Gross domestic product ( GDP ) is a monetary measure of the market value of all the final goods and services produced and rendered in a specific time period by a country or countries. GDP is often used to measure the economic health of a country or region. Several national and international economic organizations maintain definitions of GDP, such as the OECD and the International Monetary Fund .
94-554: Not to be confused with Lombardy . Lombardi may refer to: Lombardi (surname) Lombardi (play) , a Broadway play Lombardi (film) , a 2010 television documentary I lombardi alla Prima Crociata , an opera by Verdi Lombardi Software was an enterprise software company based in Austin, Texas Lombardi's , first pizzeria in the United States Lombardy ,
188-509: A base year. The result would be that the GDP in 2000 equals $ 300 million × 1 ⁄ 2 = $ 150 million , in 1990 monetary terms. We would see that the country's GDP had realistically increased 50 percent over that period, not 200 percent, as it might appear from the raw GDP data. The GDP adjusted for changes in money value in this way is called the real GDP . The factor used to convert GDP from current to constant values in this way
282-518: A country becomes increasingly in debt, and spends large amounts of income servicing this debt this will be reflected in a decreased GNI but not a decreased GDP. Similarly, if a country sells off its resources to entities outside their country this will also be reflected over time in decreased GNI, but not decreased GDP. This would make the use of GDP more attractive for politicians in countries with increasing national debt and decreasing assets. Gross national income (GNI) equals GDP plus income receipts from
376-521: A country's borders, but by an enterprise owned by somebody outside the country, counts as part of its GDP but not its GNI; on the other hand, production by an enterprise located outside the country, but owned by one of its citizens, counts as part of its GNI but not its GDP. For example, the GNI of the US is the value of output produced by American-owned firms, regardless of where the firms are located. Similarly, if
470-650: A country's citizens at home and abroad rather than its "resident institutional units" (see OECD definition above). The switch from GNP to GDP in the United States occurred in 1991. The role that measurements of GDP played in World War II was crucial to the subsequent political acceptance of GDP values as indicators of national development and progress. A crucial role was played here by the U.S. Department of Commerce under Milton Gilbert where ideas from Kuznets were embedded into institutions . The history of
564-406: A country's production has increased (or decreased, if the growth rate is negative) compared to the previous year, typically expressed as percentage change . The economic growth can be expressed as real GDP growth rate or real GDP per capita growth rate . GDP can be adjusted for population growth, also called Per-capita GDP or GDP per person . This measures the average production of a person in
658-521: A merchant or banker from northern Italy, for example Lombard Street, London . The name "Lombardy" came to denote the whole of northern Italy until the 15th century and sometimes later. From the 14th century onward, the instability created by the internal and external struggles ended in the creation of noble seigniories , the most significant of whom were the Viscontis (later Sforzas ) in Milan and of
752-534: A metric for international comparisons as well as a broad measure of economic progress . It is often considered to be the world's most powerful statistical indicator of national development and progress. However, critics of the growth imperative often argue that GDP measures were never intended to measure progress, and leave out key other externalities , such as resource extraction , environmental impact and unpaid domestic work . Alternative economic indicators such as doughnut economics use other measures, such as
846-585: A region of Italy Georgetown Lombardi Comprehensive Cancer Center , a cancer center in Washington, D.C. Falco Lombardi , a fictional character Vince Lombardi Trophy : awarded to the winning team of the Super Bowl See also [ edit ] Lombardo Lombards Longobardi (disambiguation) Lombard (disambiguation) Topics referred to by the same term [REDACTED] This disambiguation page lists articles associated with
940-574: A significant boom due to improved trading, sartorial manufacturing of silk and wool, and agricultural conditions; arms manufacturing for the purpose of defensive army development, by the German imperial divisions of Guelphs ( Welfen ) defending the Pope and Ghibellins ( Wibellingen ) defending the Emperor, became a significant factor. As in other areas of Italy, this led to a growing self-acknowledgement of
1034-467: Is US$ 5,040,107.75 (in a million). Predictably, as a developed country, Japan has a higher GNI (by 182,779.46, in millions of USD), which is indicative that the production level in the country is higher than that of national production. On the other hand, the case with Armenia is the opposite, with GDP being lower than GNI by US$ 196.12 (in million). This demonstrates that countries receive investments and foreign aid from abroad. The Total income divided by
