Milan, Italy News

About Milan, Italy

The city of Milan has a strong a vibrant economy. In a report published by Barclays Private Clients in May 2002, Milan was considered the third wealthiest city in Europe after London and Paris, with a GDP of $110.5 billion.

Furthermore, according to Milan's provincial government, the province contributes10 per cent of the national GDP and is home to over 45 per cent of businesses in the Lombard region and more than 8 per cent of all businesses in Italy.

Milan is home to most international banks and the country's principal stock exchange. It has also seen a rapid increase in internet companies with both domestic and international companies such as Altavista, Arianna, Lycos, Virgilio and Yahoo establishing their Italian operations in Milan.

The city is, of course, famous for its fashion houses, with names such as Armani, Versace and Valentino, and these have attracted numerous media and advertising agencies.

Milan is also home a large number of telecomunication companies including both the state owned television companies and the media empire of the Italian ex-Prime Minister, Silvio Berlusconi.

Milan also an important manufacturing centre, especially for the automotive industry, with companies such as Alfa Romeo and Pirelli having a significant presence in the city.

Other important products made in Milan include chemicals, machinery, pharmaceuticals and plastics. Milan's has a relatively small and highly mechanised agricultural sector, which is largely confined to the south of the metropolitan area.

The Milan area benefits from a continuous labour supply of well educated and skilled people who are attracted to the region from all over the country and abroad. In addition, the five universities in the city of Milan ensure a steady stream of new graduates.

According to Milan's provincial government, there are in excess of 1.6 million people employed in the province of Milan, with about a quarter of these being self employed.

Figures from Italy's institute of national statistics show that the unemployment rate in the province is less than half of national average, standing at approximately 4.6 per cent in 2001. Furthermore, the female employment rate in the province, at 39.6 per cent, is significantly higher than the national average of just 31.7 per cent.

 Other Major Cities:

• Roma
• Milano
• Napoli
• Torino
• Palermo
• Genova
• Bologna
• Firenze
• Bari
• Catania
• Venezia
• Verona
• Messina
• Padova
• Trieste