Umbria's economy outlined in Bank of Italy report
22 Nov 2018
The update on Umbria’s economy presented by the Bank of Italy confirms that economic activity in Umbria is growing moderately. Industrial orders have grown at rate similar to last year’s, and growth has extended to businesses with fewer than ten employees. Sales performance is better for foreign-oriented companies. Tourism flows, up 18.4 percent, have returned to levels similar to those recorded before the earthquake, except for areas directly affected by the earthquake.
The regional data must be contextualized in a national and international scenario where factors of uncertainty exist.
The Bank of Italy report notes these points on Umbria’s economy:
- The Umbrian economy is growing at moderate pace; domestic and international uncertainty factors weigh on the future
- Increasing orders and turnover in industry, including, finally, for small businesses; investment is holding back
- Exports are doing well, especially in clothing and machinery; metal sales are continuing to recover
- Positive signals in services other than sales; however, retail sales of small businesses have decreased
- Tourist flows have now nearly returned to the pre-earthquake; non-hotel facilities are doing well
- The construction crisis continues; housing sales are still weak
- Overall employment is stable; hiring for permanent positions is growing
- Business loans are slowing down; borrowing is down among the smallest companies, who bear higher costs
- Growth of loans to families is still strong, especially for consumer credit; mortgages have stabilized
- Overall improvement in credit quality; signs of greater deterioration in manufacturing
