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Economy

Geneva's economy is largely service-driven and closely linked to the rest of the canton. The city is one of the global leaders in financial centres. Three main sectors dominate the financial sector: commodity trading; trade finance, and wealth management.

Around a third of the world's free traded oil, sugar, grains and oil seeds is traded in Geneva. Approximately 22% of the world's cotton is traded in the Lake Geneva region. Other major commodities traded in the canton include steel, electricity, or coffee. Large trading companies have their regional or global headquarters in the canton, such as Bunge, Cargill, Vitol, Gunvor, BNP Paribas, Trafigura or Mercuria Energy Group, in addition to being home to the world's largest shipping company, Mediterranean Shipping Company. Commodity trading is sustained by a strong trade finance sector, with large banks such as BCGE, BCP, BNP Paribas, BCV, Crédit Agricole, Credit Suisse, ING, Société Générale, and UBS, all having their headquarters in the area for this business.

Wealth management is dominated by non-publicly listed banks and private banks, particularly Pictet, Lombard Odier, Edmond de Rothschild Group, Union Bancaire Privée, Mirabaud Group, Dukascopy Bank, Bordier & Cie, Banque SYZ, or REYL & Cie. In addition, the canton is home to the largest concentration of foreign-owned banks in Switzerland, such as HSBC Private Bank, JPMorgan Chase, or Arab Bank.

Behind the financial sector, the next largest major economic sector is watchmaking, dominated by luxury firms such as Patek Philippe, Vacheron Constantin, Chopard, Piaget, Rolex, Roger Dubuis, Franck Muller, F. P. Journe and others, whose factories are concentrated in the Les Acacias neighbourhood, as well as the neighbouring municipalities of Plan-les-Ouates, Satigny, and Meyrin.

Trade finance, wealth management, and watchmaking, approximately contribute two thirds of the corporate tax paid in the canton

Other large multinationals are also headquartered in the city and canton, such as Firmenich (in Satigny), and Givaudan (in Vernier), the world's two largest manufacturers of flavours, fragrances and active cosmetic ingredients; SGS, the world's largest inspection, verification, testing and certification services company; Temenos, a large banking software provider; or the local headquarters for Procter & Gamble, Japan Tobacco International, or L'Oréal (in Vernier).

The city of Geneva is also host to the world's largest concentration of international organisations and UN agencies, such as the Red Cross, the World Health Organization, the World Trade Organization, the International Telecommunication Union, the World Intellectual Property Organization, the World Meteorological Organization, and the International Labour Organization, as well as the European headquarters of the United Nations.

Its international mindedness, well-connected airport, and centrality in the continent, also make Geneva a good destination for congresses and trade fairs, of which the largest is the Geneva Motor Show held in Palexpo.

Agriculture is commonplace in the hinterlands of Geneva, particularly wheat and wine. Despite its relatively small size, the canton produces around 10% of the Swiss wine and has the highest vineyard density in the country. The largest strains grown in Geneva are gamay, chasselas, pinot noir, gamaret, and chardonnay.

As of 2019, Geneva had an unemployment rate of 3.9%. As of 2008, there were five people employed in the primary economic sector and about three businesses involved in this sector. 9,783 people were employed in the secondary sector and there were 1,200 businesses in this sector. 134,429 people were employed in the tertiary sector, with 12,489 businesses in this sector. There were 91,880 residents of the municipality who were employed in some capacity, with women making up 47.7% of the workforce.

In 2008, the total number of full-time equivalent jobs was 124,185. The number of jobs in the primary sector was four, all of which were in agriculture. The number of jobs in the secondary sector was 9,363 of which 4,863 or (51.9%) were in manufacturing and 4,451 (47.5%) were in construction. The number of jobs in the tertiary sector was 114,818. In the tertiary sector; 16,573 or 14.4% were in wholesale or retail sales or the repair of motor vehicles, 3,474 or 3.0% were in the movement and storage of goods, 9,484 or 8.3% were in a hotel or restaurant, 4,544 or 4.0% were in the information industry, 20,982 or 18.3% were the insurance or financial industry, 12,177 or 10.6% were technical professionals or scientists, 10,007 or 8.7% were in education and 15,029 or 13.1% were in health care.

In 2000, there were 95,190 workers who commuted into the municipality and 25,920 workers who commuted away. The municipality is a net importer of workers, with about 3.7 workers entering the municipality for every one leaving. About 13.8% of the workforce coming into Geneva are coming from outside Switzerland, while 0.4% of the locals commute out of Switzerland for work. Of the working population, 38.2% used public transportation to get to work, and 30.6% used a private car.