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DREM updates “In Focus” about the consequences of the COVID-19 pandemic in the Region

The Regional Directorate of Statistics of Madeira (DREM) makes available today the third In “Focus” concerning the consequences of the COVID-19 pandemic in the economic and social life of the Region, based on the most recent available data. The first edition of this “In Focus” was released on the last May 17th and the second on June 27th.

The main conclusions are summarised below:

Deaths – Deaths since the 17th March are higher than in the same period of the last two years

Health – Number of COVID cases per inhabitant in the Autonomous Region of Madeira remains as the lowest among the NUTS2 regions

Labour market – Unemployment rate increases to 6.7% in the 2nd quarter; Number of inactive persons available to work but not seeking doubled from the previous quarter; Employed population absent from work with an all-time high; Volume of hours actually worked with a record-low; 16.9% of the employed population in the Region worked from home; Registered unemployment continues to be on the rise

Regional Indicator of Economic Activity – Economy in a freefall in April

International trade – Impact on imports was greater than in exports; Commercialisation of “Madeira” wine with a significant decline year-on-year

Construction and Housing – Building permits with a slight recovery in May but still below last year’s value; Cement sales shrank year-year in the second quarter;  Average value of loan repayments with lower value due to Government measures to mitigate the crisis;

Enterprises – 92% of the enterprises in operation in the 1st fortnight of July

Formed and dissolved corporations – Despite the positive balance, formation and dissolution of corporation with low figures

Fuels released for consumption – Volume of fuels released for consumption dropped sharply in the 2nd quarter but prices went up in June and July

Distribution of electricity – Year-on-year drop in the 2nd quarter above 15%

Consumer Prices Index – Inflation rate stabilizes in negative territory

Monetary and financial sector – Multibanco network - Figures for the 2nd quarter anticipate drop in private consumption; Bank loans to non-financial enterprises increase

Transport – Movement of passengers with very low figures

Tourism – Overnight stays with record-low

Population mobility – Progressive lockdown exit contributes to decrease in the share of the population that stays at home

Tax revenue – Impact already felt in some taxes

Environment – Level of NO2 pollution in Funchal with a significant reduction

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