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Madrid Economy 2009

The yearly report Madrid Economy provides information on the key factors that define the economy of the City of Madrid, in a summarised and simple, yet rigorous fashion.

In terms of population, Madrid currently ranks second among the cities of the European Union behind Berlin, and forms part of the third largest urban agglomeration in Europe, behind only Île-de-France, and Greater London. Over recent years, the city's appeal to foreign residents has grown exponentially to the extent that they currently represent 17.5% of the total population.

Economic activity in Madrid has experienced relentless growth over recent years but, in line with forecasts and as is indeed happening with all other developed economies worldwide, it has now begun to shrink in the wake of the international economic crisis, largely led by the financial sector, but also due to the recession of the property sector.

The economy is characterised by its strong emphasis on services, particularly those geared towards companies, transport and communication services, property services and financial services. Tourism, which requires contributions from all the productive branches of the economy, also plays an important role in the city's economy.

The city is also a key player in the fields of innovation and technology. It is in fact Spain's heaviest investor in research and development, and exceeds both the national and European averages in terms of percentage invested of total GDP. It also plays home to a number of leading public and private universities and institutes, including prominent technology and research centres.

After years of impressive growth, employment levels are now waning, whereas unemployment currently stands at levels below the national average. The City of Madrid continues to provide employment for a large portion of the population from the surrounding metropolitan area and for many inhabitants from further afield.

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