Lombardy 2023: economic growth and technological innovation

During 2023, Lombardy demonstrated robust economic performance, surpassing the national average with a Gross Domestic Product growth of 1.2%, compared to Italy’s 0.9%.

This success was fueled by a significant increase in business investments, which rose by 4.4% despite rising interest rates. Lombard companies focused on emerging sectors such as energy efficiency and digital technologies, with over 60% of businesses engaged in sustainability and digitalization projects.

These investments not only strengthened the competitiveness of regional enterprises but also had a positive impact on employment. Over 100,000 new jobs were created during the year, helping to reduce the regional unemployment rate to 4%. However, Lombardy faces persistent challenges in innovation, with research and development investments lagging behind European standards, representing only 1.3% of the regional GDP.

Looking ahead, the region is poised to consolidate its achievements and further enhance its innovative capacity. The Director General of the Bank of Italy emphasized the importance of supporting innovation as a key driver for sustainable economic growth, while addressing structural challenges and improving overall productivity in the Lombard economy.

These developments confirm Lombardy as a leading engine of the Italian economy, ready to continue its growth trajectory through targeted investments and innovative strategies essential for maintaining competitiveness in an ever-evolving global economic landscape.

Source:
Il Sole 24 Ore
Il Sole 24 Ore