Liguria: moderate growth in the first half of the year

In the first half of 2026, economic activity in Liguria continued to grow moderately; according to the quarterly regional economic indicator (Iter) compiled by the Bank of Italy, gross domestic product is estimated to have risen by 0.9 per cent in the first half of the year (in line with the national figure). Furthermore, according to the Bank of Italy’s regular survey of the business sector, in the first three quarters of the year, both production and turnover increased in manufacturing in the strict sense; furthermore, short-term expectations are cautiously optimistic, although, as the report notes, they are ‘subject to downside risks’.

In the first half of the year, according to the Bank of Italy, exports at current prices rose (+8.3 per cent), even when excluding the most volatile components. Construction activity has stabilised: the number of hours worked reported to the construction workers’ social security funds remained unchanged (+0.1 per cent). The construction sector, in fact, continued to benefit from progress on major public works projects. In the property sector, transactions increased in both the residential and non-residential segments (+4.9 per cent and +4.5 per cent respectively).

According to the survey, overall, turnover for businesses in the service sector has increased. Between January and September, tourist arrivals rose (+1.8 per cent), driven mainly by Italian visitors (+2.6 per cent). In the first half of the year, the number of passengers passing through regional ports fell (-1.5 per cent), due to a decline in ferry passengers. Maritime trade traffic fell slightly (-1.3 per cent); the number of containers handled also fell (-0.9 per cent).

The report emphasises that the economic and financial situation of businesses “has remained favourable: the majority of Ligurian companies (87 per cent) expect to make a profit in 2026; liquidity has increased, approaching the highs of 2023. Overall, lending to the manufacturing sector has fallen (-3.7 per cent), partly as a result of the borrowing decisions of some major operators’.

Despite the resurgence of inflation, ‘fuelled in part by tensions in the Middle East’, the positive labour market situation has bolstered household incomes, the trend of which has led to a moderate increase in consumption in real terms (+1.2 per cent). In terms of financial savings, deposits held by households and businesses in Liguria have, on the whole, returned to growth (+1.5 per cent).