Updated on Friday, 10 September 2021 – 14:33
The Madrid Economic Minister blames it on the strength of the Madrid economy when facing the effects of the health crisis
The Minister of Economy, Finance and Employment of Madrid, Javier Fernndez-Lasquetty Community of Madrid
The counselor of Economy, Finance and Employment of Madrid, Javier Fernndez-Lasquetty, highlighted this Friday that the community has registered a regional GDP growth of 31.7% in the last year, 12 points above the national average, according to the data of the Quarterly Regional Accounting relating to the second quarter of 2021. This is the largest rebound in the history of the region, as reported by the counselor.
Regarding the evolution of the second quarter of 2021, the Community’s GDP reverses the negative trend of the former and registers a growth of 1.6%. In this sense, Lasquetty recalled that, in the first three months of the year, the Madrid economy fell a 1.4%, “so the growth experienced in the second quarter indicates that we are working in the right direction and we are making progress in the economic recovery thanks to the economic and fiscal policies of the Community of Madrid”.
Likewise, he underlined the strength of the Madrid economy when facing the effects of the health crisis caused by Covid-19 and assured that “the positive evolution of the regional GDP demonstrates the success of the regional government measures when it comes to balancing economic activity with the protection of citizens in health matters “.
Growth in all producing sectors
The growth of the Madrid economy has been widespread in all economic sectors in the last year. The The greatest increase has occurred in the construction sector, with 37.7%, followed by services, with a growth of 30.2%.
This sector is the most relevant for regional GDP, since accounts for 85% of the total volume.
With regard to Industry, which represents the 11.0% of the regional productive structure, the sector has experienced an annual increase of 19.4%.
As to regional demand, has registered a 37.1% increase compared to the same period of the previous year, contributing 34.3% of the region’s GDP. Also noteworthy is the increase in 16.4% of investment and 41.7% of consumption, mainly due to the increase in household consumption.
On the other hand, external demand decreases by 18.9%, with a negative contribution to GDP of 2.6 points.
Growth above 6%
The counselor said that the estimates on the evolution of the Madrid economy point to the continuity of the positive trend during 2021 and 2022, especially from the fourth quarter of this year. In addition, he added, they indicate a greater dynamism of Madrid’s GDP compared to the national group.
Specifically, he stated, the average of the forecasts made by BBVA, Hispalink, Ceprede and Funcas place the increase in regional GDP in the 6.4% by 2021, 0.11 above the rest of the country
On 2022, these organisms estimate a growth of the 6.1% in the Community of Madrid, and 5.9% for the Spanish GDP.
On these data, the counselor pointed out that “if these forecasts are confirmed for 2022, the growth rate of the Madrid economy will be at the level of the euro zone”, and advanced that “the Community will resume the growth path prior to the pandemic before the whole of Spain “.
Leader in foreign investment
Lasquetty He also referred to the data relating to the creation of new companies in the region, which during the first six months of the year reached the figure of 13,005, the largest of all autonomous communities, with the 23.4% of the national total. Thus, one out of every four new companies created in Spain has done so in our region.
He explained that the good data on business dynamism is combined with the notable increase in foreign investment in the Community of Madrid, attracting 1,887.1 million euros in this matter during the first three months of 2021, which represents the 61.7% of the national total.
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