively impacted cargo traffic in the port of Ravenna.