New Town (Nowe Miasto). Economy Warsaw is the leading economic and financial hub of Central Europe, the Visegrád Group and the Three Seas Initiative. In 2021, the city's gross metropolitan product (GDP) was estimated at €100 billion, which places Warsaw 20th among the cities in the European Union with largest GDP. It generates almost 1/5 of the GDP of Poland and the country's national income. In 2020, Warsaw was classified as an alpha world city (also known as a "major global city that links economic regions into the world economy") by the Globalization and World Cities study group from Loughborough University, placing it on a par with cities such as Sydney, Istanbul, Amsterdam or Seoul. Warsaw's city centre (Śródmieście) and commercial Wola district are home not only to many national institutions and government agencies, but also to many domestic and international companies. In 2017, 423,000 enterprises were registered in the city. Warsaw's ever-growing business community has been noticed globally, regionally, and nationally; in 2019 Warsaw was one of the top destinations for foreign investors in Europe. In October 2019, Warsaw's unemployment rate was 1.3%, the lowest in the country. Shopping and consumerism is an important component of Warsaw's economy – the high street of retail is New World (Nowy Świat) along with Krakowskie Przedmieście. These streets and their neighboring areas host many luxury stores and popular restaurants. However, most retailers choose to operate in central shopping centres and malls such as Złote Tarasy-Golden Terraces, Galeria Mokotów and Westfield Arkadia – one of the biggest shopping complexes in Europe. Luxury or upmarket goods as well as designer labels can be found in the Vitkac Department Store and around Frascati. Warsaw Stock Exchange Warsaw's first stock exchange was established in 1817 and continued trading until World War II. It was re-established in April 1991, following the end of a communist planned economy and the reintroduction of a free-market economy. Today, the Warsaw Stock Exchange (WSE) is, according to many indicators, the largest market in the region, with 433 companies listed and total capitalisation of 1 trillion PLN as of 26 November 2020. From 1991 until 2000, the stock exchange was, ironically, located in the building previously used as the headquarters of the communist Polish United Workers' Party (PZPR). Industry The most prominent industries and industrial sectors include high-tech, electrotechnical, chemical, cosmetic, construction, food processing, printing, metallurgy, machinery and clothing. The majority of