Barcelona is known to be one of the earliest cities in Europe to initiate industrialization. It became one of the majors in manufacturing, esp. in the textile industry around the mid of the nineteenth century. Thus, the city has become a major fashion center with its traditional importance in textiles.
The free trade zone located within the port area is not far-off from downtown Barcelona. Located around 5km away from the Barcelona International Airport, the port is well connected to the outside by means of highway and railway as well.
The zone is constructed in two phases, viz- the first phase covers an area of 70 hectares while the second phase, covers an area of 140 hectares. It even bids a series of services where business investors lease their offices or warehouses too.
Apart from textile, the other industries that contribute to enhancing the economy of Barcelona are the chemical, pharmaceutical, motor, electronic, printing, logistics, publishing, telecommunications, and information technology services.
International banking, finance, and exports are also important factors that contribute to the economy of the city.
Also, trade, logistic services, restaurants and catering, medical services, design, and advertising industry do help to raise the economical status of the city.
Various national and international events are held every year in Barcelona that draw millions of people to the city. In this way, millions of (€) Euros automatically get diverted to Barcelona.
Some of the biggest luxury hotels near the waterfront attract foreign currency as the outsiders do prefer a stay at such locales.
Occurrence of events with international repute was hosted by Barcelona earlier also, because of which the city has become one of the major tourist destination in Spain. For e.g. the 1982 Football World Cup and 1992 Olympics Games glorified the status of the city and made it almost one of the best sought-after destination for fun, entertainment, and adventure of-course.
Today, the city has become one of the costliest cities in Spain with high living standards that occupy 31st position in the world rank in the said category.