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Madrid is almost in the exact geographic centre of Spain and is the nation's chief transportation and administrative centre. Until 1900 Madrid was almost entirely an administrative city. Beginning in the early 20th century, Madrid grew to be an important industrial centre.

Its commercial and industrial life developed very rapidly after the 1890s and is rivalled in Spain only by that of Barcelona. The city's major industrial products include motor vehicles, aircraft, chemicals, pharmaceuticals, processed food, printed materials, and leather goods. Besides its many manufacturing industries.

While Madrid is an important industrial centre, it is more important as a centre of service activities. These include government, banking, publishing, insurance, and finance. Madrid is also a major centre of Spain's tourist industry (more than 41 million tourists visited the country in 1996).