Economy slowing down in 2023 in Calabria with growth that does not go beyond 0.6% per year compared to 2022 and which records a figure similar to that of the South but lower than the Italian average.
This is the trend, after the two years of sustained recovery that followed the pandemic crisis, which emerged from the annual report of the regional branch of Bankitalia, the results of which were illustrated in Catanzaro by the director Marcello Mala Misura, the deputy director Riziero Bruno and the researchers Giuseppe Albanese, Antonio Covelli, Enza Maltese, Graziella Mendicino and Iconio Garri’.
In particular, the loss of purchasing power of families and the tightening of the conditions of access to credit weighed heavily, combined with the trend in consumption being overall less favorable than that of investments.
However, some glimmers of hope are opened up in the future by the drop in inflation recorded at the end of 2023 and linked to the cooling of energy prices. Some clouds could gather, due to fears linked to the geopolitical situation and uncertainty regarding the general climate of confidence.
For the Calabrian analysts of Bank of Italy, the economic performance of the region was generally influenced by the slowdown in the growth of companies’ turnover at constant prices. The construction sector remained essentially stable, where the decline in residential construction was offset by the increase in public works activities. Industrial production down.
The agricultural sector, primarily olive growing, has been penalized by climate trends. The profitability and liquidity of companies remain high.
Both self-employed and, in particular, dependent employment is increasing with a wider use of permanent contracts. Paradoxically, the Bank of Italy report points out, “despite the increase in people looking for work, the difficulty in finding manpower reported by companies has continued to grow, mainly involving technical or highly specialized figures”.
In 2023 the expansion of bank credit stopped, reflecting above all the reduction in the demand for loans linked to the worsening of financing conditions, while as regards decentralized public finance “in 2023 the spending of local authorities increased significantly”.
“The slower economic performance of Calabria – said the director of the Mala Misura branch – was certainly influenced by the inflationary dynamics which have still produced their effects and the increase in rates resulting from the monetary restriction implemented in response to inflation pressures. Worth noting is the good trend in employment which in general has grown and has had positive effects on family income”.
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