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#17327808403801128-425: Is also sometimes expressed as: The third way to estimate GDP is to calculate the sum of the final uses of goods and services (all uses except intermediate consumption) measured in purchasers' prices. Market goods that are produced are purchased by someone. In the case where a good is produced and unsold, the standard accounting convention is that the producer has bought the good from themselves. Therefore, measuring
1222-462: Is an administrative region of Italy that covers 23,844 km (9,206 sq mi); it is located in northern Italy and has a population of about 10 million people, constituting more than one-sixth of Italy's population. Lombardy is located between the Alps mountain range and tributaries of the river Po , and includes Milan , its capital, the largest metropolitan area in the country, and among
1316-696: Is bordered by Canton Ticino and Canton Grisons of Switzerland to the north, and by the Italian regions of Trentino-Alto Adige/Südtirol and Veneto to the east, Emilia-Romagna to the south and Piedmont to the west. Lombardy's northern border is between the Valtellina and the valleys of the Rhine and the Inn . To the east, Lake Garda and the Mincio separate Lombardy from the other Italian regions, as does
1410-838: Is calculated this way it is sometimes called gross domestic income (GDI), or GDP (I). GDI should provide the same amount as the expenditure method described later. By definition, GDI is equal to GDP. In practice, however, measurement errors will make the two figures slightly off when reported by national statistical agencies. This method measures GDP by adding incomes that firms pay households for factors of production they hire – wages for labour, interest for capital, rent for land and profits for entrepreneurship. The US "National Income and Product Accounts" divide incomes into five categories: These five income components sum to net domestic income at factor cost. Two adjustments must be made to get GDP: Total income can be subdivided according to various schemes, leading to various formulae for GDP measured by
1504-474: Is called the GDP deflator . Unlike consumer price index , which measures inflation or deflation in the price of household consumer goods, the GDP deflator measures changes in the prices of all domestically produced goods and services in an economy including investment goods and government services, as well as household consumption goods. Real GDP can be used to calculate the GDP growth rate, which indicates how much
1598-473: Is contributed at each stage of production. This approach mirrors the OECD (Organisation for Economic Co-operation and Development) definition given above. Gross value added = gross value of output – value of intermediate consumption. Value of output = value of the total sales of goods and services plus the value of changes in the inventory. The sum of the gross value added in the various economic activities
1692-625: Is foundational to Italy in the Middle Ages . The term was also used until around 965 in the form Λογγοβαρδία ( Longobardia ) as the name for the territory roughly covering modern Apulia, which the Byzantines had recovered from the Lombard rump state Duchy of Benevento . Lombardy has a surface area of 23,861 km (9,213 sq mi), and is the fourth-largest region of Italy after Sicily , Piedmont and Sardinia . It
1786-404: Is known as "GDP at factor cost". GDP at factor cost plus indirect taxes less subsidies on products = "GDP at producer price". For measuring the output of domestic product, economic activities (i.e. industries) are classified into various sectors. After classifying economic activities, the output of each sector is calculated by any of the following two methods: The value of output of all sectors
1880-570: Is mainly humid subtropical ( Köppen Cfa), especially in the plains, though with significant variations to the Köppen model, especially in the normally long, damp, and cold winters. There is high seasonal temperature variation; in Milan, the average temperature is 2.5 °C (36.5 °F) in January and 24 °C (75 °F) in July. The plains are often subject to fog during the coldest months. In
1974-565: Is of more recent origin; formed by the deposit of detrital material on the continental shelf, coming from the erosion caused by surface waters, which accompanied the lifting of the Alpine chain, which rose to the west and north of the plain, and of the Apennine chain to the south, which filled the marine gulf existing in the Pliocene created by the uplift of the two mountain chains. Lombardy
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#17327808403802068-546: Is one of the most-air-polluted areas of Europe. Because of high levels of industrialisation and the lack of wind due to the region being enclosed between mountain ranges, air pollution remains a severe problem in Lombardy and northern Italy. In March 2019, the European Space Agency (ESA) published images taken from its satellites that show a large stain composed of nitrogen dioxide and fine particles above
