The financial services and insurance sector in Italy saw varied performance over the past decade. From 2013 to 2016, the sector experienced modest growth and then faced a decline till 2019. A notable recovery in 2020 was followed by substantial drops in 2021 and 2022. By 2023, the sector slightly rebounded with a value standing at 3.5 units, showing a positive year-on-year variation of 2.94%. Despite this slight growth, the compound annual growth rate (CAGR) from 2019 to 2023 was negative at -3.11%.
Looking forward, from 2024 to 2028, the financial services and insurance output is forecasted to remain stable at 3.5 units with no expected growth, indicating a flat line in projection with a forecasted 5-year CAGR of 0%.
Future trends to watch for include:
- Potential recovery or further decline influenced by macroeconomic factors and regulatory changes.
- Impact of digital transformation and fintech innovations on the sector's performance.
- Shifts in consumer behavior and market demands due to technological advancements and economic conditions.
- Climate change impacts and the role of sustainability in financial services and insurance offerings.
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