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:
“Unaware of the absurdity of it, we introduce our own petty household rules into the economy of the universe for which the life of generations, peoples, of entire planets, has no importance in relation to the general development.”
—Alexander Herzen (1812–1870)
“The aim of the laborer should be, not to get his living, to get “a good job,” but to perform well a certain work; and, even in a pecuniary sense, it would be economy for a town to pay its laborers so well that they would not feel that they were working for low ends, as for a livelihood merely, but for scientific, or even moral ends. Do not hire a man who does your work for money, but him who does it for love of it.”
—Henry David Thoreau (1817–1862)