section_path: Economy
section_name: Economy
paragraph_text: Economy
  
  After it became the capital of Spain in the 16th century, Madrid was more a centre of consumption than of production or trade. Economic activity was largely devoted to supplying the city's own rapidly growing population, including the royal household and national government, and to such trades as banking and publishing.
  
  A large industrial sector did not develop until the 20th century, but thereafter industry greatly expanded and diversified, making Madrid the second industrial city in Spain. However, the economy of the city is now becoming more and more dominated by the service sector. A major European financial center, its stock market is the third largest stock market in Europe featuring both the IBEX 35 index and the attached Latibex stock market (with the second most important index for Latin American companies).
  
  Madrid is the 5th most important leading Centre of Commerce in Europe (after London, Paris, Frankfurt and Amsterdam) and ranks 11th in the world. It is the leading Spanish-speaking city in terms of webpage creation.