Madrid derives almost 73.5 percent of its water supply from dams and reservoirs built on the Lozoya River, such as the El Atazar Dam. [98] This water supply is managed by the Canal de Isabel II, a public entity created in 1851. It is responsible for the supply, depurating waste water and the conservation of all the natural water resources of the Madrid region.
The population of Madrid has overall increased since the city became the capital of Spain in the mid-16th century, and has stabilised at approximately 3 million since the 1970s.
From 1970 until the mid-1990s, the population dropped. This phenomenon, which also affected other European cities, was caused in part by the growth of satellite suburbs at the expense of the downtown region within the city proper.
The demographic boom accelerated in the late 1990s and early first decade of the 21st century due to immigration in parallel with From 1970 until the mid-1990s, the population dropped. This phenomenon, which also affected other European cities, was caused in part by the growth of satellite suburbs at the expense of the downtown region within the city proper.
The demographic boom accelerated in the late 1990s and early first decade of the 21st century due to immigration in parallel with a surge in Spanish economic growth.
The wider Madrid region is the EU region with the highest average life expectancy at birth. The average life expectancy was 82.2 years for males and 87.8 for females in 2016.[99]
As the capital city of Spain, the city has attracted many immigrants from around the world, with most of the immigrants coming from Latin American countries.[100] In 2020, around 76 % of the registered population was Spain-born,[101] while, regarding the foreign-born population (24 %),[101] the bulk of it relates to the Americas (around 16 % of the total population), and a lesser fraction of the population is born in other European, Asian and African countries.
As of 2019 the highest rising national group of immigrants was Venezuelans.[102]
Regarding religious beliefs, according to a 2019 Centro de Investigaciones Sociológicas (CIS) survey with a sample size of 469 respondents, 20.7% of respondents in Madrid identify themselves as practising Catholics, 45.8% as non-practising Catholics, 3.8% as believers of another religion, 11.1% as agnostics, 3.6% as indifferent towards religion, and 12.8% as atheists. The remaining 2.1% did not state their religious beliefs.[103]
The Madrid metropolitan area comprises Madrid and the surrounding municipalities. According to Eurostat, the "metropolitan region" of Madrid has a population of slightly more than 6.271 million people[104] covering an area of 4,609.7 square kilometres (1,780 sq mi). It is the largest in Spain and the third largest in the European Union.[9][10][11]
The City Council (Ayuntamiento de Madrid) is the body responsible for the government and administration of the municipality. It is formed by the Plenary (Pleno), the Mayor (alcalde) and the Government Board (Junta de Gobierno de la Ciudad de Madrid).
The Plenary of the Ayuntamiento is the body of political representation of the citizens in the municipal government. Its 57 members are elected for a 4-year mandate. Some of its attributions are: fiscal matters, the election and deposition of the mayor, the approval and modification of decrees and regulations, the approval of budgets, the agreements related to the limits and alteration of the municipal term, the services management, the participation in supramunicipal organisations, etc.[105]
The mayor, the supreme representative of the city, presides over the Ayuntamiento. He is charged with giving impetus to the municipal policies, managing the action of the rest of bodies and directing the executive municipal administration.[106] He is responsible to the Pleno. He is also entitled to preside over the meetings of the Pleno, although this responsility can be delegated to another municipal councillor. José Luis Martínez-Almeida, a member of the People's Party, serves as Mayor since 2019.
The Government Board consists of the mayor, the deputy mayor(s) and a number of delegates assuming the portfolios for the different government areas. All those positions are held by municipal councillors.[107]
Since 2007, the Cybele Palace (or Palace of Communications) serves as City Hall.
Administrative subdivisions
Madrid is administratively divided into 21 districts, which are further subdivided into 131 neighbourhoods (barrios):
District |
Population (1 Jan 2020)[108] |
Area (ha)
|
Centro |
140,991 |
522.82
|
Arganzuela |
156,176 |
646.22
|
Retiro |
120,873 |
546.62
|
Salamanca |
148,405 |
539.24
|
Chamartín |
148,039 |
917.55
|
Tetuán |
161,991The Plenary of the Ayuntamiento is the body of political representation of the citizens in the municipal government. Its 57 members are elected for a 4-year mandate. Some of its attributions are: fiscal matters, the election and deposition of the mayor, the approval and modification of decrees and regulations, the approval of budgets, the agreements related to the limits and alteration of the municipal term, the services management, the participation in supramunicipal organisations, etc.[105]
The mayor, the supreme representative of the city, presides over the Ayuntamiento. He is charged with giving impetus to the municipal policies, managing the action of the rest of bodies and directing the executive municipal administration.[106] He is responsible to the Pleno. He is also entitled to preside over the meetings of the Pleno, although this responsility can be delegated to another municipal councillor. José Luis Martínez-Almeida, a member of the People's Party, serves as Mayor since 2019.
