DREM publishes a new issue of the Quarterly Statistical Bulletin for the 4^th quarter of 2024

The Regional Directorate of Statistics of Madeira (DREM) releases today a new issue of the Quarterly Statistical Bulletin (QSB) dedicated to the 4^th quarter of 2024.

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

Economic indicators exhibit positive trends, with the exception of agriculture

The statistical indicators for the 4th quarter of 2024, show an overall positive performance, except for those of the agricultural sector.

The Regional Indicator of Economic Activity (RIEA) shows that the economic activity of the Autonomous Region of Madeira, in the 4^th quarter of 2024, accelerated compared to the previous quarter. In December 2024, the last month of the quarter in reference, the Region had completed 45 consecutive months of economic growth.

In the 4^th quarter of 2024, the regional unemployment rate stood at 5.7%, remaining unchanged from the previous quarter. Compared to the same quarter of the previous year, there was a decrease of 0.4 percentage points (pp). The annual average stood at 5.6%, representing a decrease of 0.4 pp compared to 2023.

During the period under review, the average gross monthly earnings per employee recorded a nominal year-on-year change rate of 4.6% in the Region, amounting to 1 683 euros. The real change was also positive, at 1.1%. On an annual basis, nominal growth was 6.0%, while real growth was 2.6%.

In 2024, the inflation rate measured by the 12-month average change rate of the Consumer Price Index, in the ARM, was 3.3% (compared to 2.4% at the national level), 1.7 pp lower than the previous year (5.0%). In December 2024, the year-on-year change stood at 4.0% (+3.0% nationally), slightly above the 3.8% observed in the previous September. 

The monetary data, produced by Banco de Portugal and disseminated by DREM, reveal that the non-performing loans ratio of non-financial companies stood at 0.7% in December 2024, reflecting a decrease of 0.1 pp from the previous September and 0.3 pp lower than in December 2023. Among households and NPISH (Non-Profit Institutions Serving Households) sector, this ratio stood at 0.9%, representing an increase of 0.1 pp year-on-year and in corresponding quarters.

According to SIBS data, in the quarter under review, withdrawals added to purchases through automatic payment terminals mark year-on-year increases of 10.4%, 9.1% and 15.6%, in the total, in national cards and international cards, respectively. On an annual basis, the changes, in the same order, were 8.9%, 7.1%, and 15.3%.

In the reference quarter, the balance between enterprises incorporated and dissolved in the ARM was positive (+240 enterprises), as the number of enterprises incorporated with headquarters in the ARM (383) exceeded the number of dissolutions (143). For the year, the balance was +962, resulting from 1 558 incorporations and 596 dissolutions.

In the agriculture sector, banana sales (first sales) in the 4^th quarter of 2024, decreased compared to the same quarter of the previous year (-4.9%). A similar trend was observed in egg production (-4.7%), poultry meat  (-12.7%) and livestock slaughter (-8.3%). In turn, the value of landed fish increased (+8.1%) compared to the same quarter of the previous year, mainly due to the positive performance of black scabbardfish (+15.1%). On an annual basis, except for poultry meat, which increased by 1.1%, all other indicators under analysis registered negative changes: -8,2% in the value of unloaded fish; -8.1% in livestock slaughter; -3.0% in banana sales; -0,9% in egg production.

In the energy sector, it is worth noting that electricity distribution increased by 2.2% in the 4^th quarter of 2024, year-on-year, with an annual growth rate of 2.0%.

With regard to the construction sector, the results for the 4^th quarter of 2024 point to significant year-on-year increases: 18.5% in the sale of cement (first sale), 28.8% in licensed buildings and 34.2% in the number of housing transactions (+187.9% in value). An identical trend was observed between 2023 and 2024: sales of cement and licensed buildings grew by 8.9% and 7.3%, respectively, which was also seen in sales of family dwellings, which increased in number (+15.8%) and in value (+37.3%).

 The sale of "Madeira" wine, in the 4^th quarter of 2024, registered a positive year-on-year change, both in volume (+14.7%) and value (+19.2%). In the year, the value of sales decreased (-1.8%), although the volume increased (+5.2%).

In the reference quarter, the movement of passengers at the airports of the Autonomous Region of Madeira increased by 6.8% year-on-year, in line with overnight stays and total revenue in tourist accommodation, which rose by 10.0% and 21.2% compared to the same quarter of the previous year, respectively. On an annual basis, in the same order, these variables grew by 4.6%, 7.1%, and 15.4%.

In maritime transport, the movement of goods in the ports of the Autonomous Region of Madeira grew by 3.5% in the 4^th quarter of 2024 compared to the same quarter of the previous year. The change of this indicator, on an annual basis, was also positive, at +1.4%.

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