Economy:
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 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.

Local Infrastructure:
The province of Milan has extensive road and rail networks, that link the region with the rest of the country and beyond, and also benefits from an advantageous postition at the crossing point of European trade routes from north to south and east to west. To the east of Milan, railway lines run to Austria, while lines to the west head to France and Switzerland. Railway lines to the South connect the region with Spain and Portugal.

Milan is serviced by two airports, Linate and Malpensa, which together catered for over 25 million passengers and nearly 300 million kilograms of cargo in 2002. Linate is the closer and less busy of the two airports, located approximately 7 kilometres to the east of the city. It offers flight to and from numerous destinations within Italy and Europe including Berlin, Brussels, Copenhagen, Dublin, Frankfurt, London, Paris, Strasbourg and Vienna. Malpensa airport is just under 50 kilometres from the city, on route to Lago Maggiore. It caters for flights to and from destinations worldwide such as Buenos Aires, Chicago, Istanbul, Moscow, Mumbai, New York and Tel Aviv.

Local Workforce:
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.

Some 66.7 per cent of employees worked in the service sector in 2001, while employment in the industrial sector, which has been decreasing steadily in recent years, was 32.7 per cent. The agricultural sector accounted for only 0.6 per cent of employment in the province.

Standard of Living:
Milan is a vibrant and historical city with a thriving nightlife, busy shopping and business districts and numerous parks, which offer an escape from the fast pace of city life. In 2001, Milan was placed 64th out of a total of 215 cities around the world in Mercer's Quality of Living Survey. This was based on the evaluation of 39 criteria covering political, social, economic and environmental factors. However, according to Mercer's world wide cost of living survey 2002, Milan is the third most expensive city in the EU in which to live, after London and Copenhagen.

Business Costs:
The cost of running offices in Milan is lower than in many other prominent European cities. According to a report published in January 2002 by one of the world's leading real estate advisory companies, DTZ, average office occupancy costs in Milan are just $34.60 per square foot per annum. This compares to figures of $50.20 for Dublin, $62.30 for Edinburgh, $58.40 for Frankfurt, $49.40 for Glasgow, $120.20 for the city of London, $71.90 for Paris, $39.60 for Madrid and $36.00 for Munich.