The Government Board consists of the mayor, the deputy mayor(s) and a number of delegates assuming the portfolios for the different government areas. All those positions are held by municipal councillors.[107]
Since 2007, the Cybele Palace (or Palace of Communications) serves as City Hall.
Madrid is administratively divided into 21 districts, which are further subdivided into 131 neighbourhoods (barrios):
District |
Population (1 Jan 2020)[108] |
Area (ha)
|
Centro |
140,991 |
522.82
|
Arganzuela |
156,176 |
646.22
|
Assembly of Madrid is located at the district of Puente de Vallecas. The presidency of the regional government is headquartered at the Royal House of the Post Office, at the very centre of the city, the Puerta del Sol.
Capital of Spain
Madrid is the capital of the Kingdom of Spain. The King of Spain, whose functions are mainly ceremonial, has his official residence in the Zarzuela Palace. As the seat of the Government of Spain, Madrid also houses the official residence of the President of the Government (Prime Minister) and regular meeting place of the Council of Ministers, the Moncloa Palace, as well as the headquarters of the ministerial departments. Both the residences of the Head of State and Government are located at the northwest of the city. Additionally, the seats of the Lower and Upper Chambers of the Spanish Parliament, the Cortes Generales (respectively, the Palacio de las Cortes and the Palacio del Senado), also lie on Madrid.
Law enforcement
Municipal police agents from the 2018 promotion
The Madrid Municipal Police (Policía Municipal de Madrid) is the local law enforcement body, dependent on the Ayuntamiento. As of 2018, it had a workforce of 6,190 civil servants.[109]
The headquarters of both the Directorate-General of the Police and the Directorate-General of the Civil Guard are located in Madrid. The headquarters of the Higher Office of Police of Madrid (Jefatura Superior de Policía de Madrid), the peripheral branch of the National Police Corps with jurisdiction over the region also lies on Madrid.
Cityscape
Architecture
Little medieval architecture is preserved in Madrid, mostly in the Almendra Central, including the San Nicolás and San Pedro el Viejo church towers, the church of San Jerónimo el Real, and the Bishop's Chapel. Nor has Madrid retained much Renaissance architecture, other than the Bridge of Segovia and the Convent of Las Descalzas Reales.
Philip II moved his court to Madrid in 1561 and transformed the town into a capital city. During the Early Hapsburg period, the import of European influences took place, underpinned by the monicker of Austrian style. The Austrian style featured not only Austrian influences but also Italian and Dutch (as well as Spanish), reflecting on the international preeminence of the Hapsburgs.[110] During the second half of the 16th-century the use of pointy slate spires in order to top structures such as church towers was imported to Spain from Central Europe.[111] Slate spires and roofs consequently became a staple of the Madrilenian architecture at the time.[112]
Stand out architecture in the city dating back to the early 17th-century includes several buildings and structures (most of them attributed to Juan Gómez de Mora) such as the Palace of the Duke of Uceda (1610), the Monastery of La Encarnación (1611–1616); the Plaza Mayor (1617–1619) or the Cárcel de Corte (1629–1641), current Madrid is the capital of the Kingdom of Spain. The King of Spain, whose functions are mainly ceremonial, has his official residence in the Zarzuela Palace. As the seat of the Government of Spain, Madrid also houses the official residence of the President of the Government (Prime Minister) and regular meeting place of the Council of Ministers, the Moncloa Palace, as well as the headquarters of the ministerial departments. Both the residences of the Head of State and Government are located at the northwest of the city. Additionally, the seats of the Lower and Upper Chambers of the Spanish Parliament, the Cortes Generales (respectively, the Palacio de las Cortes and the Palacio del Senado), also lie on Madrid.
