Economic developments in Emilia-RomagnaUpdate

The economic recovery of the region continued during the first quarter of 2007. Output rose in almost all industrial sectors. The Bank of Italy’s survey reported an improvement in the business climate for the next six months and an increase in investment in 2008. The value of exports rose in almost all sectors and foreign markets, with the exception of the United States. Employment continued to grow, mainly among the male workforce and payroll employees. There was also an increase in the rate of employment for workers aged 15 to 64. Bank lending continued to expanded at about the same rate as in the second half of 2006, thanks to continued expansion in some industries. The recent rise in interest rates mainly affected demand for consumer credit. The growth in savings invested in government bonds accelerated.