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. Although housing just over 50% of the region's's population, the city generates 65.9% of its GDP. 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.