Law enforcement
The Madrid Municipal Police (Policía Municipal de Madrid) is the local law enforcement body, dependent on the Ayuntamiento. As of 2018, it had a workforce of 6,190 civil servants.[109]
The headquarters of both the Directorate-General of the Police and the Directorate-General of the Civil Guard are located in Madrid. The headquarters of the Higher Office of Police of Madrid (Jefatura Superior de Policía de Madrid), the peripheral branch of the National Police Corps with jurisdiction over the region also lies on Madrid.
Cityscape
Architecture
Directorate-General of the Police and the Directorate-General of the Civil Guard are located in Madrid. The headquarters of the Higher Office of Police of Madrid ( Jefatura Superior de Policía de Madrid), the peripheral branch of the National Police Corps with jurisdiction over the region also lies on Madrid.
Little medieval architecture is preserved in Madrid, mostly in the Almendra Central, including the San Nicolás and San Pedro el Viejo church towers, the church of San Jerónimo el Real, and the Bishop's Chapel. Nor has Madrid retained much Renaissance architecture, other than the Bridge of Segovia and the Convent of Las Descalzas Reales.
Philip II moved his court to Madrid in 1561 and transformed the town into a capital city. During the Early Hapsburg period, the import of European influences took place, underpinned by the monicker of Austrian style. The Austrian style featured not only Austrian influences but also Italian and Dutch (as well as Spanish), reflecting on the international preeminence of the Hapsburgs.[110] During the second half of the 16th-century the use of pointy slate spires in order to top structures such as church towers was imported to Spain from Central Europe.[111] Slate spires and roofs consequently became a staple of the Madrilenian architecture at the time.[112]
Stand out architecture in the city dating back to the early 17th-century includes several buildings and structures (most of them attributed to Juan Gómez de Mora) such as the Palace of the Duke of Uceda (1610), the [110] During the second half of the 16th-century the use of pointy slate spires in order to top structures such as church towers was imported to Spain from Central Europe.[111] Slate spires and roofs consequently became a staple of the Madrilenian architecture at the time.[112]
Stand out architecture in the city dating back to the early 17th-century includes several buildings and structures (most of them attributed to Juan Gómez de Mora) such as the Palace of the Duke of Uceda (1610), the Monastery of La Encarnación (1611–1616); the Plaza Mayor (1617–1619) or the Cárcel de Corte (1629–1641), currently known as the Santa Cruz Palace. The Imperial College church model dome was imitated in all of Spain. Pedro de Ribera introduced Churrigueresque architecture to Madrid; the Cuartel del Conde-Duque, the church of Montserrat, and the Bridge of Toledo are among the best examples.
The reign of the Bourbons during the eighteenth century marked a new era in the city. Philip V tried to complete King Philip II's vision of urbanisation of Madrid. Philip V built a palace in line with French taste, as well as other buildings such as St. Michael's Basilica and the Church of Santa Bárbara.
King Charles III beautified the city and endeavoured to convert Madrid into one of the great European capitals. He pushed forward the construction of the Prado Museum (originally intended as a Natural Science Museum), the Puerta de Alcalá, the Royal Observatory, the Basilica of San Francisco el Grande, the Casa de Correos in Puerta del Sol, the Real Casa de la Aduana, and the General Hospital (which now houses the Reina Sofia Museum and Royal Conservatory of Music). The Paseo del Prado, surrounded by gardens and decorated with neoclassical statues, is an example of urban planning. The Duke of Berwick ordered the construction of the Liria Palace.
During the early 19th century, the Peninsular War, the loss of viceroyalties in the Americas, and continuing coups limited the city's architectural development (Royal Theatre, the National Library of Spain, the Palace of the Senate, and the Congress). The Segovia Viaduct linked the Royal Alcázar to the southern part of town.
During the early 19th century, the Peninsular War, the loss of viceroyalties in the Americas, and continuing coups limited the city's architectural development ( Royal Theatre, the National Library of Spain, the Palace of the Senate, and the Congress). The Segovia Viaduct linked the Royal Alcázar to the southern part of town.
The list of key figures of madrilenian architecture during the 19th and 20th centuries includes authors such as Narciso Pascual y Colomer, Francisco Jareño y Alarcón [es], Francisco de Cubas, Juan Bautista Lázaro de Diego, Ricardo Velázquez Bosco, Antonio Palacios, Secundino Zuazo, Luis Gutiérrez Soto, Luis Moya Blanco [es] and Alejandro de la Sota.[115]
From the mid-19th century until the Civil War, Madrid modernised and built new neighbourhoods and monuments. The expansion of Madrid developed under the Plan Castro, resulting in the neighbourhoods of Salamanca, Argüelles, and Chamberí. Arturo Soria conceived the linear city and built the first few kilometres of the road that bears his name, which embodies the idea. The Gran Vía was built using different styles that evolved over time: French style, eclectic, art deco, and expressionist.