2162-587: Is that GDP defines its scope according to location, while GNI defines its scope according to ownership. In a global context, world GDP and world GNI are, therefore, equivalent terms. GDP is a product produced within a country's borders; GNI is product produced by enterprises owned by a country's citizens. The two would be the same if all of the productive enterprises in a country were owned by its own citizens and those citizens did not own productive enterprises in any other countries. In practice, however, foreign ownership makes GDP and GNI non-identical. Production within
2256-847: Is the Alpine zone, which includes the Lepontine and Rhaetian Alps (4,020 m (13,190 ft)), which derive their name, respectively, from the Raeti , a population of Etruscan origin who took refuge in the Central Alps during the Celtic invasion of the Italian peninsula, and from the Ligurian population of the Lepontii settled in this area and then subjugated by the Roman emperor Augustus ,
2350-556: Is the economic capital of Italy and is a global financial centre . Of the fifty-eight UNESCO World Heritage Sites in Italy, eleven are in Lombardy, tying it with Castile and León in northwest-central Spain . Virgil , Pliny the Elder , Ambrose , Gerolamo Cardano , Caravaggio , Claudio Monteverdi , Antonio Stradivari , Cesare Beccaria , Alessandro Volta , and Alessandro Manzoni ; and popes John XXIII and Paul VI originated in
2444-789: Is the second most populous region of the European Union (EU), and the second region of the European Union by nominal GDP. Lombardy is the first region of Italy in terms of economic importance, contributing to approximately a fifth of the national gross domestic product (GDP). Lombardy is a member of the Four Motors for Europe , an international economical organization whose other members are Baden-Württemberg in Germany, Catalonia in Spain, and Auvergne-Rhône-Alpes in France. Milan
2538-453: Is then added to get the gross value of output at factor cost. Subtracting each sector's intermediate consumption from gross output value gives the GVA (=GDP) at factor cost. Adding indirect tax minus subsidies to GVA (GDP) at factor cost gives the "GVA (GDP) at producer prices". The second way of estimating GDP is to use "the sum of primary incomes distributed by resident producer units". If GDP
2632-911: The Risorgimento , with the Five Days of Milan in March 1848, the Ten Days of Brescia in 1849, the Belfiore martyrs in Mantua in the years between 1851 and 1853. The annexation of Lombardy to the Kingdom of Piedmont-Sardinia occurred following the Second Italian War of Independence in 1859, a war during which Lombardy was the main theatre of battle (battles of Montebello , Palestro , Magenta , Solferino and San Fermo ). In 1861, with
2726-572: The Adriatic Sea . Celtic development was halted by the Roman expansion in the Po Valley from the 3d century BC. After centuries of struggle, at the end of the 2nd century B.C., the entirety of modern-day Lombardy became a Roman province called Gallia Cisalpina —" Gaul on the inner side (with respect to Rome) of the Alps ". The Roman culture and language overwhelmed the former civilisation in
2820-482: The Air Quality Life Index (AQLI), Po Valley air pollution reduces life expectancy by about six months. Air pollution in the Po Valley is connected to livestock and factories. The use of NPK fertilizers , made of nitrogen, phosphorus and potassium, along with manure emissions from intensive breeding and high levels of nitrogen dioxide released by diesel and petrol engines are all causes of pollution in
2914-552: The Alta —an upper, permeable ground zone in the north—and the Bassa , a lower zone dotted by the line of fontanili , spring waters rising from impermeable ground. Inconsistent with the three distinctions above is the small sub-region of Oltrepò Pavese , which is formed by the Apennine foothills beyond the Po , and Lomellina , area particularly renowned for its rice paddies . The Po marks
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3008-788: The Bernina Pass (2,323 m (7,621 ft)), with the latter two which are located in Swiss territory. The most important national passes are the Stelvio Pass (2,759 m (9,052 ft)) and the Tonale Pass (1,883 m (6,178 ft)), which connect Lombardy with Trentino-Alto Adige . These Alpine passes are also of great importance from a historical point of view, given that they have always allowed easy communication between Lombardy and its bordering territories. It then resulted in constant commercial traffic, which contributed to
3102-654: The Fossa Interna , also known as the Inner Ring. The urban section of the Naviglio Martesana was covered over at the beginning of the 1930s, together with the entire Inner Ring, thus sounding the death knell for the north-eastern canals. The Lombard Alpine valleys are wider than those found, again in the Alps , in Piedmont and Aosta Valley . Most of them are crossed by streams that descend towards
3196-738: The Gonzagas in Mantua. This wealth, however, attracted the now-more-organised armies of national powers such as France and Austria, which waged a lengthy battle for Lombardy in the late 15th to early 16th centuries. After the Battle of Pavia , the Duchy of Milan became a possession of the Habsburgs of Spain; the new rulers did little to improve the economy of Lombardy, instead imposing a growing series of taxes to support their lengthy series of European wars. The eastern part of modern-day Lombardy, including
