Bank of Italy: now Lombardy is holding back
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The expectation is for a limited reduction in sales. After a 2022 of strong growth, above the national average, the Bank of Italy’s analysis of the Lombardy economy highlights the first effects of the change of scenery for businesses and households, including soaring rates, inflation and slowdown in international trade.
Slowdown that comes after a still positive year, albeit unraveling within a downward trend, in which the regional GDP grew by 3.8%, one decimal place over the national one.
Sustained growth of robust investments (+5.4%, since it almost doubles for large companies), as well as tonic exports (+19.1%, at constant prices +5.3, in any case above the world trade average and in line with our potential demand) and by household consumption up by 6.1%.
The latter is the result of a job market that remains vital, with employment growing by 2.1%, a positive balance of employed persons of 84,000 thanks to permanent contracts, an unemployment rate which last December was reduced to 4.2%.
A recent positive past which, however, is now undermined by the numerous risks present, starting with inflation, which at the end of last year in Lombardy had reached 11%. Added to this are the supply difficulties of the companies, resolved largely for electronics, still present in over half of the sample for other inputs.
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