Fewer businesses set up shop

The economic uncertainty that resulted from the Russian invasion of Ukraine last February 24 has negatively impacted the creation of new businesses during the second quarter of 2022.

According to data released Tuesday by statistics authority ELSTAT, 25,341 businesses began operations from April through June, 3.9% less that during the same period in 2021, when several sectors were under the pandemic lockdown, and 7.2% fewer than from January through March 2022.

The greatest gains in new businesses were in transport and warehousing (36.3%), finance and insurance (22.5%) and catering and accommodation (21.9%), the latter in anticipation of a tourist boom. The biggest drop was in electricity and air conditioning supplies (15.2%) and in wholesale and retail commerce and auto and motorcycle repairs (13.7%).