Antonio Palacios built a series of buildings inspired by the Viennese Secession, such as the Plan Castro, resulting in the neighbourhoods of Salamanca, Argüelles, and Chamberí. Arturo Soria conceived the linear city and built the first few kilometres of the road that bears his name, which embodies the idea. The Gran Vía was built using different styles that evolved over time: French style, eclectic, art deco, and expressionist.
Antonio Palacios built a series of buildings inspired by the Viennese Secession, such as the Palace of Communication, the Círculo de Bellas Artes, and the Río de La Plata Bank (now Instituto Cervantes). Other notable buildings include the Bank of Spain, the neo-Gothic Almudena Cathedral, Atocha Station, and the Catalan art-nouveau Palace of Longoria. Las Ventas Bullring was built, as the Market of San Miguel (Cast-Iron style).
Following the Francoist takeover that ensued the end of Spanish Civil war, architecture experienced an involution, discarding rationalism and, eclecticism notwithstanding, going back to an overall rather "outmoded" architectural language, with the purpose of turning Madrid into a capital worthy of the "Immortal Spain".[116] Iconic examples of this period include the Ministry of the Air (a case of herrerian revival) and the Edificio España (presented as the tallest building in Europe when it was inaugurated in 1953).[117][116] Many of these buildings distinctly combine the use of brick and stone in the façades.[116] The Casa Sindical marked a breaking point as it was the first to reassume rationalism, although that relinking to modernity was undertaken through the imitation of the Italian Fascist architecture.[116]
With the advent of Spanish economic development, skyscrapers, such as Torre Picasso, Torres Blancas and Torre BBVA, and the Gate of Europe, appeared in the late 20th century in the city. During the decade of the 2000s, the four tallest skyscrapers in Spain were built and together form the Cuatro Torres Business Area.[118] Terminal 4 at
Madrid-Barajas Airport was inaugurated in 2006 and won several architectural awards.
Terminal 4 is one of the world's largest terminal areasTorre Picasso, Torres Blancas and Torre BBVA, and the Gate of Europe, appeared in the late 20th century in the city. During the decade of the 2000s, the four tallest skyscrapers in Spain were built and together form the Cuatro Torres Business Area.[118] Terminal 4 at
Madrid-Barajas Airport was inaugurated in 2006 and won several architectural awards.
Terminal 4 is one of the world's largest terminal areas[119] and features glass panes and domes in the roof, which allow natural light to pass through.
Madrid is the European city with the highest number of trees and green surface per inhabitant and it has the second highest number of aligned trees in the world, with 248,000 units, only exceeded by Tokyo. Madrid's citizens have access to a green area within a 15-minute walk. Since 1997, green areas have increased by 16%. At present, 8.2% of Madrid's grounds are green areas, meaning that there are 16 m2 (172 sq ft) of green area per inhabitant, far exceeding the 10 m2 (108 sq ft) per inhabitant recommended by the World Health Organization.
A great bulk of the most important parks in Madrid are related to areas originally belonging to the royal assets (including El Pardo, Soto de Viñuelas, Casa de Campo, El Buen Retiro, la Florida and the Príncipe Pío hill, and the Queen's Casino). The other main source for the "green" areas are the bienes de propios [es] owned by the municipality (including the Dehesa de la Villa, the Dehesa de Arganzuela or Viveros).
El Retiro is the most visited location of the city.[122] Having an area bigger than 1.4 km2 (0.5 sq mi) (350 acres), it is the largest park within the Almendra Central, the inner part of the city enclosed by the M-30. Created during the reign of Philip IV (17th century), it was handed over to the municipality in 1868, after the Glorious Revolution.[124] It lies next to the Royal Botanical Garden of Madrid.
