In 2023, Veneto’s economic activity progressively weakened, affected by the slowdown in world trade, high interest rates and the erosion of families’ purchasing power. This is what emerges from the Bank of Italy’s periodic report on the state of the Veneto economy.
In 2023, according to the quarterly indicator of the regional economy (ITER) developed by the Bank of Italy, the regional product grew in real terms by 1.1% (in line with the national figure of 0.9%), but in sharp slowdown compared to the previous year (4.9%). Ven-ICE, the indicator developed by the Bank of Italy to measure the underlying dynamics of the regional economy, signaled a decrease in economic activity in the second half of the year; while in the first three months of 2024 the indicator returned positive. In 2023, manufacturing production in Veneto, after two years of post-pandemic recovery, progressively weakened, affected by the decline in foreign and domestic orders, and decreased by -2.0% compared to the previous year. Production activity grew in mechanics, stagnated in food and beverages, and decreased in the other main sectors and in particular in the fashion system. The turnover at constant prices of regional industrial companies also decreased, as did investments in a situation of high economic and geopolitical uncertainty and rising interest rates on loans. On average for the year, exports of goods in volume decreased (-3.0%) more intensely than the potential foreign demand addressed to Veneto companies, due to a stronger decline than that of demand in markets outside the Union monetary.
In the first quarter of 2024, manufacturing production continued to decline in trend terms, albeit at a more moderate pace than in previous periods (-2.4%); exports in volume decreased by -4.4% compared to the same period of 2023 (-5.1% at current prices, also due to a sharp decline towards Germany, the main outlet market: -11.3%) .
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