Glasgow has the largest economy in Scotland and is at the hub of the metropolitan area of West Central Scotland. The city also has the third largest GDP Per Capita in the UK, after London and Edinburgh. The city itself sustains more than 410,000 jobs in over 12,000 companies. Over 153,000 jobs have been created in the city since 2000 - a growth rate of 32%. Glasgow's annual economic growth rate of 4.4% is now second only to that of London. In 2005, over 17,000 new jobs were created, and 2006 saw private-sector investment in the city reaching £4.2 billion pounds, an increase of 22% in a single year. 55% of the residents in the Greater Glasgow area commute to the city every day. Once dominant manufacturing industries such as shipbuilding and heavy engineering have been gradually replaced in importance by a diversified economy.
Glasgow's economy has seen significant growth of tertiary sector industries such as financial and business services, communications, biosciences, creative industries, healthcare, higher education, retail and tourism.Between 1998and 2001, the city's financial services sector grew at a rate of 30%, making considerable gains on Edinburgh, which has historically been the centre of the Scottish financial sector.
The city has particular strengths in shipbuilding, engineering, food and drink printing, publishing, chemicals and textiles as well as new growth sectors such as optoelectronics, software development and biotechnology. Glasgow forms the western part of the Silicon Glen high tech sector of Scotland. A growing number of Blue chip financial sector companies have significant operations or headquarters in the city.
Glasgow is the second most popular foreign tourist destination in Scotland (fourth in the UK) and its largest retail centre. Glasgow is also one of Europe's sixteen largest financial centres.
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