2.15pm – Monday 1 July 2024
During 2023, the Trentino economy trend worsened compared to the previous year. This is what emerges from the picture drawn up by the Study and Research Office of the Trento Chamber of Commerce based on the most relevant data, collected in the publication “Notes on the economic situation in the province of Trento-2023”.
Overall, in 2023 the turnover of Trentino companies grew by 4.4% compared to the previous year. However, there is a slowdown in the growth trend, if we consider that in 2022 the turnover had increased by 11% compared to the previous year. At the end of the year, the overall picture was particularly uncertain, with the continuation of difficulties for the sectors most exposed to international markets – such as manufacturing and wholesale trade – and a good performance, instead, for the sectors that depend most on local demand – such as retail trade and business services.
Again with reference to 2023, Trentino exports reached the record value of 5.3 billion euros, with an increase of 3.6% compared to the previous year. Also in this case, despite the positive performance, the growth remains lower than that recorded by exports in 2022 (+16.3%). Imports instead recorded a decrease of 4.9% for a value of 3.7 billion euros. The trade balance therefore closed with a positive balance of 1.6 billion euros.
Employment data show an increase of 0.5%, although a slight contraction occurred in the last months of the year. The trend in the dynamics of employees has proven to be anything but homogeneous, showing a differentiated evolution in the various sectors: manufacturing, wholesale trade, retail trade and, above all, transport have in fact recorded an increase, while the construction sector and business services have recorded decreasing numbers.
The opinion of Trentino entrepreneurs regarding the prospective situation (one year ahead) of their company has undergone a positive evolution during the year. At the beginning of last summer, the opinions expressed mainly negative considerations, which however improved towards the end of 2023.
The Trentino consumer confidence index went from -6.6 points in February to -26.4 points in November, a decline due essentially to inflationary tensions and high interest rates that continued to weigh on citizens’ purchasing power. In particular, in the last months of the year, uncertainty and caution characterized consumers’ opinions, who expressed concern both about their personal economic situation and about the performance of the local economy.
“Despite the fact that the data referring to turnover and exports remain at positive growth values – explains Giovanni Bort, President of the Chamber of Commerce of Trento – the significant decline recorded in their trend in recent years is a worrying signal. The sense of uncertainty that is recorded at the entrepreneurial level also concerns consumers, who show less and less confidence in the possibilities of improving their personal and general economic situation”.
Within the publication “Notes on the economic situation in the province of Trento-2023”, available on the website of the Trento Chamber of Commerce, it is also possible to consult data relating to other topics such as the structure and main sectors of the Trentino economic system, judicial liquidations and forecasts of employment needs.
