The region’s economy maintains the growth trend in the first quarter of 2022. In fact, it has increased by 0.8 percent, almost three times more than the national average, which has been 0.3 percent in that same period, according to the data provided this Tuesday by the Minister of Economy, Finance and Employment, Javier Fernández-Lasquetty. The region has already recovered 98.2 percent of the GDP it had before the pandemic.
In the official balance of the Community of Madrid, the rebound has been generalized in the productive sectors, except in Agriculture (which falls by 0.9 percent). Industry grows 6 percent, Services 5.3 percent and Construction 2.9 percent.
As far as demand is concerned, internal demand has grown by 3.4 percent in the last year, and external demand by 34.4 percent. Fernández-Lasquetty wanted to highlight how Madrid is “pulling, with other regions, obviously” of the Spanish economy. According to the data presented, the consumption of Madrid households has grown by 3.1 percent in this first quarter, in relation to the same month of the previous year, a figure lower than the general growth of the economy due to the inflationary context , that the experts of the Ministry believe that it will be felt more from now on, when it is being seen that it is not something temporary or temporary as the central government said.
The region continues to lead in the creation of new companies in the first quarter of the year: 22.6 percent of the national total, and almost 40 percent of the subscribed capital. And the foreign investment received is 72.8 percent of the total in Spain, reaching almost 21,000 million euros in 2021.
All these data also have an impact on employment, in which the region reached an all-time high in affiliation in April, with 3,405,494 workers, 8.4 percent more than in 2019, when the pandemic crisis began. The counselor estimates that the changes introduced by the latest labor reform are not yet being noticed, which he hopes will be more evident in the employment data that will be known this Thursday and, above all, in the EPA for the second quarter. Fernández-Lasquetty predicts that “the data is not going to be very good, due to the rigidity introduced in the market and the difficulties in contracting.”
Although international circumstances and strong inflation also affect Madrid, the forecasts made by regional economic officials point to greater dynamism in the Community in 2022 and 2023, with average growth of 5 percent this year and 3.9 the next. next, both above the national figures. The forecasts of the main external analysts indicate growth that would range this year in the region from 4.1 percent for Funcas to 4.5 percent for BBVA Reserve and 5.8 percent for Hispalink.
