Middle ages to 20th century
During the end of the Middle Ages, Madrid experienced astronomic growth as a consequence of its establishment as the new capital of the Spanish Empire. As Spain (like many other European countries) continued to centralize royal authority, this meant that Madrid took on greater importance as a center of administration for the Spanish Kingdom. It evolved to become an important nucleus ofartisanal activity that eventually experienced industrial revolution during the 19th century. The city made even greater strides at expansion during the 20th century, especially after the Spanish Civil War, reaching levels of industrialization found in other European capital cities. The economy of the city was then centred on diverse manufacturing industries such as those related to motor vehicles, aircraft, chemicals, electronic devices, pharmaceuticals, processed food, printed materials, and leather goods.
1992 to present
Madrid is a major centre for international business and commerce. It is one of Europe's largest financial centres and the largest in Spain.
During the period from 1992 to 2006, Madrid experienced very significant growth in its service sector. The most notable of these services are those geared towards companies, followed by transport and communications, property and financial services. These four groups generate 51% of gross value added for Madrid's economy and 62% of gross value added for the services sector. The importance of the Barajas Airport to the city's economy is substantial. The construction of housing and public works, such as the ringroads and train network, constituted a major pillar of the economy up to 2006.
As Spain has become decentralized politically, Madrid has taken on a smaller administrative profile as compared to the rest of the Spanish state. Even so, the Community of Madrid (centred upon the city of
