Lombardy is one of the richest regions in the EU. Although the Italian economy was severely hit by the world economic crisis, the GDP PPS per capita of Lombardy remains among the highest in Europe and amounted up to €37,800 in 2017 (€28,400 in Italy and €29,500 in the EU) (Eurostat, 2019).
Lombardy remains the richest region in Italy with a GDP per capita about 26% higher than the national and the EU average. In 2017, with €380,955.24m, it is the fifth largest GDP among European regions (Eurostat, 2019) and represents more than one fifth of the National GDP. In 2017 has been evaluated a growth by +3.1% comparing to the value registered in 2016 (Eurostat, 2019).
In 2018, the employed workforce in Lombardy amounted to 4,32m: 67.3% was employed in services, 31.5% in the industrial field and the remaining 1.2% in agriculture.
In 2018, the regional employment rate was 67.78% vs. national and the EU average of 58.58% and 68.8% respectively. In the same period, the regional unemployment rate was 6% (Eurostat, 2019), far below the Italian and European average (10.6% and 6.9% respectively).
The economy of Lombardy is characterised by a wide variety of industries ranging from traditional sectors, such as agriculture and livestock to heavy and light industries. The service industry has also had a strong development in the recent decades. Lombardy’s production system is still one of the most developed in Italy and Europe: at the end of 2016 there were 74 enterprises per 1000 inhabitants, one of the highest rates of entrepreneurship in Europe.
SMEs dominate the market, from a shareholding point of view mostly family owned businesses, with the exception of few very large firms. In 2017, almost 40% of the total firms of the region are based in Milan and its province, and the main sectors are: mechanical, electronics, metallurgy, textiles, chemicals and petrochemicals, pharmaceuticals, food, publishing, footwear and furniture. The service sector is also very well developed and mostly related to international trade and financial services. The Italian Stock Exchange, one of the main European stock markets, is based in Milan, and the Milan Trade Fair is the largest exhibition space in Europe. In the recent past, also the touristic industry highly increased its share on contribution to the regional GDP.