In reference to the 3^rd quarter of 2023, the Regional Directorate of Statistics of Madeira (DREM) has released a new issue of the Quarterly Statistical Bulletin

The Regional Directorate of Statistics of Madeira (DREM) releases today a new issue of the Quarterly Statistical Bulletin (BTE) dedicated to the 3^rd quarter of 2023.

Below is a summary of the main conclusions drawn from the Synthesis.

Statistical indicators for the 3^rd quarter of 2023 show generally positive trends.

The Regional Economic Activity Indicator (RIEA) suggests that the economic activity in the Autonomous Region of Madeira (ARM) continued to grow during the quarter, accelerating compared to the preceding period.

In the 3^rd quarter of 2023, the regional unemployment rate was 4.8%, which is 1.4 percentage points (pp) lower than the previous quarter and the same quarter of the previous year. This represents the lowest value in the current time series, starting from the 1^st quarter of 2011.

During this period, the average monthly gross remuneration per worker recorded a nominal year-on-year change of 5.7% in the region, amounting to 1,349 euros, with a positive real change of 2.1%.

The inflation rate (12-month average rate of the Consumer Price Index- IPC) for September 2023 (6.2%) continues to show a decelerating trend after peaking in April (+8.0%). The year-on-year change stood at 3.9%, slightly higher than the 3.8% observed in the previous June.

Monetary data from the Bank of Portugal, released by DREM, reveals that the ratio of overdue loans for non-financial corporations was 1.2% in September 2023, a decrease of 1.0 pp from the previous June. Compared to September 2022, the reduction was 1.3 pp.

According to SIBS data, in the analysed quarter, withdrawals combined with purchases through automatic payment terminals amounted to 726.5 million euros, with 546.7 million euros from national cards and 179.7 million euros from international cards. These figures represent year-on-year increases of 11.0%, 8.6%, and 18.9%, respectively.

In the reference quarter, the balance between companies formed and dissolved in the ARM was positive (+53 companies), as the number of newly formed companies headquartered in the ARM (271) exceeded the number of dissolutions (218).

In the agriculture sector, the sale of bananas in the first sale increased in the 3^rd quarter of 2023 compared to the same quarter of the previous year (+14.7%), as did the poultry meat (+1.9%). On the other hand, egg and livestock production experienced declines of 7.8% and 7.4%, respectively. Meanwhile, the value of unloaded fish recorded a year-on-year increase of 34.4%, mainly due to the positive performance of tuna and tuna-like species (+79.8%).

In the energy sector, it is noteworthy that electricity generation increased by 3.5% year-on-year.

In construction, cement sales (first sale) increased by 4.0% in the 3^rd quarter of 2023 compared to the same period last year. In the same quarter, the number of licensed buildings also increased by 12.1% year-on-year. In contrast, dwelling sales observed a year-on-year reduction of 25.7% in number and 7.4% in value.

Conversely, the sale of "Madeira" wine in the 3^rd quarter of 2023 showed a negative year-on-year change, both in quantity (-9.1%) and value (-1.5%).

In the reference quarter, passenger movement at the ARM airports increased by 8.4% year-on-year, in line with overnight stays and total revenue in tourist accommodation, which increased by 6.0% and 15.4% compared to the same quarter of the previous year, respectively.

In maritime transport, the movement of goods in the ARM ports grew by 3.9% in the 3^rd quarter of 2023 compared to the same quarter of the previous year.

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