«In 2023 Calabria’s economy slowed down after two years of sustained recovery following the pandemic crisis. According to the Bank of Italy’s Iter indicator, economic activity in Calabria increased by 0.6% (compared to 3.2% in 2022), a value similar to that of the South but lower than the national average.”
This is told in the twentieth report by Bcc Mediocrati which photographs the Calabrian and Cosenza economy. It was presented in the days running at the bank’s headquarters in Rende.
The causes reading the BCC report «this slowdown was influenced above all by the reduction in the purchasing power of families and the tightening of the conditions for accessing credit. In general, consumption recorded a less positive performance than investments. Looking ahead, the economy could benefit from the sharp decline in inflation observed at the end of 2023, particularly in energy prices, both in Calabria and in the rest of the country.
In 2023, growth in corporate turnover at constant prices was less sustained than in 2022mainly due to the poor performance of the tertiary sector, which is the most important in the regional economy. Construction showed better results thanks to the increase in public works which partially offset the slowdown in private residential construction. Production has decreased in the industrial sector, especially for small businesses, and in agriculture due to climate phenomena. Despite financing difficulties, investments have increased thanks to public support measures, with strong growth in investments in energy efficiency and photovoltaic energy production, favoring the increase in production capacity from renewable sources in the last two years”, it is written.
Employment is increasing, but… According to the data presented by the BCC report, based primarily on data from the Bank of Italy, «in 2023 employment in the region increased, both for self-employed workers and for employees thanks to the widespread use of permanent contracts. The labor market participation rate has returned to 2019 levels, mitigating the negative impact of the demographic decline that has worsened over the last decade. The working age population has decreased due to the worsening of the natural balance, aging and emigration. Despite the increase in people looking for work, companies still report growing difficulty in finding manpower, especially for technical or highly specialized roles.”
Province by province
«In 2023 – it is written in the BCC survey – the provincial estimates of added value confirm the province of Cosenza in first place, which achieves 33.2% of the regional added value, contributing consistently to the formation of Calabrian wealth with a value which reaches 11,240 million euros. Although distancing itself from the results achieved by Cosentino, Reggio Calabria contributes 29% to the regional added value (9,808 million euros), followed by Catanzaro with 21.3% (7,218 million euros), while Crotone (8.7% with 2,945 million euros) and Vibo Valentia (7.7% with 2,609 million euros) present the most contained values.
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