Lviv is one of the largest cities in Ukraine and is growing rapidly. It is an important industrial centre of Ukraine. Lviv became known as a city of technological innovation, especially after the invention of kerosene and a kerosene lamp.
At the beginning of the 20th century, businesses relating to the production of consumer goods and food industries, as well as factories producing building materials prevailed in the Lviv economy. However, the financial capital was concentrated mainly in the hands of Poles, the Austrians and the Jews. There were only a few Ukrainian businessmen in the region. At that time, Ukrainians formed the majority of the population of Lviv region but were mostly engaged in agricultural production and processing. In 1920-1930, new industries started to develop in the region: tool-making and machine building, printing, woodworking and oil refinery.
There are many street vendors of food, books, clothes, traditional cultural items and tourist gifts in Lviv. There are also many restaurants and shops, some of which sell expensive western-made goods.
In an interesting mixture of the past and present, peasants from the countryside sell their goods beside a cell phone shop in a medieval building.
Banking and money trading are an important part of the economy, with many banks and exchange offices throughout the city.