Madrids economy booms.

07 Aug, 2006

Madrids economy is predicted to grow 4 per cent in 2006, double the prospective growth figures for the rest of Europe, according to a report presented by Miguel ngel Villanueva, city councillor in charge of the local economy (rea de Economa y Participacin Ciudadana). The Spanish capitals construction sector has registered the most sustained growth, followed by the service industry, with tourism reaching record levels. In the first six months of 2006, hotels registered an 11.5 per cent increase in business, compared to 2005. Social Security (Seguridad Social) has reported 91,000, or over 5 per cent more people registered as working compared to last year, while Madrids total population has grown by 0.9 per cent over the last 12 months, due to a boom in immigration. The forecast for 2007 is also positive, although growth rates are expected to slow to 3.4%.