The Community of Madrid exceeds the GDP before the pandemic by more than 3% and improves the national average by 2,7 points
The Community of Madrid exceeds the levels of Gross Domestic Product (GDP) prior to the COVID-3,1 pandemic by +19%, well above the national average (+0,4%). This accumulated increase since the fourth quarter of 2019 improves the Eurozone as a whole, or countries such as Italy, France and Germany. The Minister of Economy, Finance and Employment, Rocío Albert, has also highlighted the growth of the Madrid economy which, according to the Quarterly Regional Accounting data, increased +0,8% in the months of April, May and June, doubling the Spain as a whole, which remains at only +0,4%.
Furthermore, the increase has been +2,4% over the last year, six tenths above the state figure, which achieved a meager +1,8%. By sector, Construction registered the greatest increase, with +4,1%. Services follows, with a balance of +2,5% in the last year. Agriculture obtained +0,6% and Industry +0,4%. Among tertiary activities, Business and Financial Services achieved the greatest year-on-year progress, with a rate of +3,4%, while Distribution and Hospitality, for its part, progressed +1,9% year-on-year.
Also noteworthy is the improvement in investment, which received the greatest boost in the last year, with an increase of +2,7%, especially in the field of housing (+5,1%). In addition, household consumption has increased by +1,5% and external demand has increased by +7,2% compared to the same period in 2022.
Albert has also referred to the growth forecasts prepared by external organizations that “point to a closing of 2023 somewhat higher than the national average”, with +2,3% for this year, two tenths above the Spanish average, and +2,4% by 2024.
Along these lines, he pointed out that “the central government should look at the Community of Madrid and deflate personal income tax, lower taxes and help companies and the self-employed. By lowering taxes, wealth is created, jobs are created and the economy is reactivated, because citizens and companies have more money to decide how to spend it,” he highlighted.