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DREM releases “In Focus” about the first year of the pandemic in the Region

The Regional Directorate of Statistics of Madeira (DREM) releases today a new “In Focus” ( Portuguese only) concerning the impact of COVID-19 in the economic and social life of the Region, oncerning the first year of the pandemic (from March 2020 to February 2021 or between the 2nd quarter 2020 and the 1st quarter 2021).

The main conclusions are:

Mortality – Since the 17th March 2020 till the end of February 2021, deaths numbers are higher than in the same period of the previous two years

Natality – Number of live births was the lowest in the last 7 years

Health – Number of COVID cases per inhabitant in the Autonomous Region of Madeira is less than half of the national average

Labour market – Unemployment rate went up by 2.6 percentage points between the beginning and end of the first pandemic year; Labour underutilisation rate stands above 20%; Employed population absent from work remains high, according the week of reference but below the peak of the 2nd quarter 2020; Volume of hours actually worked with a record-low in the 2nd quarter 2020; Registered unemployment with growth trend until the end of the first year of the pandemic; Labour Cost Index grew in the 1st quarter of 2021 due to the reduction of hours actually worked; layoff had greater expression in May 2020

Regional Indicator of Economic Activity – Economy in the red zone since March 2020

International trade – Exports dropped more than 10%; Commercialisation of “Madeira” wine with a significant decline in both volume and value

Construction and Housing – Number of licensed buildings increased compared to the pre-pandemic year; Cement sales decreased;  Average value of loan repayments remains lower due to Government measures to mitigate the crisis; Pandemic did not affected value of bank appraisals on housing; Dwelling sales with records in the first year of the pandemic

Enterprises – In the 1st fortnight of February, 62% of the enterprises recorded a turnover equal to or greater than during the first lockdown (1st fortnight of April 2020) 

Formed and dissolved companies – Pandemic did not prevent a positive balance between formed and dissolved companies

Bankruptcy/Insolvencies – Pandemic still had no impact in the number of cases

E-fatura – Invoiced value dropped by 21.6% year-on-year

Introduction to fuel consumption– Volume of fuels released for consumption had a pronounced drop

Distribution of electricity – First year of the pandemic with a 9.1% year-on-year drop

Consumer Prices Index – Inflation rate became more negative during the first year of the pandemic

Monetary and financial sector – Aggregate of cash withdrawals and purchases through automatic payment terminals of the Multibanco network declined by 14.2%; Bank loans to non-financial enterprises are increasing

Transport – Movement of passengers dropped in every mode of transport

Tourism – Pandemic had a devastating impact in this industry

Population mobility – Share of the population that stayed at home in the Sundays of 2021 increased compared to 2020

Tax revenue – Impact of the pandemic affected the majority of taxes

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

Cinema – Main indicators dropped sharply

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