3290-617: The Human Development Index or Better Life Index , as better approaches to measuring the effect of the economy on human development and well being . William Petty came up with a concept of GDP, to calculate the tax burden , and argue landlords were unfairly taxed during warfare between the Dutch and the English between 1652 and 1674. Charles Davenant developed the method further in 1695. The modern concept of GDP
3384-472: The Kingdom of Italy , both of which were puppet states of France's First Empire , with Milan as capital and Napoleon as head of state. During this period, Lombardy regained Valtellina from Switzerland. The restoration of Austrian rule in 1815 as the Kingdom of Lombardy–Venetia was characterised by a struggle with the new ideals introduced by the Napoleonic era. Lombardy was then an important centre of
3478-790: The Oltrepò Pavese , formerly the southern part of the Province of Novara , to the Province of Pavia . The Alpine front of World War I crossed the eastern Lombardy Alpine side, and in the post-war period Milan was the centre of the Italian Fasces of Combat . Milan then became the Gold Medal of Military Valor for the Italian resistance movement during the Italian Civil War after its liberation from fascism during
3572-930: The Orobic Alps (3,050 m (10,010 ft)) which derive their name from the Orobii , population of Ligurian or perhaps Celtic origin, the Ortler Alps and the Adamello massif. It is followed by the Alpine foothills zone Prealps , which are followed by hills that smooth the transition from the mountain to the Po Valley , the main peaks of which are the Grigna Group (2,410 m (7,910 ft)), Resegone 1,875 m (6,152 ft), and Presolana (2,521 m (8,271 ft)). The plains of Lombardy, which are formed by alluvial deposits, can be divided into
3666-629: The Piazza Fontana bombing in Milan in 1969 and the Piazza della Loggia bombing in Brescia in 1974. In the 1980s, Milan became a symbol of the country's economic growth, and a symbol of the economic-financial rampantism of the so-called "Milano da bere" , literally "Milan to be drunk", while the Milanese socialist group of Bettino Craxi was in the national government. The city of Milan, in
3760-727: The Po Valley , forming rivers which then flow into the Po on the hydrographic left. Thanks to the width of their valleys, the Lombard Alpine passes, although they are at a high altitude, are easily accessible. The most important international passes found in the Lombard Alps and which connect the region with Switzerland are the Splügen Pass (2,118 m (6,949 ft)), the Maloja Pass (1,815 m (5,955 ft)) and
3854-402: The Prealpine zone, up to 1,500 to 2,000 mm (59.1 to 78.7 in) annually, but is also abundant in the plains and alpine zones, with an average of 600 to 850 mm (23.6 to 33.5 in) annually. Average annual rainfall is 827 mm (32.6 in). Lake Garda, thanks to its size and position, mitigates the climate of its coasts, creating a " Mediterranean " microclimate which makes
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3948-404: The Valcamonica depicting animals, people, and symbols were made over 8,000 years before the Iron Age , based on about 300,000 records. The many artefacts found in a necropolis near Lake Maggiore and the Ticino demonstrate the presence of the Golasecca Bronze Age culture that prospered in western Lombardy between the ninth and the 4th centuries BC. In the following centuries, Lombardy
4042-463: The World War II , while the partisan resistance spread across the valleys and provinces. Following the historical borders, in 1948 the administrative region of Lombardy was prefigured as part of the newly formed Italian Republic . In the years of the Italian economic miracle , Milan was one of the poles of the "industrial triangle" of northern Italy formed by the cities of Turin - Milan - Genoa . The Years of Lead had wide relevance in Lombardy, with
4136-402: The inflation rates of the countries; therefore, using a basis of GDP per capita at purchasing power parity (PPP) may be more useful when comparing living standards between nations, while nominal GDP is more useful comparing national economies on the international market. Total GDP can also be broken down into the contribution of each industry or sector of the economy. GDP is often used as
4230-457: The proclamation of the Kingdom of Italy , Lombardy became part of the modern Italian state, except for the central-eastern part of the province of Mantua which was annexed in 1866 after the Third Italian War of Independence . Regarding the battle of Solferino, it was during this conflict that Henry Dunant took the initiative to create the Red Cross . After the annexation of Mantua, Lombardy achieved its present-day territorial shape by adding
4324-416: The Alpine foothills with oceanic climate ( Köppen Cfb), numerous lakes have a mitigating influence, allowing typically Mediterranean crops (olive, citrus fruit ) to grow. In the hills and mountains, the climate is humid continental ( Köppen Dfb). In the valleys, it is relatively mild while it can be severely cold with copious snowfalls above 1,500 m (4,900 ft). Precipitation is more intense in
4418-589: The Alps are a succession of low hills of morainic origin that were formed during the Last Glacial Period and small, barely fertile plateaux with typical heaths and conifer woods. A minor mountainous area the Oltrepò Pavese lies in the Apennines range south of the Po. The navigli are a system of interconnected canals in and around Milan dating back as far as the Middle Ages. The system consists of five canals: Naviglio Grande , Naviglio Pavese , Naviglio Martesana , Naviglio di Paderno , Naviglio di Bereguardo . The first three were connected through Milan via
