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Economy

Lviv is the most important business centre of Western Ukraine. As of 1 January 2011, the city has invested 837.1 million US dollars into the economy, accounting for almost two-thirds of total investment in the Lviv region. In 2015, the companies of Lviv received $14.3 million of foreign direct investment; which is however two times less than a year earlier ($30.9 million in 2014). During January–September 2017 the general amount of direct foreign investment received by the local government in Lviv is $52.4 million. According to the statistics administration, foreign capital was invested by 31 countries (some of the main investors: Poland – 47.7%; Australia – 11.3%; Cyprus – 10.7% and the Netherlands – 6%).

The total revenue of the city budget of Lviv for 2015 is set at about UAH 3.81 billion, which is 23% more than a year earlier (UAH 2.91 billion in 2014). As of 10 November 2017, the deputies of the Lviv City Council approved a budget in amount of UAH 5.4 billion ($204 million). The large part of which (UAH 5.12 billion) was the revenue of the fund of the Lviv.

The average wage in Lviv in 2015 in the business sector amounted to 14,041 UAH, in the budget sphere – 9,475 UAH. On 1 February 2014, registered unemployment was 0.6%. Lviv is one of the largest cities in Ukraine and is growing rapidly. According to the Ministry of Economy of Ukraine the monthly average salary in Lviv is a little less than the average for Ukraine which in February 2013 was 6050 UAH ($755). According to the World Bank classification Lviv is a middle-income city. In June 2019, the average wage amounted to 23,000 UAH ($920), which is 18,9% more than in the previous year.

Lviv has 218 large industrial enterprises, more than 40 commercial banks, 4 exchanges, 13 investment companies, 80 insurance and 24 leasing companies, 77 audit firms and almost 9,000 small ventures. For many years machinery-building and electronics were leading industries in Lviv. The city-based public company Electron, trademark of national television sets manufacturing, produces the 32 and 37 inches liquid-crystal TV-sets. The Electrontrans specializes in design and production of modern electric transport including trams, trolleybuses, electric buses, and spare parts. In 2013 Elektrotrans JV started producing low-floor trams, the first Ukrainian 100% low-floor tramways. LAZ is a bus manufacturing company in Lviv with its own rich history. Founded in 1945, LAZ started bus production in the early 1950s. Innovative design ideas of Lviv engineers have become the world standard in bus manufacturing.

The total volume of industrial production sold in 2015 amounted to UAH 24.2 billion, which is 39% more than a year earlier (UAH 14.6 billion in 2014).

There are several banks based in Lviv, such as Kredobank, Idea Bank, VS Bank, Oksi Bank and Lviv Bank. None of these banks have bankrupted during the political and economic crisis of 2014–2016. It can be explained by the presence of foreign capital in most of them.

From 2015 to 2019, the city experienced a construction boom. In Q1 2019, according to statistical data, growth in the volume of new housing construction was recorded in Lviv (3.2 times, to 377,900 square meters).

Lviv is a major business center between Warsaw and Kyiv. According to the Lviv Economic Development Strategy, the main branches of the city's economy by 2025 should become tourism and information technologies (IT), the business services and logistics are also a priority. In addition, The Nestlé service center is in Lviv. This center guides the company's divisions in 20 countries of Central and Eastern Europe. Also during 2016 the Global Service Center VimpelCom in Lviv was launched, which serves finance, procurement and HR operations in eight foreign branches of this company.

There are many restaurants and shops as well as street vendors of food, books, clothes, traditional cultural items and tourist gifts. Banking and money trading are an important part of the economy of Lviv with many banks and exchange offices throughout the city. The city is also a home for big food-related companies like Lvivske beer factory, Svitoch cholocate factory, Enzym, Lviv Liquor and Vodka factory, etc.