2022: a positive year, slowing down in the third and fourth quarters

The end of 2022 in Tuscany was marked by a setback in industrial production, after three quarters in which the performance of our production system had been better than the national one. Underlying the positive trend in production during the year was the sustained dynamic of exports, which recorded, at constant prices, +8.4% over 2021. Thus, despite the uncertainties stemming from the Russian invasion of Ukraine, the dynamics of prices, especially of energy goods, and the change in the tone of monetary policy by the main central banks, 2022 was a relatively positive year for the regional production system. On the labour market front, too, the year saw not only an overrun in the number of employees compared to 2019 levels, which had already occurred in 2021, but also a repositioning on the growth trajectory followed in the recovery years between 2015 and 2019. In the last three months, however, the cyclical slowdown already observed in the previous two quarters becomes more pronounced.

Short-term note 16/2023 | April Curated by Tommaso Ferraresi and Donatella Marinari The end of 2022 in Tuscany was marked by a decline in industrial production, after three quarters in which the performance of our production system was better than the national one. The positive trend in production during the year was based on the sustained dynamics of exports, which recorded, at constant prices, +8.4% on 2021. Despite the uncertainties arising from the Russian invasion of Ukraine, by the dynamics of prices, especially of energy goods, and by the change of tone of the monetary policy by the main central banks, therefore, 2022 was a relatively positive year for the regional production system. Also on the labor market front, not only did the number of employees exceed the levels of 2019, which already occurred in 2021, but also the repositioning on the growth trajectory followed in the years of recovery between 2015 and 2019 In the last three months, however, the economic slowdown already observed in the previous two quarters has accentuated.