Bank of Italy: Piedmont lags behind the North in GDP, employment, income, and household consumption.

Modest growth, with employment slowing and household income and consumption struggling compared to the rest of Northern Italy. This is the picture painted by the Bank of Italy for the Piedmontese economy in 2025. This figure does not appear to offer any positive outcomes even in this year’s forecasts, which are weighed down by geopolitical uncertainty. In Piedmont, GDP increased by 0,4 percent in 2025, below the national average. Industrial weakness and the slowdown in services are weighing on the situation. The construction sector, however, is holding up thanks to the National Recovery and Resilience Plan (NRRP). Employment is also stagnant: +0,5 percent, and the use of unemployment benefits is up +20 percent compared to the Italian average of +7,5 percent. Unemployment is rising to 6 percent, and those bearing the brunt are young people, foreigners, and women. The number of NEETs, or young people neither in employment nor education, is 11,4 percent.

These figures are reflected in an economy still dependent on the declining auto market, struggling to find new focal points despite the growth of the aerospace sector (which represents 1,3 percent of the added value of Piedmontese joint-stock companies, more than double the national average) and tourism. The region is burdened by the median age, with the population being older than the Italian and Northern Italian averages (48.1 years old compared to 46.9 in Italy and 47.1 in the North). The over-65s represent 27 percent of the population, compared to 24,7 percent in Italy and 25 percent in the North. And forecasts predict this age group will gradually increase in the coming years to 34,5 percent. According to Lanfranco Suardo, head of the Bank of Italy’s Turin office, the main challenges for Piedmont are “capturing transformation and innovation and increasing the participation of women and young people in the labor market. We need to address the pool of young people neither in education nor in employment: they are a resource that must be fully leveraged to support the region’s economic and social growth,” he concluded.

Bank of Italy: Piedmont lags behind the North in GDP, employment, income, and household consumption.

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