In November 2025

Regional economy maintained its growth trajectory, albeit at a more moderate pace

The Regional Economic Activity Indicator (RIEA) reveals that, in November 2025, the economic activity of the Autonomous Region of Madeira (ARM) continued to grow, albeit showing signs of deceleration.

As DREM noted in the first release of the RIEA, in October 2017, its objective is to "signal the behaviour of economic activity, namely with regard to its direction and the magnitude of fluctuations: whether it is in positive or negative territory, accelerations, decelerations and the identification of turning points." Its quantitative value is therefore of secondary importance and is not presented as a substitute for the real change in Gross Domestic Product, to be calculated with a more varied and complete set of statistical information, although there is a strong correlation between the two variables.

Economic Activity

As previously noted, regional economic activity remained in positive territory in November 2025, albeit with a further slowdown compared to the previous month.

The number of overnight stays in tourist accommodation establishments increased by 3.5%, a value below the 4.3% recorded in October. Total revenue grew by 15.3%, below the 16.5% observed in the preceding month, whilst RevPAR decelerated to 14.9%, after the 16.2% recorded in October.

Electricity distribution maintained its growth trend, with an increase of 2.9%, above the 2.3% recorded in the previous month. On the other hand, diesel release for consumption recorded a slight decrease of 0.1%, a change close to that observed in the preceding month (-0.2%).

In turn, the ratio of newly incorporated to dissolved companies stood at 3.2 new companies per dissolution, a value slightly below the ratio observed in the previous month (3.4).

Qualitative Indicators

In November 2025, confidence indicators decreased in Services and in Construction and Public Works, remained stable in Manufacturing and increased in Trade compared to the previous month.

Private Consumption

In November 2025, gasoline release for consumption recorded a year-on-year change of 8.1%, lower than that observed in October (9.9%), confirming the slowdown in growth dynamics.

The balance of loans for consumption and other purposes granted to households and non-profit institutions serving households recorded an increase of 8.7%, the same value as that observed in the previous month.

Cash withdrawals and purchases through automatic payment terminals (APT) with domestic cards grew by 6.0%, decelerating compared to October (7.4%), whilst remaining in clearly positive territory.

Finally, purchases of new light passenger cars continued to record a significant contraction (-18.8%), albeit less pronounced than that observed in the previous month (-34.8%).

Investment

In November 2025, investment indicators continued to show differentiated trends.

Sales of light commercial vehicles remained in positive territory, recording a year-on-year change of 11.4%, albeit below that observed in October (14.3%).

In the opposite direction, the balance of loans granted to non-financial corporations intensified its reduction, standing at -1.9%, after the change of -1.2% recorded in the previous month.

Cement sales remained in negative territory, recording a year-on-year change of -5.6%, representing a worsening compared to the decline observed in October (-4.5%).

In turn, bank appraisals for housing continued to show a positive trend, with growth of 16.7%, albeit slightly below that recorded in the previous month (17.1%).

With regard to the number of building permits, a decline of 5.2% was recorded, reversing the growth observed in October (7.5%).

External Demand

In November 2025, regional exports of goods continued to grow, recording a year-on-year change of 18.8%, still elevated, albeit below that observed in October (41.8%).

In turn, imports of goods decreased by 7.8%, after having increased by 11.4% in the previous month.

The movement of goods at the Region's ports recorded growth of 7.9%, above that recorded in October (6.8%).

In turn, passenger traffic at regional airports remained in positive territory, with an increase of 11.5%, albeit at a slower pace than that observed in the previous month (15.2%).

Regarding cash withdrawals and purchases through APT with international cards, growth of 7.2% was recorded, slightly below that observed in October (7.7%).

Labour Market

In November 2025, the number of registered unemployed recorded a decrease of 10.9%, maintaining the downward trajectory of previous months, albeit less pronounced than that recorded in October (-12.2%).

Job applications also recorded a decrease (-10.8%), confirming the continuation of the declining trend, albeit slightly less marked than in the preceding month (-11.6%).

On the other hand, job offers again intensified their decline, recording a year-on-year change of -12.8%, following the decrease of 7.5% recorded in October.

Prices

In November 2025, the year-on-year rate of change of the Consumer Price Index (CPI) slowed to 3.3%, after the 3.9% recorded in the previous month.

Inflation in goods stood at 2.3%, the same value as that observed in the previous month, whilst in services a deceleration was recorded to 4.7% (6.0% in October).

The underlying inflation indicator, which excludes unprocessed food and energy products, decreased to 2.8%, interrupting the acceleration trend recorded in the previous month.

For more information, visit:

• Dashboard (Portuguese only)
• RIEA - In Focus (Portuguese only)
• Time series
• Monthly Summary of Economic Indicators

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