The "war" that Madrid and Catalonia maintain for leading the national economy is still open, but it seems to opt for the Madrid community according to the main indicators. The Catalan economy has registered a good rhythm of growth during the last twenty years, placing itself above the average of the main powers of the European Union EU-12 and in line with the rest of Spain, but that has not served to lead the indices of economic development. That privilege is for the Community of Madrid.
The last indicator that corroborates this trend has been the venture capital investment. Catalonia led this statistic in 2018, with performances of 1,756 million euros, although in volume the autonomous community of Madrid leads the ranking, with 2,693 million in 168 operations. The data of the Spanish Association of Private Capital (Ascri) thus verify it. The sector accumulates a volume of living investment at the end of 2018 of 22,990 million, with 2,437 companies in the portfolio, of which 92% are SMEs, which employ more than 350,000 people. Of the total investment, 9,286 million were located in Madrid and 5,673 in Catalonia, followed by the Basque Country (1,478 million) and the Valencian Community (1,358 million).
The data for 2018 show that the largest number of operations, after Catalonia, closed in Madrid, with 168; Basque Country, with 85; Valencian Community, with 57; Castilla y León, with 48; Galicia, with 46 and Navarra, with 39.
The concentration of the bulk of the investment in these four communities is consistent with its entrepreneurial and innovative dynamism, an ecosystem conducive to venture capital in its two main formats: capital contributed in the earliest phases of a company and usually to very innovative companies (venture capital), in investments to support development once the company is already in benefits (private equity).
By volume of investment registered in 2018, after the 2,693 million in Madrid (9.6% more than in 2017) Catalonia appears, with 1,756 million (68.8% more); Basque Country, with 609 million (4.252% more); Valencian Community, with 232 million (0.3% decrease); La Rioja, with 181 million (970% more); Andalusia, with 160 (172% more), and Castilla y León, with 137 million (200% more).
These data reflect, according to the president of Ascri, Miguel Zurita, the growing weight of Spain in the portfolios of foreign managers, "because it has an attractive ecosystem for the level of entrepreneurship and because in terms of cost it is much more competitive". In 2018, the international funds were especially active, since they contributed 76% of the investment, that is, 4,582 million euros.
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