Located northwest of the city centre, the Parque del Oeste ("Park of the West") comprises part of the area of the former royal possession of the "Real Florida", and it features a slope as the height decreases down to the Manzanares.[125] Its southern extension includes the Temple of Debod, a transported ancient Egyptian temple.[126]
Other urban parks are the Parque de El Capricho, the Parque Juan Carlos I (both in northeast Madrid), Madrid Río, the A great bulk of the most important parks in Madrid are related to areas originally belonging to the royal assets (including El Pardo, Soto de Viñuelas, Casa de Campo, El Buen Retiro, la Florida and the Príncipe Pío hill, and the Queen's Casino). The other main source for the "green" areas are the bienes de propios [es] owned by the municipality (including the Dehesa de la Villa, the Dehesa de Arganzuela or Viveros).
El Retiro is the most visited location of the city.[122] Having an area bigger than 1.4 km2 (0.5 sq mi) (350 acres), it is the largest park within the Almendra Central, the inner part of the city enclosed by the M-30. Created during the reign of Philip IV (17th century), it was handed over to the municipality in 1868, after the Glorious Revolution.[124] It lies next to the Royal Botanical Garden of Madrid.
Located northwest of the city centre, the Parque del Oeste ("Park of the West") comprises part of the area of the former royal possession of the "Real Florida", and it features a slope as the height decreases down to the Manzanares.[125] Its southern extension includes the Temple of Debod, a transported ancient Egyptian temple.[126]
Other urban parks are the Parque de El Capricho, the Parque Juan Carlos I (both in northeast Madrid), Madrid Río, the Enrique Tierno Galván Park [es], the San Isidro Park [es] as well as gardens suchs as the Campo del Moro (opened to the public in 1978) and the Sabatini Gardens (opened to the public in 1931) near the Royal Palace.
Further west, across the Manzanares, lies the Casa de Campo, a large forested area with more than 1700 hectares (6.6 sq mi) where the Madrid Zoo, and the Parque de Atracciones de Madrid amusement park are located. It was ceded to the municipality following the proclamation of the Second Spanish Republic in 1931.[127]
The Monte de El Pardo is the largest forested area in the municipality. A holm oak forest covering a surface over 16,000 hectares, it is considered the best preserved mediterranean forest in the Community of Madrid and one of the best preserved in Europe.[128] Already mentioned in the Alfonso XI's Libro de la montería [es] from the mid 14th-century, its condition as hunting location linked to the Spanish monarchy help to preserve the environmental value.[128] During the reign of Ferdinand VII the regime of hunting prohibition for the Monte de El Pardo became one of full property and the expropriation of all possessions within its bounds was enforced, with dire consequences for the madrilenians at the time. It is designated as Special Protection Area for bird-life and it is also part of the Regional Park of the High Basin of the Manzanares.
Other large forested areas include the Soto de Viñuelas, the Dehesa de Valdelatas [es] and the Dehesa de la Villa [es]. As of 2015, the most recent big park in the municipality is the Valdebebas Park. Covering a total area of 4.7 km2 (1.8 sq mi), it is sub-divided in a 3.4 km2 (1.3 sq mi) forest park (the Parque forestal de Valdebebas-Felipe VI [es]), a 0.8 km2 (0.31 sq mi) periurban park as well as municipal garden centres and compost plants.[130]
After it became the capital of Spain in the 16th century, Madrid was more a centre of consumption than of production or trade. Economic activity was largely devoted to supplying the city's own rapidly growing population, including the royal household and national government, and to such trades as banking and publishing.
A large industrial sector did not develop until the 20th century, but thereafter industry greatly expanded and diversified, making Madrid the second industrial city in Spain. However, the economy of the city is now becoming more and more dominated by the service sector. A major European financial center, its stock market is the third largest stock market in Europe featuring both the IBEX 35 index and the attached Latibex [es] stock market (with the second most important index for Latin American companies).[131] It concentrates about the 75 % of banking operations in the country.industrial sector did not develop until the 20th century, but thereafter industry greatly expanded and diversified, making Madrid the second industrial city in Spain. However, the economy of the city is now becoming more and more dominated by the service sector. A major European financial center, its stock market is the third largest stock market in Europe featuring both the IBEX 35 index and the attached Latibex [es] stock market (with the second most important index for Latin American companies).[131] It concentrates about the 75 % of banking operations in the country.[131]
Madrid is the 5th most important leading Centre of Commerce in Europe (after London, Paris, Frankfurt and Amsterdam) and ranks 11th in the world.[18] It is the leading Spanish-speaking city in terms of webpage creation.[131]
As the capital city of the Spanish Empire from 1561, Madrid's population grew rapidly. Administration, banking, and small-scale manufacturing centred on the royal court were among the main activities, but the city was more a locus of consumption than production or trade, geographically isolated as it was before the coming of the railways.
