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Italy’s Confindustria industries’ confederation has a good word for tourism 

By Thursday, 22 September 2022 15:00
bonomi Carlo Bonomi

We have reached the point where even Carlo Bonomi's Confindustria (confederation of Italian industries) has a good word to say about tourism. The study by the Confindustria Studies Office starts on a negative note. If the high cost of petrol were to persist into 2023, up to 582,000 jobs would be at risk in Italy, it says, adding that two econometric simulations were conducted for the price of petrol to remain until the end of 2023.

Italy is holding out thanks to tourism 

However, the study points out, the prices of various commodities are included. Because the world economy is more sluggish. Italy, on the other hand, is holding out thanks to more mobility and tourism and (less) growth in construction. The qualitative indicators, Confindustria continues, have 'worsened'. In August, small and medium-sized concerns fell even further into negative territory (48.0), signaling recession. Judgments on Istat orders are also down, anticipating lower demand, and business confidence fell further, to low levels.

Spending by foreign travelers is helping

However the recovery of tourism in Italy is also supporting the industry. Spending by foreign travelers has now closed the gap since pre-Covid with -0.9% in June against -21% in April. Higher spending on services (+5.3% in the second quarter, but still a -4.5% gap) drove consumption, especially purchases outside the home, thanks to the end of the Covid restrictions.

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