THELombard export for business services enjoys excellent health. In 2022, Lombardy exported 23,3 billion euros in this area, a value that includes supplies abroad of IT and communications, finance and insurance, professional services, research and development and other business services, including , services related to trade and operating leasing. In comparison with the national figure, Lombardy concentrates 37,7% of Italian exports of business services. These are the first evidences of the Economy Booklet, made by Assolombarda Study Center, reveal the growth of Lombard exports for business services.
Spada (Assolombarda): "Confidence in the manufacturing sector is losing again in July"
“The data on exports of business services are good, confirming the strength of our entrepreneurial fabric”, he declared Alessandro Spada, president of Assolombarda, however highlighting another negative figure. The sentiment of manufacturing companies in the North-West has dropped "for the fourth consecutive month and reaches the lowest levels since January 2021. An alarm bell that should not leave us indifferent, especially if we look at the great results achieved so far by our manufacturing : we are talking about 163 billion generated in terms of exports in Lombardy, equal to twice that of Portugal or Finland. This territory, thanks to its businesses, has the strength of an entire state: politics has the responsibility to be fully aware of this. This is why, to give new impetus to these results, especially following the preliminary estimate released by Istat relating to the Italian GDP in the second quarter which marked -0,3% compared to the previous one, the grounding of the PNRR must be the priority.
Business services, Lombardy's exports are still growing
Lombardy's exports of business services grew by +14,8% on 2021, better than the Italian +14,2% but lower than the European +17,7% and the +19,1% recorded for regional manufacturing exports. On the other hand, the expansion compared to pre-Covid is more marked and equal to +37,6%, a variation higher than the +32,3% of the European average and significantly different from the national +16,5%. This is a brilliant dynamic also in comparison with the territory's manufacturing exports, which grew by +27,5% in the same period.
The categories that grow the most
In detail, the categories that recorded an expansion above the total average of +14,8% are: i IT and communication services (+23,2% compared to 2021), i professional services (+18,7%) and those financial e insurance (+15,7%). The latter represent about a fifth (19%) of the total, as do professional services (22,1%). Of greater importance are “other business services”, which account for a third of the aggregate (33,7%). Followed by information technology and communications (14,9%) and the research and development category, which accounts for about a tenth of the total value (10,4%).
Confidence in manufacturing declines again in July
As regards the most recent Istat surveys on manufacturing firms in the Northwest, assessments on order books drop and inventories of finished products rise to levels equal to double the 2022 average. After two months of flexion production expectations for the next 3-4 months instead stabilize on the balance of the previous month. The index also falls in Italy, Spain and, particularly sharply, in Germany and France.
After the declines recorded in May and June, the climate of confidence in services in the North-West thanks to prospects for growth on the demand side which offset the reduction in final orders. The index also rises in Italy and Spain, while it falls in Germany and France.
Stable bank loans
As regards bank loans, in March 2023 Lombardy businesses recorded substantial stability (+0,2% on an annual basis), confirming the deceleration seen in December 2022. The slowdowns are also evident in Emilia Romagna (+0,8%) and in Veneto (-1,9%), while the Piemonte it recorded a -1,6% in March after a drop of more than -5% in 2022. These dynamics are the result of an increasingly intense contraction in loans to micro and small businesses both in Lombardy and in the Italian benchmark regions. In detail by sector, in March 2023, loans to Lombard businesses operating in services increased by +2,6% on an annual basis, while manufacturing recorded a change of trend and, after more than 12 months of increases, loans decreased by -1,6 .2,2%. Also in the construction sector there was a drop of -2022% compared to March XNUMX.
The labor market
Then there is the chapter work. Flow analysis assumptions e terminations confirms the positive picture that emerged both last year and in the first quarter of this year from the indicators of occupation e unemployment. In the months between April 2022 and March 2023 in Lombardia new hires amounted to 1.516.040, of which 22% on permanent contracts, up respectively by +4,4% and +7,4% over the previous twelve months. Even at the national level, new permanent contracts are growing at a faster rate (+5,9%) than the total (+3,8%). At the same time, in Lombardy there are 1.411.319 terminations, an increase of +8,8% compared to the period April 2021-March 2022. A similar trend is also recorded in Italy (+8,3%). Among the causes, voluntary resignations are growing at a lower rate, respectively by +5,4% and +3,6%.
In this context, also considering the contractual transformations that took place between April 2022 and March 2023, we obtain positive balances both at regional and national level. In the first case, the balance between hirings and terminations amounted to +104.721 units (-32,5% compared to the previous 12 months): this number is determined exclusively by the balance of permanent contracts, +106.110 units, a sharp increase from + 43.534 in the previous twelve months. Also in the Italian average, the difference between incoming and outgoing flows is positive, but with a more accentuated contraction compared to the previous period (-37,9%).
Milan data
Between April 2022 and March 2023 Milan records 718.568 hires, of which 24% with permanent contracts, an incidence higher than both the Lombard 22% and the Italian 17%. In the same period, terminations amounted to 659.654, of which about a third (34%) due to resignations. Also taking into account the contractual transformations, the balance between hirings and terminations is positive and equal to +58.914, where permanent contracts contributed by 85,8%.
Monza and Brianza
The Brianza data are also good. In the Province of Monza, 92.973 contracts were activated between April 2022 and March 2023, of which almost a quarter (24%) with permanent contracts, a higher incidence than the regional (22%) and national (17%) ones. With regard to terminations, in the period considered 87.025 contracts were terminated, 40% of which for voluntary resignations: this incidence stands out both in comparison with the 36% in Lombardy and with the 28% in Italy. The difference between incoming and outgoing flows net of transformations is positive (+5.948) thanks to the substantial contribution of permanent contracts.
Lodi
Between April 2022 and March 2023 a Lodi there were 20.744 new contracts, of which about a quarter (24%) with permanent contracts, an incidence higher than the regional 22% and the national 17%. At the same time, the Province counts 19.348 terminations, 39% of which for voluntary resignations, higher than both the Lombard 36% and the Italian 28%. Also taking into account the transformations from one type of contract to another, the balance between hirings and terminations remains positive (+1.397) thanks exclusively to the contribution of permanent contracts.
Pavia
In the twelve months between April 2022 and March 2023 the Province of Pavia it has 52.105 hires, of which almost a fifth (19%) are with permanent contracts; although lower than the Lombard 22%, the incidence is still higher than the Italian 17%. In the same period, there were 49.388 terminations, 36% of which for voluntary resignations, a share in line with the regional figure and higher than the national 28%. The balance between hirings and terminations, net of contractual transformations, is positive (+2.717) due to the increase in permanent contracts.
