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Agriculture makes a major contribution to the island's economy, supplemented in the last ten years by a rapidly developing tourist trade. Both Ermoupolis and Finikas serve as practical yacht charter bases in the middle of the Cyclades, just like the Paroikia port on Paros.
Indeed, for a sailing holiday there are several good bays to anchor: Varis in the south and Delfino, Megas Lakkos & Kini along the west coast. Moreover, the island of Gaidaros too has an excellent anchorage.
The islands capital, Ermoupolis, named after Hermes, the Greek god of trade, occupies the site of an ancient settlement of which no trace remains. It is the seat of the Prefect of the Cyclades, a Roman Catholic bishop and an Orthodox archbishop. The town owes its present extent to Greek refugees from Chios, Psara, Crete, Hydra and other islands, who settled here in 1821, after the War of Liberation, and built the town up into a major port on the sea routes between Asia Minor and western Europe. At the end of the 19th c., however, the economy of the town suffered from the competition of Piraeus.
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