In the first half of 2006 the growth of the regional economy accelerated. Orders for manufacturing industry reached a peak in the second quarter before slowing somewhat in the third. Merchandise exports to both the euro area and the countries of Asia showed appreciable gains in the first half. The flow of tourists from abroad intensified.
The pace of employment growth rose. In the credit sector, bank lending continued to grow; a slight decline in the short-term component was offset by the rapid increase in medium and long-term credit, driven above all by lending to firms. The rate of increase in banks’ total fund-raising fell owing to slower growth in the bond component; however, repos and current accounts expanded.
