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Madrid has evolved incredibly through the Middle Ages and established itself as a new capital of the Spanish Empire. Throughout the years, especially during the 20th century the city has taken long strides in development and become home to industries like motor vehicles, aircraft, chemicals, electronic devices, pharmaceuticals, processed food, printed materials, and leather goods. Madrid is also home to a wide variety of restaurants and hotels for the travellers.
This city is now Spain's second largest industrial centre after Barcelona and continues to be the centre of national government, finance and insurance. Apart from the capital of the industrial sector, Madrid city is also one of the most important centres for the publishing of Spanish language materials.
Despite suffering the loss in economic momentum in Madrid city, which came into existence due to the recession that started in late 2008, the employment in the Madrid’s Autonomous sector has grown by 0.8% in YoY (year-on-year) basis in the second quarter of 2008. The second quarter of 2008 in the city has also seen an increment of 19.3% for credit to the private sector.
The national capital city of Madrid has a current booming economy as the city mainly concentrates on activities directly connected with power (central and regional government, headquarters of Spanish companies, regional HQ of multinationals, financial institutions) and with knowledge and technological innovation (research centres and universities).
Currently, the city is one of Europe's largest financial centres and also the largest in Spain. The city also holds the position of being the second highest industrial centre after Barcelona, that specialises on high-technology production. With all the recent developments, Madrid city is slowly capturing the interests of foreign investments in Spain in recent years.