In 2014

Autonomous Region of Madeira pulled out of the recession, although the real growth rate stood below national average

Statistics Portugal (INE) released today  the Regional Accounts for 2012, 2013 (final results) and 2014 (preliminary).

In 2014, the Gross Domestic Product (GDP) of the Autonomous Region of Madeira stood at 4,084.6 million euros, increasing by 1.3% in value and by 0.4% in volume, compared to 2013. The GDP had been falling in real terms since 2011 and the 2014 data show a reversal in that trend. However, the contribution of the GDP generated by Madeira’s International Business Center was decisive for this outcome, without which the GDP would have dropped by 0.3% in real terms. Although positive (+0.4%) the real change rate of Madeira’s GDP stood below national average (+0.9%).

For 2012 and 2013, the regional GDP was revised. In 2012, the decrease in volume terms was even more pronounced (-8.1%), when compared to the previous estimate, while in 2013 the change of rate was -1.4%.

In 2014, the GDP per inhabitant stood at 15.7 thousand euros, below the country’s ratio (16.7 thousand euros).

The GDP per capita disparity indexes in relation to the national and  EU average were 94.2 and 73.6, respectively. 

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