The Bank of Spain is one of the oldest European central banks. Originally named as the Bank of San Carlos as it was founded in 1782, it was later renamed to Bank of San Fernando in 1829 and ultimately became the Bank of Spain in 1856.The Bank of Spain is one of the oldest European central banks. Originally named as the Bank of San Carlos as it was founded in 1782, it was later renamed to Bank of San Fernando in 1829 and ultimately became the Bank of Spain in 1856.[132] Its headquarters are located at the calle de Alcalá.
The Madrid Stock Exchange was inaugurated on 20 October 1831.[133] Its benchmark stock market index is the IBEX 35.
Industry started to develop on a large scale only in the 20th century,[134] but then grew rapidly, especially during the "Spanish miracle" period around the 1960s. The economy of the city was then centred on manufacturing industries such as those related to motor vehicles, aircraft, chemicals, electronic devices, pharmaceuticals, processed food, printed materials, and leather goods.[135] Since the restoration of democracy in the late 1970s, the city has continued to expand. Its economy is now among the most dynamic and diverse in the European Union.[136]
Madrid concentrates activities directly connected with power (central and regional government, headquarters of Spanish companies, regional HQ of multinationals, financial institutions) and with knowledge and technological innovation (research centres and universities). It is one of Europe's largest financial centres and the largest in Spain.[137] The city has 17 universities and over 30 research centres.[137]:52 It is the second metropolis in the EU by population, and the third by gross internal product.[137]:69 Leading employers include Telefónica, Iberia, Prosegur, BBVA, Urbaser, Dragados, and FCC.[137]:569
The Community of Madrid, the region comprising the city and the rest of municipalities of the province, had a GDP of €220B in 2017, equating to a GDP per capita of €33,800.[138] In 2011 the city itself had a GDP per capita 74% above the national average and 70% above that of the 27 European Union member states, although 11% behind the average of the top 10 cities of the EU.[137]:237–239 Although housing just over 50% of the region's's population, the city generates 65.9% of its GDP.[137]:51 Following the Community of Madrid, the region comprising the city and the rest of municipalities of the province, had a GDP of €220B in 2017, equating to a GDP per capita of €33,800.[138] In 2011 the city itself had a GDP per capita 74% above the national average and 70% above that of the 27 European Union member states, although 11% behind the average of the top 10 cities of the EU.[137]:237–239 Although housing just over 50% of the region's's population, the city generates 65.9% of its GDP.[137]:51 Following the recession commencing 2007/8, recovery was under way by 2014, with forecast growth rates for the city of 1.4% in 2014, 2.7% in 2015 and 2.8% in 2016.[139]:10
The economy of Madrid has become based increasingly on the service sector. In 2011 services accounted for 85.9% of value added, while industry contributed 7.9% and construction 6.1%.[137]:51 Nevertheless, Madrid continues to hold the position of Spain's second industrial centre after Barcelona, specialising particularly in high-technology production. Following the recession, services and industry were forecast to return to growth in 2014, and construction in 2015.[139]:32[needs update]
Mean household income and spending are 12% above the Spanish average.[137]:537, 553 The proportion classified as "at risk of poverty" in 2010 was 15.6%, up from 13.0% in 2006 but less than the average for Spain of 21.8%. The proportion classified as affluent was 43.3%, much higher than Spain overall (28.6%).[137]:540–3
Consumption by Madrid residents has been affected by job losses and by austerity measures, including a rise in sales tax from 8% to 21% in 2012.[140]
Although residential property prices have fallen by 39% since 2007, the average price of dwelling space was €2,375.6 per sq. m. in early 2014,[139]:70 and is shown as second only to London in a list of 22 European cities.[141]
Employment
Participation in the labour force was 1,638,200 in 2011, or 79.0%. The employed workforce comprised 49% women in 2011 (Spain, 45%).[1Consumption by Madrid residents has been affected by job losses and by austerity measures, including a rise in sales tax from 8% to 21% in 2012.[140]
Although residential property prices have fallen by 39% since 2007, the average price of dwelling space was €2,375.6 per sq. m. in early 2014,[139]:70 and is shown as second only to London in a list of 22 European cities.[141]
