About Madrid, Spain
Madrid is the business center of Spain and
the headquarters for the Public Administration, Government, and
the Spanish Parliament. The Spanish Royal Family also resides
in Madrid. Madrid is renowned for its culture, tourism is also
an important source of income for the region.
Many multi-national companies have chosen the city as a base
for regional headquarters, operations and call centres. Siemens
Nixdorf, IBM, Boeing (R&D), Schweppes and Time Warner are
among many household names located in Madrid.
According to PromoMadrid, a division of the Regional
Ministry of Economy and Employment, Madrid is the second most
important industrial region in Spain and the undisputed centre
for high technology. Foreign Direct Investment in Madrid
consistently exceeds 60% of the national total.
The Madrid Chamber of Commerce (Camara Madrid) has a number
of initiatives aimed toward investment in the city, an example
of which, is the SUMA Consulting Service, a free I.T
consultancy aimed at advising small to medium sized companies
with regards to their I.T infrastructure.
Figures provided by PromoMadrid for 2003 show the GDP by
sector for Madrid was, Services 76.2%, Industry 23.7% and
Agriculture 0.2%. GDP growth was 3.4%.
Madrid has around 16 Universities and a number of other
Colleges covering a vast number of subjects, which provides the
cities employers with highly educated and motivated
According to a European Chambers of Commerce Survey in 2004
the Madrid region has been classified as the European region
with the best job creation and economic growth prospects.
The current workforce stands at around 2.6 million out of a
population of 5.8 million, of which 30% are educated to degree
level. Unemployment is the lowest in Spain, having decreased to
6.2% by September 2004.
Also the survey states, "Madrid offers a highly qualified,
committed and adaptable workforce at significantly lower costs
than the rest of western and northern Europe". The workforce is
also very young, nearly 70% of the working population is under
45 years old.
Other Major Cities:
- Palma de Mallorca
- Las Palmas