DREM releases Regional Economic Accounts for Agriculture with 2021 as the benchmark year

The Regional Directorate of Statistics of Madeira (DREM) publishes today the Regional Agricultural Economic Accounts (REAA), with 2021 as the benchmark year (which replaces the previous 2016 benchmark), for the Autonomous Region of Madeira, produced by Statistics Portugal (INE). The data presented covers the period from 1995 to 2023, with provisional data for the last year.

The shift from 2016 to 2021 benchmark, in the field of Agricultural Economic Accounts, is based on several changes, highlighting the use of new sources of information such as the Farm Structure Survey/2023 and a new series of prices and indexes of agricultural prices (base 2020). Notably, this benchmark integrates regional prices for several products into the REEA, which was only partially included in the previous base. This change led to an upward revision of agricultural output in the ARM for most years between 1995 and 2022 when compared to the 2016 benchmark.

In 2023, Gross Agricultural Value Added increased by 16.0%, reaching 66.0 million euros

In 2023, the output of the agricultural sector in the Autonomous Region of Madeira (ARM) was 149.8 million euros, growing 6.8% in nominal terms compared to the previous year.

Of the total regional agricultural output in 2023, 78.5% came from the crop component and 15.6% from the animal component, with the remaining share coming from agricultural services and secondary non-agricultural activities. At a national level, the share of crop output was much lower (60.0%), although it was still more significant than the animal component (34.0%).

Breaking down the crop output component (whose total was 117.5 million euros) for the ARM, the most representative shares were from fresh vegetables (39.3 million euros; -1.9% compared to 2022) and subtropical fruits (21.8 million euros; +13.4% compared to 2022).

The main segment of animal production, which amounted to 23.4 million euros (+13.2% compared to 2022), came from poultry farming (poultry and egg production), which accounted for 64.6% of this total.

Agricultural activity is inherent to the use of a series of goods and services, which constitute intermediate consumption. This variable was around 83.8 million euros in 2023, representing an increase of 0.5% compared to the previous year. Notably, the value of energy and lubricants increased by 17.3% between 2022 and 2023.

The difference between agricultural output and intermediate consumption constitutes the Gross Agricultural Value Added (GAVA). In 2023, since the value of intermediate consumption (+0.5%) grew at a slower pace than output (+6.8%), agricultural GVA grew by 16.0% in nominal terms between 2022 and 2023, reaching 66.0 million euros.

Finally, Gross Fixed Capital Formation, a component of investment, totalled 9.8 million euros, up by 10.8% from 2022.

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