Lodi archives the crisis: provincial GDP almost two points beyond 2019

The performance of mechanics is down, which in the second quarter of 2022 marks -32.6% compared to 2021. In the last months of this year, the economic situation is affected by the global and European situation of great uncertainty, in particular as to the duration of the slowdown. However, this year the Lodi economy will make up for the loss of GDP in 2020: the rebounds in added value of +7.7% in 2021 and +2.7% in 2022 will make it possible to recover the -8.1% of 2020. At the end of 2022, the provincial GDP will stand at +1.7% compared to 2019, very close to the regional one (+1.8%).

The best performance is achieved by the Lodigian industry, which will exceed pre-Covid levels (added value in the province at +3.1% compared to 2019 against -0.2% in the region), while services and trade will absorb the shock of the pandemic at the end of this year (value added at +0.1% compared to 2019, +1.0% for Lombardy).

Forecasts have been revised downwards for 2023, with a contraction in GDP of 0.2%, due to the drop in the added value of agriculture (-1.4%) and services (-0.5%) against an increase in industry (+0.8%) and construction (+0.8%). The prospects for the Lodi area are less brilliant than those for Lombardy, expected to grow by +0.3%. On the contrary, it is estimated that provincial employment could grow by +0.7% next year.

«The Lodi companies have consolidated this year the good performances achieved in 2021 – said Fulvio Pandini, President of the Lodi branch of Assolombarda – so much so that, according to data from the Assolombarda Study Center, they expect to close with an increase in turnover. But for 2023, the concern for our economic fabric still derives from energy costs and the climate of international uncertainty that affects the entire value chain. Despite this scenario, our businesses have never stopped supporting the local area. This is demonstrated by the over 1400 organizations and associations with which they dialogue and plan actions for the benefit of the community».

In 2021, the overall turnover of the companies analyzed (sample of 176 companies in the ranking) recorded a growth of 7.3%, reaching +8% compared to pre-Covid levels, also thanks to the substantial stability of turnover observed in 2020. The 85 % of companies has an increasing turnover while the remaining 15% records a decrease. In terms of profitability, the median EBIT is growing (from 3.6% to 4.3% of revenues) as is the ROE which goes from 7.2% in 2020 to 9.5% in 2021. The 89 % of companies are profitable (81% in 2020).