section_path: Economy/Present-day economy/Services
section_name: Services
paragraph_text: Services
  
  The share of services in the city's economy is 86%. Services for business, transport & communications, property, and financial together account for 52% of the total value added.: 51 The types of services that are now expanding are mainly those that facilitate movement of capital, information, goods and persons, and "advanced business services" such as research and development (R&D), information technology, and technical accountancy.: 242–3
  
  Madrid and the wider region's authorities have put a notable effort in the development of logistics infrastructure. Within the city proper, some of the standout centres include Mercamadrid, the Madrid-Abroñigal logistics centre, the Villaverde's Logistics Centre and the Vicálvaro's Logistics Centre to name a few.
  
  Banks based in Madrid carry out 72% of the banking activity in Spain.: 474 The Spanish central bank, Bank of Spain, has existed in Madrid since 1782. Stocks & shares, bond markets, insurance, and pension funds are other important forms of financial institution in the city.
  
  Madrid is an important centre for trade fairs, many of them coordinated by IFEMA, the Trade Fair Institution of Madrid.: 351–2 The public sector employs 18.1% of all employees.: 630 Madrid attracts about 8M tourists annually from other parts of Spain and from all over the world, exceeding even Barcelona.: 81 : 362, 374 : 44 Spending by tourists in Madrid was estimated (2011) at €9,546.5M, or 7.7% of the city's GDP.: 375
  
  The construction of transport infrastructure has been vital to maintain the economic position of Madrid. Travel to work and other local journeys use a high-capacity metropolitan road network and a well-used public transport system.: 62–4 In terms of longer-distance transport, Madrid is the central node of the system of autovías and of the high-speed rail network (AVE), which has brought major cities such as Seville and Barcelona within 2.5 hours travel time.: 72–75 Also important to the city's economy is Madrid-Barajas Airport, the fourth largest airport in Europe.: 76–78 Madrid's central location makes it a major logistical base.: 79–80