In Lombardy, GDP could grow 6.4% in 2021, more than the 5.4% estimated last July. In Milan, the acceleration is accompanied by an increased number of business creations.
The economic recovery allows Lombardy, one of the most productive regions in Italy, to accelerate the growth of its GDP. In a document published last Friday, Assolombarda estimates the increase in gross domestic product at 6.4% 2021, against an estimate of 5.4% last July.
The acceleration will not, however, allow the region to exceed its pre-Covid level until 2022. This year, the difference with the pre-pandemic period will still be of the order of 3.4%. Lombardy like the main productive regions (Emilia-Romagna, Veneto and Piedmont) had experienced a drop in their GDP of 9% in 2020.
Increased business creations
In April and June 2021, the number of new business registrations increased by 4.7% compared to the average achieved between 2017 and 2019 over the same period. In Milan, growth is even stronger with 6,484 new company openings between April and June, an increase of 6.8% above the pre-pandemic level. The recovery therefore seems to have new entrepreneurial initiatives, in Lombardy more than in other Italian regions. The number of new businesses increased in a more limited way in Piedmont (1.4%), while it fell by 1.4% in Emilia-Romagna and by 4.1% in Veneto.
Some sectors are doing much better than others by exceeding their pre-Covid level. This is particularly the case for finance (+ 56%), scientific and technical activities (+ 51%) and real estate (+ 22%). On the contrary, catering, down 29%, is tiring in regaining its dynamism.