ANCONA – The economy of the Marche region has lost momentum and has returned, in 2023, to zero growth, a clear sign of a slowdown. Bankitalia puts it in black and white in its report dedicated to our region, which now passes into the hands of the political legislator for the implementation of measures to limit the critical issues. The Institute’s analysts have set annual growth at 0.6%, lower than the Italian average (0.9% based on ISTAT data).
Inflation and low wages
The slowdown was particularly influenced by the weakness of demand: internal demand was limited by the effects of inflation, which eroded the purchasing power of families, and by a slow labor market due to lower wage levels than the country average. The foreign one, however, from the continuing uncertainty of the geopolitical context, with Russia which has become a more than marginal country for our exports. As far as industry is concerned, we can speak of a decline in turnover and only those who have been able to count on exports have managed to maintain a level of growth above the regional average. This is the case of the shipbuilding industry, which operates mainly for foreign clients. The survey conducted by Bankitalia, as part of its collaboration with companies, highlights how in 2024 they are considering new strategies to reduce the impact of geopolitical disruptions, starting with their own supply chains, but also by increasing stocks in warehouses. «In some ways, we can also see in our territory that phenomenon of bringing production pieces that were previously relocated very far away to closer and geopolitically safer territories», points out Alfredo Bardozzetti, head of the Economic Analysis Area of the Ancona office of the Bank of Italy. In the tertiary sector, activity lost momentum after completing the recovery of the sectors most affected by the pandemic. Tourism, however, benefited from a further increase in attendance, which had already reached high values in historical comparison. The slowdown in activity also affected construction, a sector in which the trend was more favorable than in other sectors, benefiting from the acceleration of projects eligible for tax breaks, the continuation of the interventions planned for the implementation of the Pnrr and post-earthquake reconstruction. According to the Survey of Industrial and Service Companies (Invind), despite the worsening of the economic situation and the increase in debt burdens, the share of companies that closed the financial year with a profit – or at least broke even – remained more or less in line with the previous year.
There is no growth in 2024
The information available for the first months of 2024 leads Bank of Italy to say that there is no sign of a recovery in economic activity: more likely, there will be substantial stability in the economic situation. «In perspective, also taking into account the probable decline in the workforce associated with demographic forecasts (the labor supply has recorded a contraction, mainly attributable to the decline in the working-age population, ed.) – concludes the Institute – for the It will be important for Marche to overcome the challenge of productivity growth and sustainability, promoting a favorable context for this, through the diffusion of technological innovation and the realization of the growth potential of businesses.”
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