Genoese economy in troubled waters but driven by tourism

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Between July and November, he continued, «the port’s activity suffered a setback (containers -3.4% and goods unchanged, compared to the same period in 2022, ed). Furthermore, since last November, the Houthi attacks in the Red Sea have forced ships bound for Genoa to delay and caused container transport costs to skyrocket”.

Driving tourism in 2023

Services, in particular tourism, which continues to make strong progress, driven by record spending by foreigners, contributed to making the overall declines less severe, the study underlines. This has proven to be the driving sector, not only of services, but of the entire Genoese economy in the second part of 2023.

The turnover of companies in the tourism sector increased further compared to the same period in 2022: turnover from Italian customers increased by 8%, that from foreign customers by 7.2%.

Employment is growing but manufacturing is suffering

As we have seen, employment in Genoa as a whole continues to grow, but at a slow pace and with difficulties in finding it, especially as regards specialized workers and plant operators, fixed machinery workers and vehicle drivers.

The manufacturing industry then recorded the second consecutive decline on a half-yearly basis. The decline in production (-1.4%) is mainly attributable to chemicals, plastics and plant-metalworking. Exports are struggling (-1% in orders and -0.6% in turnover).

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