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Bankitalia: the Sardinia patient is clearly improving

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The recovery has begun and the economy of Sardinia, in the second quarter of 2021, records a clear acceleration. Thanks to the vaccination campaign and the epidemiological risk and the large public support. Positive indicators in all sectors. What emerges from the Bank of Italy’s economic report of 24 November, relating to the economy of the territories and specifically to Sardinia, is a positive picture.

The recovery

A clear recovery, as stated in the report, was registered in the second quarter. Estimates indicate a growth in the island’s GDP, from April to June, after a slight decline in the first three months of the year. «The expansionary dynamic was favored by the strengthening of investments, exports and the partial recovery of demand for consumption; overall, there are still margins of recovery with respect to the pre-pandemic level ».

Businesses between recovery and growth

The production sector grew in all sectors, although more markedly in the services sector which benefited from the recovery. These include tourism, transport, trade and social activities.

The industry grows

In industry, the production of regional energy companies has returned to growth thanks also to the greater demand for fuels, both on the national market and abroad. “Among other sectors, the demand for companies in the food and chemical sectors has strengthened, which have seen an increase in turnover”. A positive sign is also recorded in the construction sector which manages to emerge from the chronic phase dictated by the pandemic. Private investments and public works have increased in this sector. The recovery was transmitted to the real estate market, characterized by an increase in sales in the first half of the year. The economic and financial conditions of the companies have improved; the recovery in production has pushed corporate profitability, which returned to levels similar to those observed in 2019. The strong uncertainty still perceived on the markets is reflected in the prudent attitude of economic operators, who continue to maintain high levels of liquidity held with banks .

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Work and families

The first six months of 2021 also recorded an improvement in the regional labor market, especially if compared to the figure of the previous year, which was particularly affected by the pandemic. The number of employees has increased since the second quarter, but the level remains lower than before the health crisis. The growth in demand for work, especially in the term component, continued in the summer season, driven by the good performance of tourism. Permanent positions are still affected by the limited number of hires and transformations, continuing to benefit from government measures to support employment. Since spring there has been an increase in participation in the labor market. In a still weak context, an increase in the unemployment rate was observed, slightly more marked for women.

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