Friuli Venezia Giulia’s Economic Growth Stalls in First Half of 2023: A Closer Look at Regional Trends and Challenges

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by InTrieste

“Friuli Venezia Giulia has to make itself attractive for foreign investments to increase its grown,” the director of Banca d’Italia, Marco Martella told us during the interview.

In the Friuli Venezia Giulia (FVG) region, the economic growth experienced a slowdown in the first half of 2023. According to the quarterly indicator of the regional economy, compiled by the Bank of Italy, there was a 0.9 percent increase compared to the same period of the previous year. This growth aligns with the overall trend of the Italian Gross Domestic Product (GDP), which recorded a 1.1 percent increase in the first half on a national scale. The latest economic update for FVG was presented today at the Trieste headquarters of the Bank of Italy.

The Bank of Italy states that the regional growth was concentrated in the first quarter but dwindled in the second. The positive contributions from the services and construction sectors were countered by the negative performance of the industrial sector. According to the cyclical survey, industrial production decreased by 6.8 percent at constant prices compared to the first half of 2022, with sales dropping by 4.2 percent, especially in the domestic market compared to the foreign market.

The downturn was primarily led by the wood and furniture industry and metallurgy, although partially offset by growth in the mechanical sector. Investments stagnated, hampered in part by the increase in the cost of credit. Short-term expectations from industrial enterprises at the beginning of autumn suggest a substantial stability in economic activity, with caution anticipated for investment plans in 2024.

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