“We are once again growing above the national average thanks to investment and domestic consumption. We are not doing so through increased spending and greater pressure on Madrid families, who are not becoming indebted year after year like the rest of Spanish households due to the tax burden and the pressure being placed on the middle classes,” the President stressed.
In quarter-on-quarter terms, Madrid’s Gross Domestic Product (GDP) increased by 0.8% compared with the previous quarter, maintaining the same pace recorded during the previous three-month period. This growth places Madrid two tenths above the national average (0.6%) and well ahead of the euro area, where the economy grew by only 0.1% over the same period.
On the demand side, growth has been supported by a balanced performance in both consumption and investment. This combination reflects solid and diversified growth, driven both by household spending and investment efforts.
From the supply perspective, the services sector continues to show strong performance, with year-on-year growth of 3.2%. Particularly noteworthy were activities related to trade, hospitality, transport and communications, which increased by 3.9%, as well as business and financial services, which grew by 3.4%.
Industry and construction also contributed positively, with increases of 1.6% and 2.6%, respectively.
These figures consolidate the region’s position as Spain’s economic engine, accounting for 19.8% of the country’s total GDP.
This economic dynamism is also reflected in the labour market, with 3,920,267 people registered with Social Security, the highest figure in the region’s history. Over the last year, Madrid has added 127,841 jobs, equivalent to 350 new jobs created every day.
These results are underpinned by an economic model based on legal certainty, the removal of administrative barriers and a low-tax environment.
Since 2019, the regional government has approved 34 tax reductions — with three more announced — which have generated savings of €48 billion for Madrid residents, representing more than €12,000 per taxpayer.