For the period 1995–2023

DREM releases the full time series of Regional Accounts, on the 2021 benchmark

The Regional Directorate of Statistics of Madeira (DREM) publishes today the full time series of Regional Accounts on the 2021 benchmark, covering the period from 1995 to 2023. The data for 2023 are still preliminary.

Unlike what occurred in previous benchmark changes, the differences between the figures on the 2016 benchmark base and those on the 2021 benchmark are not substantial.  

However, given that the series spans almost three decades, an analysis of the main indicators is appropriate. It should be noted that the backcasting carried out by Statistics Portugal (INE) is limited to indicators such as Gross Domestic Product (GDP), Gross Value Added (GVA), Employment and Apparent Labour Productivity. In the case of Gross Fixed Capital Formation (GFCF) and Household Accounts — which include, for example, Gross Disposable Income — no backcasting was undertaken, meaning that 2021 is the first year for which data on the 2021 benchmark are available.

It should also be highlighted that, on 17 December, INE and DREM are expected to release the first results of the Regional Accounts for 2024, as well as the revised figures for 2023. These will cease to be preliminary and will become final.

From the Em Foco publication released today, which presents an analysis of the main indicators, the following points stand out:

• Evolution of Regional Gross Domestic Product (GDP) – GDP of the Autonomous Region of Madeira quadrupled between 1995 and 2023;
• Evolution of Regional Gross Value Added (GVA) – Services sector increased its relative share in the regional economic structure;
• Comparisons within the national and European context – Between 1995 and 2023, Madeira improved its position compared to the national average of GDP per capita by 27 points, and to the European Union average by 21 points;
• Employment – Number of employed persons reached, in 2006, the highest value in the entire time series.

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