4512-403: The Lombard people and the Gallo-Roman peoples improved. The Lombard language and culture was integrated with the Latin culture, leaving evidence in many names, the legal code and laws. The Lombards became intermixed with the Roman population owing to their relatively smaller number. The end of Lombard rule came in 774, when the Frankish king Charlemagne conquered Pavia , deposed Desiderius
4606-454: The Lombard side of the river Ticino to protect one of the last major examples of fluvial forest in northern Italy. There have also been efforts to protect the endangered Italian agile frog . Parco naturale lombardo della Valle del Ticino is the first Italian regional park to be established as well as the first European river park. In 2022 the two Parks were included by UNESCO in the World Network of Biosphere Reserves . Other parks in
4700-545: The Po Valley area. Lombardy is the geographic and economic centre of this area, with more than 10 million residents and the highest GRP per inhabitant of the country. Most of its major cities are located in the Po river basin, which crosses the region. The stain analysed by ESA is the main reason Po Valley air pollution levels are so high. Milan also has high levels of ozone and nitrogen oxides , which are mainly produced by cars diesel and petrol engines. According to Chicago Energy Policy Institute , which has recently developed
4794-473: The Po Valley suffer the most serious impact of poor air quality in Europe, primarily the metropolitan area of Milan, which is 13th in terms of fine particulate impact, with an annual premature death rate of 3,967 – approximately 9% of the total. From archaeological findings of ceramics, arrows, axes, and carved stones, the area of current-day Lombardy has been settled at least since the second millennium BC. Well-preserved rock drawings left by ancient Camuni in
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#17327808403804888-443: The Po river in the south with the exception of the province of Mantua and Oltrepò Pavese . The western boundary is formed by the Lake Maggiore and the Ticino river, except Lomellina . Lombardy has three natural zones; mountains, hills and plains—the last being divided into Alta (high plains) and Bassa (low plains). The surface area of Lombardy is divided almost equally between the plains (which represent approximately 47% of
4982-487: The Prealpine area include some species of saxifrage , Lombardy garlic , groundsel and bellflowers . The highlands are characterised by the typical vegetation of the Italian Alps . At and below about 1,100 m (3,600 ft), oaks or broadleaf trees grow; on the mountain slopes between 2,000 and 2,100 m (6,600 and 6,900 ft), beech trees grow at the lowest limits with conifer woods higher up. Shrubs such as rhododendron , dwarf pine and juniper are native to
5076-427: The accounting year. ) So for example if a car manufacturer buys auto parts , assembles the car and sells it, only the final car sold is counted towards the GDP. Meanwhile, if a person buys replacement auto parts to install them on their car, those are counted towards the GDP. According to the U.S. Bureau of Economic Analysis, which is responsible for calculating the national accounts in the United States, "In general,
5170-431: The area of modern-day Lombardy. The name Lombardy comes from Lombard , which is derived from Late Latin Longobardus, Langobardus ("a Lombard"), which derived from the Proto-Germanic elements * langaz + * bardaz ; equivalent to long beard . According to some scholars, the second element derives from Proto-Germanic *bardǭ , *barduz ("axe"), related to German Barte . The name of
5264-504: The cities Bergamo and Brescia , was controlled by the Republic of Venice , which had begun to extend its influence in the area from the 14th century onwards. Between the mid-15th century and the battle of Marignano in 1515, the northern part of east Lombardy from Airolo to Chiasso (modern Ticino ), and the Valtellina valley came under possession of the Old Swiss Confederacy . Pestilences like that of 1628–1630, which Alessandro Manzoni described in his I Promessi Sposi , and
5358-444: The cities, whose increasing wealth made them able to defy the traditional feudal supreme power that was represented by the German emperors and their local legates. This process peaked in the 12th and 13th centuries, when Lombard Leagues formed by allied cities of Lombardy, usually led by Milan, defeated the Hohenstaufen Emperor Frederick I , at Legnano but not his grandson Frederick II at Battle of Cortenuova . Although having
5452-540: The concept of GDP should be distinguished from the history of changes in many ways of estimating it. The value added by firms is relatively easy to calculate from their accounts, but the value added by the public sector , by financial industries, and by intangible asset creation is more complex. These activities are increasingly important in developed economies, and the international conventions governing their estimation and their inclusion or exclusion in GDP regularly change in an attempt to keep up with industrial advances. In
