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 2^nd quarter 2020 and the 1^st quarter 2021).

The main conclusions are:

Mortality – Since the 17^th 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 2^nd quarter 2020; Volume of hours actually worked with a record-low in the 2^nd quarter 2020; Registered unemployment with growth trend until the end of the first year of the pandemic; Labour Cost Index grew in the 1^st 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 1^st fortnight of February, 62% of the enterprises recorded a turnover equal to or greater than during the first lockdown (1^st 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

For more information, please click on:

• In Focus (Portuguese only)

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