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Milan: Well-Dressed and Ahead of the Pack
Milan holds a track record as a prestigious city from as far back as the third century. Not surprisingly, it has continuously upheld the title as economic and cultural capital of the newly formed Kingdom of Italy, declared thus in 1861. In late 2014, Milan accounted for 10 percent of the country's total GDP, and its exports were valued at £á36.9 million. Milan and its surrounding region of Lombardy have a strong labor market highly differentiated across manufacturing, commerce, finance, publishing, fashion, media and service sectors. The current unemployment rate of 8.1 is a full third lower than the country's average of 12.2. Future growth is predicted in urban infrastructure projects, pharmaceutics and biotech.
Outsiders' views of Italy's current commercial potential vary. In February 2015, the sovereign wealth fund of Qatar acquired the new Milanese business district of Porta Nuova, reported to have a market value of more than £á2 billion. However, Italy's largest fashion retailer, OVS, had a lukewarm debut on the Milan Stock Exchange in March, betraying investors' distrust of the firm's heavy reliance on the listless domestic market. Meanwhile, Reuters expects the national economy to increase by 0.6 percent in 2015, the first growth since mid-2011.
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