Magnesia (Greek: Μαγνησία Magnisia), eriving from the Macedonian tribe name Magnetes, is the name of the southeastern area of Thessaly in central Greece. The modern prefecture was created in 1947 out of the Larissa prefecture. About 70% of the population live in the Greater Volos area which is the second-largest city in Thessaly and the third busiest commercial port in Greece. Much of the population lives near the Pagasetic Gulf and in the eastern part.