5546-401: The country. GDP per capita is often used as an indicator of living standards. The major advantage of GDP per capita as an indicator of the standard of living is that it is measured frequently, widely, and consistently. It is measured frequently in that most countries provide information on GDP every quarter, allowing trends to be seen quickly. It is measured widely in that some measure of GDP
5640-412: The cultivation of olive trees and the production of olive oil possible; the so-called "Lombard oil" is also produced in other Lombard lake areas. The geological structure of Lombardy derives from the orogeny of the Alps due to the collision between the African and Eurasian plates which generated the Alpine chain from the Upper Cretaceous to the Miocene . The Po Valley , on the other hand,
5734-433: The development of the region. The plains have been intensively cultivated for centuries, and little of the original environment remains. The most common trees are elm , alder , sycamore , poplar , willow and hornbeam . In the area of the foothills lakes, however, olive , cypresses and larches grow, as do varieties of subtropical flora such as magnolia , azalea and acacias . Numerous species of endemic flora in
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#17327808403805828-455: The early 1990s, was the origin of the series of scandals known as Tangentopoli which emerged from the judicial investigations of the Milanese prosecutor's office known as Mani pulite , which then spread to the rest of the country. In early 2020, Lombardy was severely affected by the COVID-19 pandemic , in which Italy was one of the worst-affected countries in Europe. Several towns were quarantined from 22 February after community transmission
5922-512: The fall of Pavia on the river Ticino , in CE 774 by the Frankish Charlemagne on the Pope's behalf. As such, "Lombardy" and "Italy" were almost interchangeable; by the mid-8th century, the Lombards ruled everywhere except the Papal possessions around Rome —roughly modern Lazio and northern Umbria — Venice and some Byzantine possessions in the south—southern Apulia and Calabria ; some coastal settlements including Amalfi , Gaeta , Naples and Sorrento ; Sicily and Sardinia ; their culture
6016-423: The famous Edict of Milan that gave freedom of confession to all religions within the Roman Empire. During and after the fall of the Western Empire, Lombardy heavily suffered from destruction brought about by a series of invasions by tribal peoples. After 540, Pavia became the permanent capital of the Ostrogothic Kingdom , the fixed site of the court and the royal treasury. The last and most effective invasion
6110-399: The following centuries. In the 10th century, Lombardy, although formally under the rule of the Holy Roman Empire, was included in the kingdom of Italy , of which Pavia remained the capital until 1024. Starting gradually in the late-11th century, Lombardy became divided into many small, autonomous city-states, the medieval communes . Also in the 11th century, the region's economy underwent
6204-458: The following years, and Lombardy became one of the most-developed and richest areas of Italy with the construction of roads and the development of agriculture and trade. Important figures were born here, such as Pliny the Elder (in Como ) and Virgil (in Mantua). In late antiquity the strategic role of Lombardy was emphasised by the move of the capital of the Western Empire to Mediolanum (Milan). Here, in 313 AD, Roman Emperor Constantine issued
6298-399: The general decline of Italy's economy in the 17th and 18th centuries halted further development of Lombardy. In 1706 the Austrian Empire came to power, and introduced some economic and social measures that allowed a degree of recovery to occur. Austrian rule was interrupted in the late-18th century by the French; under Napoleon , Lombardy became the centre of the Cisalpine Republic and of
6392-553: The income approach. A common one is: The sum of COE , GOS and GMI is called total factor income; it is the income of all of the factors of production in society. It measures the value of GDP at factor (basic) prices. The difference between basic prices and final prices (those used in the expenditure calculation) is the total taxes and subsidies that the government has levied or paid on that production. So adding taxes less subsidies on production and imports converts GDP(I) at factor cost to GDP(I) at final prices. Total factor income
6486-443: The information required (especially information on expenditure and production by governments). The raw GDP figure as given by the equations above is called the nominal, historical, or current GDP. When one compares GDP figures from one year to another, it is desirable to compensate for changes in the value of money—for the effects of inflation or deflation. To make it more meaningful for year-to-year comparisons, it may be multiplied by
6580-464: The largest in the EU. Its territory is divided into 1,502 comuni (region with the largest number of comuni in the entire national territory ), distributed in twelve administrative subdivisions (eleven provinces plus the Metropolitan City of Milan ). The region ranks first in Italy in terms of population, population density and number of local authorities, while it is fourth in terms of surface area, after Sicily , Piedmont and Sardinia . It
