Genoa, weak economy at the beginning of 2023 but with recovery in spring
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The Genoese economy is growing in the second half of 2022, driven by shipbuilding, even if exports are slowing down. This is highlighted by the economic indicators collected by the Genoa Confindustria Study Centre, presented by the president of the association, Umberto Risso. And the forecasts for 2023, gathered from registered companies, envisage an economic activity, in the first half of this year, which is affected by the weakness of the trend in the last few months of 2022, which will continue in early 2023 but will ease in the spring.
For the current six-month period, therefore, Genoese companies expect more robust growth in orders (+4.5%), but exports still down (-1.7%). Employment continues to expand, as it did in the second half of 2022, which is expected to rise but at a moderate pace (+0.7%).
For the coming months, therefore, Genoese companies believe that economic activity will be affected by the fact that world trade will slow down significantly in 2023, due to the effects of high inflation and the uncertainty associated with the conflict in Ukraine. But the turnover of businesses will hold up (+0.2%).
Turnover increased in the second half of 2022
In the second half of 2022, however, according to the Confindustria Genova report, turnover grew beyond expectations (revenues in Italy at +9.2% and abroad at +4.4%); net of the effect of price increases (which show the highest positive change since 2006), demand held up, allowing companies to allay fears of a contraction in activity. Proof of this is the growth in orders from Italian customers (+1.9%), which compensates for the decline in orders from abroad (-2.5%).
Basically, concerns about the dynamics of exports are growing, with declining orders and more uncertain prospects. In industry, however, production is growing: the shipbuilding sector is dragging along, but also the electronics, automation and information technology sectors.
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