Participation in the labour force was 1,638,200 in 2011, or 79.0%. The employed workforce comprised 49% women in 2011 (Spain, 45%).[137]:98 41% of economically active people are university graduates, against 24% for Spain as a whole.[137]:103
In 2011, the unemployment rate was 15.8%, remaining lower than in Spain as a whole. Among those aged 16–24, the unemployment rate was 39.6%.[137][137]:97, 100 Unemployment reached a peak of 19.1% in 2013,[139]:17 but with the start of an economic recovery in 2014, employment started to increase.[142] Employment continues to shift further towards the service sector, with 86% of all jobs in this sector by 2011, against 74% in all of Spain.[137] In the second quarter of 2018 the unemployment rate was 10.06%.[143] :117
The share of services in the city's economy is 86%. Services to business, transport & communications, property & financial together account for 52% of total value added.[137]:51 The types of services that are now expanding are mainly those that facilitate movement of capital, information, goods and persons, and "advanced business services" such as research and development (R&D), information technology, and technical accountancy.[137]:242–3
Madrid and the wider region's authorities have put a notable effort in the development of logistics infrastructure. Within the city proper, some of the standout centres include Mercamadrid, the Madrid-Abroñigal [es] logistics centre, the Villaverde's Logistics Centre and the Vicálvaro's Logistics Centre to name a few.[144]
Banks based in Madrid carry out 72% of the banking activity in Spain.[137]:474 The Spanish central bank, Bank of Spain, has existed in Madrid since 1782. Stocks & shares, logistics infrastructure. Within the city proper, some of the standout centres include Mercamadrid, the Madrid-Abroñigal [es] logistics centre, the Villaverde's Logistics Centre and the Vicálvaro's Logistics Centre to name a few.[144]
Banks based in Madrid carry out 72% of the banking activity in Spain.[137]:474 The Spanish central bank, Bank of Spain, has existed in Madrid since 1782. Stocks & shares, bond markets, insurance, and pension funds are other important forms of financial institution in the city.
Madrid is an important centre for trade fairs, many of them coordinated by IFEMA, the Trade Fair Institution of Madrid.[137]:351–2 The public sector employs 18.1% of all employees.[137]:630 Madrid attracts about 8M tourists annually from other parts of Spain and from all over the world, exceeding even Barcelona.[137]:81[137]:362, 374[139]:44 Spending by tourists in Madrid was estimated (2011) at €9,546.5M, or 7.7% of the city's GDP.[137]:375
The construction of transport infrastructure has been vital to maintain the economic position of Madrid. Travel to work and other local journeys use a high-capacity metropolitan road network and a well-used public transport system.[137]:62–4 In terms of longer-distance transport, Madrid is the central node of the system of autovías and of the high-speed rail network (The construction of transport infrastructure has been vital to maintain the economic position of Madrid. Travel to work and other local journeys use a high-capacity metropolitan road network and a well-used public transport system.[137]:62–4 In terms of longer-distance transport, Madrid is the central node of the system of autovías and of the high-speed rail network (AVE), which has brought major cities such as Seville and Barcelona within 2.5 hours travel time.[137]:72–75 Also important to the city's economy is Madrid-Barajas Airport, the fourth largest airport in Europe.[137]:76–78 Madrid's central location makes it a major logistical base.[137]:79–80
As an industrial centre Madrid retains its advantages in infrastructure, as a transport hub, and as the location of headquarters of many companies. Industries based on advanced technology are acquiring much more importance here than in the rest of Spain.[137]:271 Industry contributed 7.5% to Madrid's value-added in 2010.[137]:265 However, industry has slowly declined within the city boundaries as more industry has moved outward to the periphery. Industrial Gross Value Added grew by 4.3% in the period 2003–2005, but decreased by 10% during 2008–2010.[137]:271, 274 The leading industries were: paper, printing & publishing, 28.8%; energy & mining, 19.7%; vehicles & transport equipment, 12.9%; electrical and electronic, 10.3%; foodstuffs, 9.6%; clothing, footwear & textiles, 8.3%; chemical, 7.9%; industrial machinery, 7.3%.[137]:266
The PSA Peugeot Citroën plant is located in Villaverde district.
