Sectoral analysis

Following the rally of 2024, the data for Q1 have confirmed that the market is in the midst of the expansionary phase of the cycle, which has led us to revise upwards our forecast scenario.

The recovery of economic activity in the area is proving to be uneven: while spending by residents has quickly normalised, commercial activity is progressing at a slower pace, with a significant number of business establishments still inactive. In addition, the impact has varied widely depending on the municipality, the level of household income and the size of the business in question.