6674-437: The last Lombard king, and annexed the Kingdom of Italy —mostly northern and central present-day Italy—to his newly established Holy Roman Empire . Charlemagne was crowned by the Pope on 25 December 800. The former Lombard dukes and nobles were replaced by other German vassals, prince-bishops and marquises. The entire northern part of the Italian peninsula continued to be called "Lombardy" and its population "Lombards" throughout
6768-569: The military purpose as preponderant, the Lombard League also had its own stable government, considered one of the first examples of confederation in Europe. Subsequently, among the local city-states, a process of consolidation took place, and by the end of the 14th century, two signoria emerged as rival hegemons in Lombardy; Milan and Mantua . In the 15th century, the Duchy of Milan
6862-537: The north of Italy. Lombardy also produces vast amounts of animal waste, a big contributor to pollution. Lombardy produces more than 40% of Italy's milk and over half of the Italian pig production is located in the Po Valley. According to research published in The Lancet Planetary Health , in January 2021, Brescia and Bergamo had the highest death rate from fine particulate matter (PM 2.5 ) in Europe. The data show many cities in Lombardy and
6956-543: The population is the Per capita income . The international standard for measuring GDP is contained in the book System of National Accounts (2008), which was prepared by representatives of the International Monetary Fund , European Union , Organisation for Economic Co-operation and Development , United Nations and World Bank . The publication is normally referred to as SNA2008 to distinguish it from
7050-430: The previous edition published in 1993 (SNA93) or 1968 (called SNA68) SNA2008 provides a set of rules and procedures for the measurement of national accounts. The standards are designed to be flexible, to allow for differences in local statistical needs and conditions. Within each country GDP is normally measured by a national government statistical agency, as private sector organizations normally do not have access to
7144-512: The products must be bought by somebody, therefore the value of the total product must be equal to people's total expenditures in buying things. The income approach works on the principle that the incomes of the productive factors ("producers", colloquially) must be equal to the value of their product, and determines GDP by finding the sum of all producers' incomes. Also known as the Value Added Approach, it calculates how much value
7238-445: The ratio between the value of money in the year the GDP was measured and the value of money in a base year. For example, suppose a country's GDP in 1990 was $ 100 million and its GDP in 2000 was $ 300 million . Suppose also that inflation had halved the value of its currency over that period. To meaningfully compare its GDP in 2000 to its GDP in 1990, we could multiply the GDP in 2000 by one-half, to make it relative to 1990 as
7332-602: The region are the Campo dei Fiori and the Cinque Vette Park , both of which are located in the Province of Varese . The system of protected areas in Lombardy consists of one national park, 24 regional parks, 65 natural reserves and 30 natural monuments . In total, protected areas cover more than 27% of the regional territory. Lombardy has a wide array of climates due to variance in elevation, proximity to inland water basins, and large metropolitan areas. The climate
7426-696: The region derives from the name of the people of the Lombards who arrived in Italy in 568 and made Pavia their capital. During the Early Middle Ages , "Lombardy" referred to the Kingdom of the Lombards ( Latin : Regnum Langobardorum ), which was ruled by the Germanic Lombard raiders who had controlled most of early Christian Italy since their invasion of Byzantine Italy in CE 568 until
7520-587: The rest of the world minus income payments to the rest of the world. In 1991, the United States switched from using GNP to using GDP as its primary measure of production. The relationship between United States GDP and GNP is shown in table 1.7.5 of the National Income and Product Accounts . Another example that amplifies the difference between GDP and GNI is the comparison of developed and developing country indicators. The GDP of Japan for 2020
7614-408: The same result. They are the production (or output or value added) approach, the income approach, and the speculated expenditure approach. It is representative of the total output and income within an economy. The most direct of the three is the production approach, which sums up the outputs of every class of enterprise to arrive at the total. The expenditure approach works on the principle that all of
7708-401: The source data for the expenditures components are considered more reliable than those for the income components [see income method, above]." Encyclopedia Britannica records an alternate way of measuring exports minus imports: notating it as the single variable NX. GDP can be contrasted with gross national product (GNP) or, as it is now known, gross national income (GNI). The difference