The construction sector, contributing 6.5% to the city's economy in 2010,[137]:265 was a growing sector before the recession, aided by a large transport and infrastructure program. More recently the construction sector has fallen away and earned 8% less in 2009 than it had been in 2000.[137]:242–3 The decrease was particularly marked in the residential sector, where prices dropped by 25%–27% from 2007 to 2012/13[137]:202, 212 and the number of sales fell by 57%.[137]:216
Tourism
Madrid de los Austrias. It is the part of Madri Madrid is the seat of the World Tourism Organization (UNWTO) and the International Tourism Fair [es] (FITUR).
In 2018, the city received 10.21 million tourists (53.3% of them international tourists).[145]p. 9 The biggest share of international tourists come from the United States, followed by Italy, France, United Kingdom and Germany.[145]p. 10 As of 2018, the city has 793 hotels, 85,418 hotel places and 43,816 hotel rooms.[145]p. 18 It also had, as of 2018, an estimated 20,217 tourist apartments.[145]p. 20
The most visited museum was the 10.21 million tourists (53.3% of them international tourists).[145]p. 9 The biggest share of international tourists come from the United States, followed by Italy, France, United Kingdom and Germany.[145]p. 10 As of 2018, the city has 793 hotels, 85,418 hotel places and 43,816 hotel rooms.[145]p. 18 It also had, as of 2018, an estimated 20,217 tourist apartments.[145]p. 20
The most visited museum was the Museo Nacional Centro de Arte Reina Sofía, with 3.8 million visitors in the sum of its three seats in 2018. Conversely, the Prado Museum had 2.8 million visitors and the Thyssen-Bornemisza Museum 906,815 visitors.[145]p. 32
By the late 2010s, the gentrification and the spike of tourist apartments in the city centre led to an increase in rental prices, pushing residents out of the city centre.[84] Most of the tourist apartments in Madrid (50–54%) are located in the Centro District.[146] In the Sol neighborhood (part of the latter district), 3 out of 10 homes are dedicated to tourist apartments,[146] and 2 out of 10 are listed in AirBnB.[84] In April 2019 the plenary of the ayuntamiento passed a plan intending to regulate this practice, seeking to greatly limit the number of tourist apartments. The normative would enforce a requirement for independent access to those apartments in and out of the street.[147] However, after the change of government in June 2019, the new municipal administration plans to revert the regulation.[148]
A recent study placed Madrid 7th among 36 cities as an attractive base for business.[149] It was placed third in terms of availability of office space, and fifth for easy of access to markets, availability of qualified staff, mobility within the city, and quality of life. Its less favourable characteristics were seen as pollution, languages spoken, and political environment. Another ranking of European cities placed Madrid 5th among 25 cities (behind Berlin, London, Paris and Frankfurt), being rated favourably on economic factors and the labour market, and on transport and communication.[150]
Media and entertainmentMadrid is an important film and television production hub, whose content is distributed throughout the Spanish-speaking world and abroad. Madrid is often seen as the entry point into the European media market for Latin American media companies, and likewise the entry point into the Latin American markets for European companies.[151] Madrid is the headquarters of media groups such as Radiotelevisión Española, Atresmedia, Mediaset España Comunicación, and Movistar+, which produce numerous films, television shows and series which are distributed globally on various platforms.[152] Since 2018, the region is also home to Netflix's Madrid Production Hub, Mediapro Studio, and numerous others such as Viacom International Studios.[153][154][155][156] As of 2019, the film and television industry in Madrid employs 19,000 people (44% of people in Spain working in this industry).[157]
RTVE, the state-owned Spanish Radio and Television Corporation is headquartered in Madrid along with all its TV and radio channels and web services ( La 1, La 2, Clan, Teledeporte, 24 Horas, TVE Internacional, Radio Nacional de España), Radio Exterior de España, Radio Clásica. The Atresmedia group ( Antena 3, La Sexta, Onda Cero) is headquartered in nearby San Sebastián de los Reyes. The television network and media production company, the largest in Spain, Mediaset España Comunicación ( Telecinco, Cuatro) maintains its headquarters in Fuencarral-El Pardo district. The Spanish media conglomerate PRISA ( Cadena SER, Los 40 Principales, M80 Radio, Cadena Dial) is headquartered in Gran Vía street in central Madrid.
Madrid is home to numerous newspapers, magazines and publications, including ABC, El País, El Mundo, La Razón, Marca, ¡Hola!, Diario AS, El Confidencial and Cinco Días. The Spanish international news agency EFE maintains its headquarters in Madrid since its inception in 1939. The second news agency of Spain is the privately owned Europa Press, founded and headq
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