In 2023, the industrial sales showed a contraction, particularly pronounced in the chemical and rubber-plastic sectors, while i services have demonstrated remarkable resilience following the post-pandemic recovery. Despite a slowdown in sales prices, employment grew significantly by 1,8%. The construction sector benefited from the momentum of the Super bonus, with strong growth in production in 2023, especially in public works. Looking to 2024, a moderate increase in sales is expected sector manufacturing, with lower prices and an expected decline in investments. In the construction sector, however, a slight decrease in production is expected (-0,4%).
These are Main results emerged insurvey of industrial and service companies di Bankitalia.
Survey of industrial and service companies in the year 2023
Sales of companies with at least 20 employees fell by 1,4% at constant prices, with a marked decline in theindustry in a strict sense. This decline was influenced by the slowdown in world trade and economic activity in the euro area, with a significant reduction in the chemical and rubber and plastic sectors (-5,5%). In the services, sales remained stable after a strong post-pandemic recovery. The share of companies that closed theyear in profit reached 82%, an increase from 78% the previous year, representing a high level by historical comparison in both industry and services.
Sales prices
In 2023, i selling prices charged by companies increased by an average of 3,3%, a slowdown compared to 8% in 2022. This slowdown was most pronounced in the industrial sector (3% compared to 11% in 2022), particularly among companies producing intermediate and energy goods. In services, the slowdown in prices was less marked, with an average increase of 3,5% compared to 6% the previous year. Overall, the share of companies that increased prices by at least 2% fell to 61%, compared to 73% in 2022.
Employment and wages
In 2023, theoccupation continued to growing up, an increase of 1,8% compared to 1,6% in 2022. This increase was more significant in services than in industry. Hours worked increased by 3% overall, with 62% of industrial firms and 68% of service firms reporting growth.
Despite this growth, the wages increased moderately: only 12% of workers saw an increase in hourly wages of more than 4%, against an inflation rate of 5,9%. The use of remote working remained stable, involving 28% of businesses, with 13% of workers in industry and 25% in services benefiting from it.
Financing and investments
In 2023, only just over a fifth of businesses increased their application for funding, mainly for investments, a lower share than in 2022 and low compared to the past. The greater capacity for self-financing was evident, with 75% of companies maintaining stable or increasing their liquidity, despite credit access conditions considered more restrictive for around half of the companies, especially due to interest rates. However, 86% of businesses that requested loans obtained the full amount they wanted, signaling an unrationed credit situation.
- investments they grew by 2,9% overall, driven by strong expansion in the energy and services sectors, while they remained stable in manufacturing. A significant 40% of businesses have invested in improving energy efficiency and promoting the use of renewable energy, representing over a third of total spending, with particular attention to businesses that have suffered damage from extraordinary weather events.
45% of companies have oriented their investments towards advanced technologies, such as robotics and artificial intelligence, highlighting a growth trend compared to previous years. Finally, 54% of companies took advantage of the Transition 4.0 program tax credit for capital goods, research and development, highlighting significant support for innovative corporate initiatives.
Construction sector
In 2023, construction companies saw robust growth in production (+11%), with a notable boost in both private construction (+10%) and public works (+13%). This increase was supported by the "Superbonus", which incentivized significant work in the residential sector. The year ended positively for 83% of companies, which recorded profits. The number of employed people grew by 1,4%, especially in the South, and despite debt conditions perceived as more restrictive, almost 80% of companies obtained the requested financing.
Predictions for 2024
For 2024, companies expect modest growth in overall sales (+0,2%), driven mainly by the sector manufacturing (+1,0%) while i services could record a slight decline (-0,6%). THE selling prices they are expected to continue to slow down, with an average expected increase of 2,3% (2,0% in industry and 2,5% in services), and only half of companies expect increases above 2%.
- investments show a slower pace of growth compared to 2023 (+0,8%), with a more marked increase in services, especially among large companies, and a decrease in manufacturing, especially among SMEs.
The occupation continues to grow across all sectors and regions, with an overall increase of 1,6% in the number of people employed. However, almost one in five companies expect significant difficulties in finding skilled workers in 2024, especially in the hospitality, logistics and engineering sectors.
For 2024, the construction sector expects a slight decline in production (-0,4%), concentrated mainly in SMEs and private construction, while a 9% increase is expected in public works. There Superbonus boost is expected to ease, with only 39% of businesses in the residential sector expecting to benefit from it, and for almost three-quarters of these businesses the incentive would cover less than a third of production. Despite these forecasts of a slowdown, employment in the construction sector is expected to grow further, with an expected increase of 2% in 2024.