7802-976: The southern border of the region for about 210 km (130 mi); its major tributaries are the Ticino , which rises in the Val Bedretto in Switzerland and joins the Po near Pavia, the Olona , the Lambro , the Adda , the Oglio and the Mincio . The numerous lakes of Lombardy are all of glacial origin and are located in the northern highlands. From west to east, these are: Lake Maggiore , Lake Lugano (both shared with Switzerland), Lake Como , Lake Iseo , Lake Idro , and Lake Garda (the largest lake in Italy). South of
7896-463: The summit zone beyond 2,200 m (7,200 ft). Lombardy includes many protected areas. The most important is Stelvio National Park , established in 1935 —the fourth largest Italian natural park, with typically alpine wildlife such as red deer , roe deer , ibex , chamois , foxes, ermine and golden eagles ; and the Parco naturale lombardo della Valle del Ticino , which was instituted in 1974 on
7990-612: The territory) and the mountainous areas (which represent 41%). The remaining 12% of the region is hilly. The orography of Lombardy is characterised by three distinct belts; a northern mountainous belt constituted by the Alpine relief, a central piedmont area of mostly alluvial pebbly soils, and the Lombard section of the Padan Plain in the south of the region. The main valleys are Val Camonica , Val Trompia , Valle Sabbia , Valtellina , Val Seriana , Val Brembana , Valsassina , and Valassina . The most important mountainous area
8084-509: The title Lombardi . If an internal link led you here, you may wish to change the link to point directly to the intended article. Retrieved from " https://en.wikipedia.org/w/index.php?title=Lombardi&oldid=1108620847 " Category : Disambiguation pages Hidden categories: Short description is different from Wikidata All article disambiguation pages All disambiguation pages Lombardy Lombardy ( Italian : Lombardia ; Lombard : Lombardia )
8178-536: The total expenditure used to buy things is a way of measuring production. This is known as the expenditure method of calculating GDP. GDP (Y) is the sum of consumption (C) , investment (I) , government expenditures (G) and net exports (X − M) . Here is a description of each GDP component: C , I , and G are expenditures on final goods and services; expenditures on intermediate goods and services do not count. (Intermediate goods and services are those used by businesses to produce other goods and services within
8272-400: The use of vending machines, but from the beginning of May, following a reported decrease in the number of active cases, restrictions were gradually relaxed. Gross domestic product The ratio of GDP to the total population of the region is the GDP per capita and can approximate a concept of a standard of living . Nominal GDP does not reflect differences in the cost of living and
8366-473: The words of one academic economist, "The actual number for GDP is, therefore, the product of a vast patchwork of statistics and a complicated set of processes carried out on the raw data to fit them to the conceptual framework." China officially adopted GDP in 1993 as its indicator of economic performance. Previously, China had relied on a Marxist-inspired national accounting system. GDP can be determined in three ways, all of which should, theoretically, give
8460-531: Was documented in Lombardy and Veneto the previous day. The entirety of Lombardy was placed under lockdown on 8 March, followed by all of Italy the following day, making Italy the first country to implement a nationwide lockdown in response to the epidemic, which the World Health Organization (WHO) declared a pandemic on 11 March. The lockdown was extended twice, and the region toughened restrictions on 22 March, banning outdoor exercise and
8554-493: Was first developed by Simon Kuznets for a 1934 U.S. Congress report, where he warned against its use as a measure of welfare (see below under limitations and criticisms ). After the Bretton Woods Conference in 1944, GDP became the main tool for measuring a country's economy. At that time gross national product (GNP) was the preferred estimate, which differed from GDP in that it measured production by
8648-672: Was inhabited by different peoples; the Etruscans founded the city of Mantua and spread the use of writing. It was seat of the Celtic Canegrate culture starting from the 13th century BC, and later of the Celtic Golasecca culture . From the 5th century BC, the area was invaded by more Celtic Gallic tribes coming from north of the Alps. These people settled in several cities including Milan and extended their rule to
8742-468: Was one of the wealthiest states during the Renaissance . Milan and Mantua became centres of the Renaissance , whose culture with people such as Leonardo da Vinci and Andrea Mantegna , and works of art such as da Vinci's The Last Supper were highly regarded. The enterprising class of the communes extended its trade and banking activities well into northern Europe; the metonym "Lombard" designated
8836-658: Was that of the Germanic Lombards or Longobards, whose nation migrated to the region from the Carpathian basin in fear of the conquering Pannonian Avars in 568. The Lombards' long-lasting reign, with its capital in Pavia , gave the current name to the region. There was a close relationship between the Frankish , Bavarian and Lombard nobility for many centuries. After the initial struggles, relationships between
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