Regarding the 2^nd quarter of 2023

DREM releases a new issue of the Quarterly Statistical Bulletin  

Below is a summary of the main conclusions drawn from the synthesis:

Statistical Indicators for the 2^nd quarter of 2023 show generally positive trends

Most of the statistical indicators for the 2^nd quarter of 2023 demonstrate favourable trends. The Regional Indicator of Economic Activity (RIEA) suggests that the economic activity in the Autonomous Region of Madeira (ARM) continued to grow during the quarter, albeit at a slower pace compared to the preceding period.

In the 2^nd quarter of 2023, the regional unemployment rate stood at 6.4%, which was 0.1 percentage points (pp) lower than the previous quarter and 0.9 pp lower compared to the same quarter last year.

During this period, the average monthly gross remuneration per worker saw a year-on-year increase of 6.7% in the region, reaching 1,496 euros.

Despite a high level of price pressure in the ARM, the inflation rate (12-month average rate of the Consumer Price Index) for June 2023 decreased to 7.3%, which is -0.7 pp lower than in March of the same year (8.0%). The year-on-year change rate stood at 3.8%, down from 7.8% observed in March.

Monetary data provided by the Bank of Portugal and relayed by DREM show that the ratio of overdue loans of non-financial corporations remained at 2.2% in June 2023, unchanged from March of the same year. Compared to June 2022, there was a reduction of 0.4 pp.

According to data from SIBS, in the quarter under review, cash withdrawals added to purchases made through automatic payment terminals, when considered together, reached a total of 654.7 million euros, with 509.6 million euros from national cards and 145.2 million euros from international cards. These figures represent year-on-year increases of 10.6%, 8.7%, and 17.9%, respectively.

In the same quarter, the net balance between incorporated and dissolved companies in the ARM was positive (+243 companies), as the number of new company incorporations with headquarters in ARM (333) exceeded the number of dissolutions (90).

In the agriculture sector, banana sales in the first sale increased in the 2^nd quarter of 2023 compared to the same quarter of the previous year (+11.0%). This was also the case for egg production (+10.9%) and poultry meat (+11.3%). However, the value of unloaded fish showed a year-on-year decrease of 4.2%, primarily due to the negative performance of tuna and tuna-like species (-24.6%).

In the energy sector, it is worth mentioning the distribution of electricity (which can be used to estimate the change in production/consumption available on an intra-annual basis) increased by 1.4% year-on-year.

In construction, cement sales (first sale) in the 2^nd quarter of 2023 decreased by 9.4% compared to the same period last year. In the same quarter, the number of licensed buildings also saw a year-on-year decrease of 14.5%, along with a 27.7% year-on-year reduction in dwelling sales.

On the other hand, the sale of "Madeira" wine in the 2^nd quarter of 2023 showed positive year-on-year changes both in quantity (+1.7%) and in value (+10.4%).

In the same quarter, passenger traffic at ARM airports increased by 9.9% year-on-year, in line with overnight stays and total revenue in tourist accommodation, which increased by 7.2% and 17.3%, respectively, compared to the same quarter of the previous year. In maritime transport, the movement of goods in the ARM's ports grew by 10.1% in the 2^nd quarter of 2023 compared to the same quarter last year.

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