The economy of the Community of Madrid grows 2.1% year-on-year in the third quarter

The economy of the Community of Madrid grows 2.1% year-on-year in the third quarter


The economy of the Community of Madrid continues to grow and has registered an increase of 2.1% in the last year, which is up to three tenths above the Spanish average. This is reflected in the latest Regional Accounting data corresponding to the third quarter of 2023. Compared to the second quarter, the increase in the regional economy has been 0.3%.

By sectors, Construction has had the greatest increase in the last year with 3.2%, followed by Industry, with a balance of 3%. Services obtains 1.7% and Agriculture 0.2%. Business and Financial Services achieved a year-on-year increase of 1.3%, while Distribution and Hospitality, for its part, increased by 1.1% year-on-year. Regarding demand, investment rose more than consumption, growing 2.1%, especially in the field of housing (9.4%). In addition, household consumption has increased by 1.3% and external demand has increased by 8.1% compared to the same period in 2022. In this way, Madrid is consolidated as the engine of the state economy, contributing 19 .4% of GDP and leading business creation in the first nine months of the year, with more than 18,000 new companies. It also maintains first place in attracting foreign investments, with more than 7.5 billion euros, and has registered the all-time high in affiliation with more than 3.6 million Madrid residents registered with Social Security. Regarding the growth forecasts prepared by external organizations, they point to a closing of 2023 somewhat higher than the national average, with 2.6% for this year, four tenths above the Spanish average, and 2.3% for 2024. Read also: Díaz Ayuso will use the collection of large fortunes to reduce personal income tax.

Along these lines, the Community of Madrid highlights that “the regional government will continue to maintain the economic model that has been operating for almost 20 years“Low taxes, stability and elimination of barriers that hinder growth.” “Faithful to these premises, we have announced the deduction of 20% in the regional personal income tax quota for investment in assets of new Madrid residents and regulatory improvement,” according to sources from the Regional government.





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