section_path: Economy/Present-day economy
section_name: Present-day economy
paragraph_text: Present-day economy
  
  Madrid concentrates 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). It is one of Europe's largest financial centres, and the largest in Spain. The city has 17 universities and over 30 research centres.: 52 It is the second metropolis in the EU by population, and the third by gross internal product.: 69 Leading employers include Telefónica, Iberia, Prosegur, BBVA, Urbaser, Dragados, and FCC.: 569
  
  The Community of Madrid, the region comprising the city and the rest of municipalities of the province, had a GDP of € 220B in 2017, equating to a GDP per capita of €33,800. In 2011 the city itself had a GDP per capita 74% above the national average and 70% above that of the 27 European Union member states, although 11% behind the average of the top 10 cities of the EU.: 237–239 Although housing just over 50% of the region 's population, the city generates 65.9% of its GDP.: 51 Following the recession commencing 2007/8, recovery was under way by 2014, with forecast growth rates for the city of 1.4% in 2014, 2.7% in 2015 and 2.8% in 2016.: 10
  
  The economy of Madrid has become based increasingly on the service sector. In 2011 services accounted for 85.9% of value added, while industry contributed 7.9% and construction 6.1%.: 51 Nevertheless, Madrid continues to hold the position of Spain's second industrial centre after Barcelona, specialising particularly in high-technology production. Following the recession, services and industry were forecast to return to growth in 2014, and construction in 2015.: 32