Madrid - Statistics & Facts
Located in the center of Spain, the city of Madrid is not only the capital of its autonomous community, but also, since 1561, the capital of the country by order of King Felipe III. Established in the ninth century with the commission of the fortress of the Royal Alcázar, Magerit (from Arabic, a place with abundant water) developed around this fortress to become the most populous city in the country.
Such demographic development led to the formation of the Autonomous Community of Madrid at the end of the 20th century. From 1996 to 2023, the population of the region increased from approximately five million inhabitants to over 6.87 million. In terms of demographic development, the foreign population has more than doubled since 2002. In 2022, the largest foreign community in the region was from Romania, with around 145,000 inhabitants, followed by Moroccans with over 77,000 inhabitants.
Despite the considerable unemployment rate, the region has increased its employment by between 1.9 and 3.6 percent per year between 2018 and 2023, with a decrease only in 2020. To help create jobs, the Spanish government allocated more than 94 million euros in 2023, including 3.8 million in subsidies for self-employment. Consequently, the number of new companies has increased compared to 2023. More than 25,000 companies were registered in 2023, 1,774 more than the previous year.
Such demographic development led to the formation of the Autonomous Community of Madrid at the end of the 20th century. From 1996 to 2023, the population of the region increased from approximately five million inhabitants to over 6.87 million. In terms of demographic development, the foreign population has more than doubled since 2002. In 2022, the largest foreign community in the region was from Romania, with around 145,000 inhabitants, followed by Moroccans with over 77,000 inhabitants.
Economic climate
According to recent forecasts, the gross domestic product of the autonomous region was projected to grow 3.3 percent in 2023, thus continuing the recovery from the decline suffered during 2020. As for the GDP per capita, Madrid was the region with the highest value in the country in 2022, at 38,435 euros. When it comes to unemployment, although lower than the national average, it is still high. In the fourth quarter of 2023, it was 9.7 percent, while the national average was 11.8 percent in the same period. Taking gender into account, male residents have a lower unemployment rate than female residents, as the latter registered a figure of over 10.5 percent at the end of 2023.Despite the considerable unemployment rate, the region has increased its employment by between 1.9 and 3.6 percent per year between 2018 and 2023, with a decrease only in 2020. To help create jobs, the Spanish government allocated more than 94 million euros in 2023, including 3.8 million in subsidies for self-employment. Consequently, the number of new companies has increased compared to 2023. More than 25,000 companies were registered in 2023, 1,774 more than the previous year.
