Economy
Santiago's economy, although still heavily dependent in public administration (headquarters of the autonomous government of Galicia), cultural tourism and industry, an in its university, is becoming diversified in various sectors, most notably timber transformation (FINSA), automotive industry (UROVESA), and telecommunications and electronics (Blusens and Televés). Banco Gallego, a banking institution owned by Novacaixagalicia, has its headquarters in downtown rúa do Hórreo.
Tourism is very important thanks to the Way of St. James, particularly in Holy Compostelan Years (when 25 July falls on a Sunday). Following the Xunta's considerable investment and hugely successful advertising campaign for the Holy Year of 1993, the number of pilgrims completing the route has been steadily rising. Following the Holy Year of 2010, the next Holy Year will not be for another 11 years. More than 272,000 pilgrims made the trip during the course of 2010.
Editorial Compostela owns daily newspaper El Correo Gallego, a local TV, and a radio station. Galician language online news portal Galicia Hoxe is also based in the city. Televisión de Galicia, the public broadcaster corporation of Galicia, has its headquarters in Santiago.
Read more about this topic: Santiago De Compostela
Famous quotes containing the word economy:
“It enhances our sense of the grand security and serenity of nature to observe the still undisturbed economy and content of the fishes of this century, their happiness a regular fruit of the summer.”
—Henry David Thoreau (1817–1862)
“Wise men read very sharply all your private history in your look and gait and behavior. The whole economy of nature is bent on expression. The tell-tale body is all tongues. Men are like Geneva watches with crystal faces which expose the whole movement.”
—Ralph Waldo Emerson (1803–1882)
“I favor the policy of economy, not because I wish to save money, but because I wish to save people. The men and women of this country who toil are the ones who bear the cost of the Government. Every dollar that we carelessly waste means that their life will be so much the more meager. Every dollar that we prudently save means that their life will be so much the more abundant. Economy is idealism in its most practical terms.”
—Calvin Coolidge (1872–1933)