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DREM releases Regional Accounts data for 2018 and 2019

Statistics Portugal (INE) released today the results for the Regional Accounts, years of 2018 and 2019, final in the first case and provisory in the second.

Final data for 2018 show that Madeira’s economy grew by 1.3% compared to the previous year

The final information for 2018 reveals that the Regional Gross Domestic Product (GDP) reached 4 940.4 million euros, rising by 1.3% in real terms (excluding the price effect), compared to the previous year. Despite the upwards revision concerning GDP provisional information made last year, the growth rate for the Region remained below the country’s average (+2.8%).

The growth in 2018 was conditioned by the incipient performance of “Wholesale and retail trade; repair of motor vehicles and motorcycles; transportation and storages; accommodation and food service activities”, the main industry of the regional economy, in which the Gross Value Added (GVA) grew by only 0.6%.

Gross Fixed Capital Formation (GFCF, the most important parcel of investment) stood at 749.8 million euros in 2018, rising by 9.5%, slightly above the country’s change rate (+9.3%).

Gross Disposable Income (GDI) of households in the Autonomous Region of Madeira grew by 3.7% in 2018, standing at 12,985 euros per capita, reflecting a disparity index from the national average of 97.3, i.e., it stands 2.7% below that average. The GDI of households recorded a 4.3% increase in the country.

Provisional information for 2019 reveals that Madeira’s economy grew by 0.8% compared to 2018

INE, in its first estimate for 2019, points to a GDP growth rate in the Region of 0.8% in real terms, below the country, in which this indicator reached 2.2%. Note that, in this year, the performance of the Autonomous Region of Madeira is hampered by the IBC-based companies whose GDP declined sharply. The real growth rate of the rest of the regional economy (in aggregate) stood very close to national average, despite the negative performance of the tourism industry in this year.

By industry, in 2019, “Information and Communication activities” (+5.4%) and “Construction” (+4.8%) were those in which GVA increased the most. In contrast, only two industries had a negative change in the GVA: “Professional, scientific, technical and similar activities; administrative and support service activities” (-5.0%) and “Agriculture, livestock production, hunting, forestry and fishing” (-1.9%). “Wholesale and retail trade; repair of motor vehicles and motorcycles; transportation and storages; accommodation and food service activities” remained unchanged in real terms over the previous year.

GDP per capita in 2019 amounted to 19,951 euros in the Region, while in the country this ratio stood at 20,736 euros. It should be noted, however, that the only two regions above Autonomous Region of Madeira are also above the national average (A.M. Lisboa and Algarve).

The GDP per capita disparity indexes relative to the national average (PT = 100) and the European Union average (EU28 = 100) were 96.2 and 75.8, respectively.

Apparent labour productivity, which corresponds to the ratio between GVA and Employment, was 35,888 euros, below the national value (37,262 ​​euros).

Finally, it should be noted that INE is expected to present the final data for 2019 one year from now, and due to the small size of the Autonomous Region of Madeira’s economy, revisions may be significant.

Contas Regionais EN

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