The Bank of Italy has published its annual report on Valle d'Aosta, showing that the regional economy grew only modestly in 2025, with real output up 0.4 percent after 1.1 percent in 2024. The slowdown was driven by weaker industrial activity and exports, while construction returned to growth and services continued to strengthen on the back of tourism. Bank lending also recovered, with credit to both firms and households rising again after earlier weakness. Industry was held back by lower foreign demand, especially in metallurgy and machinery, and regional exports fell 6.3 percent in value terms. By contrast, construction benefited from projects linked to Italy's National Recovery and Resilience Plan, residential property transactions rose 15.5 percent, and tourist overnight stays increased 11.1 percent, with growth continuing into the first months of 2026. The labor market was broadly stable, but the use of wage supplementation tools increased sharply, particularly in metallurgy, and the report highlights persistent weaknesses in job quality and pay for women, young people and foreigners. Real household income and consumption still increased, though more slowly than in 2024. On financial intermediation, bank credit to firms rose again in 2025, led by the energy sector, while lending to households resumed growth through consumer credit and a recovery in home purchase loans. Credit quality improved for firms overall, especially in services and manufacturing, remained stable for households, and bank deposits strengthened markedly, mainly because of higher corporate balances. In local public finance, capital spending continued to rise, fixed investment has more than tripled since 2019, about four-fifths of PNRR-funded tenders had been awarded by the end of 2025, and payments made slightly exceeded half of allocated resources. In healthcare, digital and home-care targets advanced, but community hospitals and the full operation of community houses were still behind schedule.

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