Services Economy of Madrid

1 services

1.1 finance , banking
1.2 transport
1.3 trade fairs, exhibitions, conferences
1.4 public sector
1.5 tourism

services

the historic dominance of service sector in capital reflected in current trends, share of services in city’s economy growing 82% in 2000 86% in 2011. types of services expanding facilitate movement of capital, information, goods , persons, , advanced business services such research , development (r&d), information technology, , technical accountancy.

azca business park in northern madrid



finance , banking

banks based in madrid, both clearing banks , savings banks, carry out 72% of banking activity in spain. after many recent amalgamations largest banking groups important presence in madrid bsch (banco de santander y central hispano) , bbva (banco bilbao vizcaya argentaria). spanish central bank, bank of spain, has existed in madrid since 1782. stocks & shares, bond markets, insurance, , pension funds other important forms of financial institution operating in city.

transport


autovía a4, spain



ave s-112 @ madrid atocha station

the construction of transport infrastructure, such ring roads , train network, constituted major pillar of economy 2006. road, rail , air links vital maintain economic position of madrid leading centre of employment, enterprise , tourism. 3 quarters of million people commute city work. road network within metropolitan region includes 9 radial autovías (fast dualled highways) , 4 orbital ones @ different distances centre. of more built radial roads tolls charged have not been used capacity. region possesses high-capacity metropolitan road network. however, in of outer areas new orbital roads have favoured dispersion , fragmentation of residential , economically active areas.

madrid has high standard of public transport provision, consisting of metro, cercanías local railways, , dense network of bus routes, many intermodal interchanges. half of journeys in metropolitan area made on public transport, high proportion compared european cities.

in terms of longer-distance transport, construction of autovías in 1980s , 1990s has given madrid direct fast road links parts of spain , france , portugal. madrid central node of high-speed rail network (ave), connecting city 17 provincial capitals , more under construction. high-speed rail has brought major cities such seville , barcelona within 2.5 hours travel , has taken large proportion of journeys formerly made road or air. economic importance of these developments lies not in facilitating business trips in increasing city s access human capital, strengthening competitiveness of madrid-based business.

madrid-barajas airport, fourth largest airport in europe, important component of city s economy, major transport hub, arrival point large tourist trade, , large employer. barajas handles on 40m passengers annually, of whom 70% international travellers, in addition majority of spain’s air freight movements.

finally, madrid’s location @ centre of peninsula makes natural logistical base , focus of international trade. on half value of national transport of goods , logistical operations passes through madrid region. type of activity gradually moving outwards city itself.

trade fairs, exhibitions, conferences

ifema exhibition centre

madrid important centre trade fairs, business exhibitions , conferences, although scale of activity decreased between 2005 , 2011: while there more fairs (82) in latter year, attracted fewer exhibitors (32,800, down 18%) , fewer visitors (739,000, down 27%). many of trade fairs coordinated ifema, trade fair institution of madrid. there 6 conference , exhibition centres, , 64 hotels conference & exhibition facilities.

public sector

in 2012 there 243,000 employees in public sector, or 18.1% of employees. proportion had remained approximately stable since 2005. of these employees 48% working in administration , security, 22% in health, sanitary , social services, , 16% in education.

tourism

a sign @ palacio de cristal (el retiro), madrid

madrid attracts many tourists other parts of spain , on world. there 7.5 million visitors stayed 1 or more nights in madrid in 2013, 49% of whom outside spain. tourist destination madrid exceeds barcelona popular in spain. madrid attractive visitors art , culture, architecture, gastronomy, shopping, shows, parks, sport , proximity sierra de guadarrama. there on 900 hotels , hostels (24 of 5-star hotels) accommodation on 80,000 visitors. in 2012, 54% of foreign visitors europe (especially italy, uk , france), 12% usa, 20% other parts of americas, , 14% elsewhere. spending tourists in madrid estimated (2011) @ €9,546.5m, or 7.7% of city’s gdp. although visitor numbers reported down 10% in summer 2013, possibly due high airport fees , fewer long-haul visitors after merger between airlines iberia , british airways, numbers had recovered 12% year-on-year in months of 2014. madrid precious time new collaborative body aiming @ attracting more tourists city.