Guanajuato, officially Free and Sovereign State of Guanajuato, is one of the 31 states which, with the Federal District, comprise the 32 Federal Entities of Mexico. It is divided in 46 municipalities and its capital city is Guanajuato. The largest city in the state is León. Guanajuato is located between the arid north of the country and the lusher south, and it is geographically part of the Trans-Mexican Volcanic Belt, the Mexican Plateau and the Sierra Madre Oriental. It was initially settled by the Spanish in the 1520s due to mineral deposits found around the now capital city of Guanajuato, but areas such as the Bajío region also became important for agriculture and livestock. Mining and agriculture have been the traditional mainstays of the state's economy, but today, about 30% of the state's GDP is accounted for by industry, which includes metals, automobiles, leather goods, processed foods and more.