In 2010, the nominal GDP for Shandong was 3.98 trillion yuan (US$603 billion), ranking third in the country (behind Guangdong and Jiangsu). Its GDP per capita was 42,014 yuan (US$6,365), ranking eighth.

Shandong is one of the richer provinces of China, and its economic development focuses on large enterprises with well-known brand names. Shandong is the biggest industrial producer and one of the top manufacturing provinces in China. Shandong has also benefited from South Korean and Japanese investment, due to its geographical proximity to those countries. The richest part of the province is the Shandong Peninsula, where the city of Qingdao is home to three of the most well-known brand names of China: Tsingtao Beer, Haier and Hisense. In addition, Dongying's oil fields and petroleum industries form an important component of Shandong's economy.

The production of wine is the second largest industry in the Shandong Province, second only to agriculture.Geographically, the southern hills average an elevation of 200 meters, while the coastal areas remain relatively flat. Most of the soil is loose, well-ventilated, and rich in minerals and organic matter that enable full development of the root systems.

Presently, there are more than 140 wineries in the region, mainly distributed in the Nanwang Grape Valley and along the Yan-Peng Sightseeing Highway. The region produced more than 40% of China's grape wine production. Main varieties such as Cabernet Sauvignon, Cabernet Gernischt, Merlot, Riesling and Chardonnay are all at 20 years of age, considered to be the golden stage for these grapes. Most of them maintain an average saccharinity of above 20%.