Lisbon is the capital and largest city of Portugal. It is also the seat of the district of Lisbon and capital of the Lisbon region. Its municipality, which matches the city proper excluding the larger continuous conurbation, has a municipal population of 564,477 in 84.8 km² (33 sq mi), while the Lisbon Metropolitan Area in total has around 2.8 million inhabitants, and 3.34 million people live in the broader agglomeration of Lisbon Metropolitan Region (includes cities ranging from Leiria to Setúbal). Due to its economic output, standard of living, and market size, the Grande Lisboa (Greater Lisbon) subregion is considered the second most important financial and economic center of the Iberian Peninsula. The Lisbon region is the wealthiest region in Portugal and it is well above the European Union's GDP per capita average - it produces 45% of the Portuguese GDP. It is also the political center of the country, as seat of government and residence of the Head of State.