Valencia City (Spain)

Valencia is the capital of the autonomous community of Valencia and the third-largest city in Spain after Madrid and Barcelona, surpassing 800,000 inhabitants in the municipality. The wider urban area also comprising the neighboring municipalities has a population of around 1.6 million. Valencia is Spain's third-largest metropolitan area, with a population ranging from 1.7 to 2.5 million depending on how the metropolitan area is defined. The Port of Valencia is the 5th-busiest container port in Europe and the busiest container port on the Mediterranean Sea. The city is ranked as a Gamma-level global city by the Globalization and World Cities Research Network.

Located on the eastern coast of the Iberian Peninsula and the western part of the Mediterranean Sea, fronting the Gulf of Valencia, Valencia lies on the highly fertile alluvial silts accumulated on the floodplain formed in the lower course of the Turia River. At its founding by the Romans, it stood on a river island in Turia, 6.4 kilometers (4.0 mi) from the sea.

Valencia enjoyed strong economic growth before the economic crisis of 2008, much of it spurred by tourism and the construction industry,  with concurrent development and expansion of telecommunications and transport. The city's economy is service-oriented, as nearly 84% of the working population is employed in service sector occupations. However, the city still maintains an important industrial base, with 8.5% of the population employed in this sector. Growth has recently improved in the manufacturing sector, mainly automobile assembly; (The large factory of Ford Motor Company lies in a suburb of the city, Almussafes ). Agricultural activities are still carried on in the municipality, even though of relatively minor importance with only 1.9% of the working population and 3,973 ha (9,820 acres) planted mostly in orchards and citrus groves.

Since the onset of the Great Recession (2008), Valencia had experienced a growing unemployment rate, increased government debt, etc. Severe spending cuts had been introduced by the city government.

In 2009, Valencia was designated "the 29th fastest-improving European city".  Its influence in commerce, education, entertainment, media, fashion, science and the arts contributes to its status as one of the world's "Gamma" rank global cities.

The city is the seat of one of the four stock exchanges in Spain, the Bolsa de Valencia, part of Bolsas y Mercados Españoles (BME), owned by SIX Group.

The Valencia metropolitan area had a GDP amounting to $52.7 billion, and $28,141 per capita.

Starting in the mid-1990s, Valencia, formerly an industrial center, saw rapid development that expanded its cultural and tourism possibilities and transformed it into a newly vibrant city. Many local landmarks were restored, including the ancient Towers of the medieval city (Serrans Towers and Quart Towers), and the Sant Miquel dels Reis monastery (Monasterio de San Miguel de los Reyes), which now holds a conservation library.

Every year, the five days and nights from 15 to 19 March, called Falles, are a continual festival in Valencia.