Bilbao has been the economic center of the Basque Country since the times of the Consulate, mainly because of commerce in Castilian products on the city's port, but it was not until the 19th century when it experimented a big development, mainly based on the exploitation of the iron mines and siderurgy, which promoved the maritimal traffic, the portuary activity and the construction of ships.During those years also made their appearance Banco de Bilbao (Bank of Bilbao), founded on Bilbao in 1857 and Banco de Vizcaya (Bank of Biscay), which is established in 1901, also in Bilbao. Both entities merged in 1988 creating the BBV corporation (Banco Bilbao Vizcaya, Bank of Bilbao-Biscay). BBV merged with Argentaria in 1999, creating the current corporation, BBVA. The savings banks that were established locally, Caja de Ahorros Municipal de Bilbao (Municipal Savings Bank of Bilbao) in 1907, and Caja de Ahorros Provincial de Vizcaya (Provincial Savings Bank of Biscay) in 1921, would merge in 1990 and form Bilbao Bizkaia Kutxa (BBK). Along, the Chamber of Commerce, Industry and Navegation of Bilbao and the Stock Exchange Market of Bilbao, founded in 1890.
After the dramatic industrial crisis of the 1980s, Bilbao was forced to rethink its very economic foundations. That is how it transformed in a successful service city. Bilbao is home to numerous companies of national and international relevance, including two among the 150 worlds biggest, according to Forbes magazine: BBVA at #40 and Iberdrola at #122. The city's GDP per capita is of 26,225€ in 2005, considerably above the country average of 22,152€. According to the official economic yearbook, the strongest sectors are construction, commerce, and tourism. The unemployment rate reached 14.4% in 2009, well below the national rate, of 18, 01%. Nevertheless, it is the largest rate in the last ten years.
Port of Bilbao
The historical port was located in what today
