The Greater Mexico City has a gross domestic product (GDP) of US$411 billion in 2011, making Mexico City urban agglomeration one of the economically largest metropolitan areas in the world. The city was responsible for generating 15.8% of Mexico’s Gross Domestic Product and the metropolitan area accounted for about 22% of total national GDP. As a stand-alone country, in 2013, Mexico City would be the fifth-largest economy in Latin America—five times as large as Costa Rica’s and about the same size as Peru’s.
Mexico’s capital is both the oldest capital city in the Americas and one of two founded by Amerindians (Native Americans), the other being Quito. The city was originally built on an island of Lake Texcoco by the Aztecs in 1325 as Tenochtitlan, which was almost completely destroyed in the 1521 siege of Tenochtitlan, and subsequently redesigned and rebuilt in accordance with the Spanish urban standards. In 1524, the municipality of Mexico City was established, known as México Tenochtitlán, and as of 1585 it was officially known as Ciudad de México (Mexico City). Mexico City served as the political, administrative and financial center of a major part of the Spanish colonial empire. After independence from Spain was achieved, the Federal District was created in 1824.