In the fourth quarter of 2023

Average gross monthly earnings per worker increased by 5.6% year-on-year to 1,605 euros, with the annual average growing by 6.5% to 1,439 euros

The Regional Directorate of Statistics of Madeira (DREM) released the provisional values for the fourth quarter of 2023 and the year 2023 regarding the average monthly earnings per worker of entities headquartered in the Autonomous Region of Madeira. This release includes an expansion of the series and statistical tables with the release of monthly and annual real values, whose analysis is also more detailed in the “In Focus” (available in Portuguese only). It also presents a comparative analysis of the different components of earnings between the Region and the Country over the past 10 years.

In the fourth quarter of 2023, the average total gross monthly earnings per worker (per job position) increased by 5.6% compared to the same period in 2022, reaching 1,605 euros. Both regular earnings and base earnings recorded increases of 5.3% and 5.8%, reaching values of 1,187 and 1,141 euros, respectively. In real terms, i.e., adjusting for inflation during this period, measured by the change of the Consumer Price Index of the Region, it is observed that the average total earnings per worker increased by 2.3%, regular earnings grew by 2.0%, and base earnings per worker increased by 2.5%. These results encompass 103.7 thousand job positions, corresponding to beneficiaries of Social Security and subscribers of the General Retirement Fund of entities headquartered in the Autonomous Region of Madeira. In year-on-year terms, the highest increases in total earnings were observed in "Other service activities" (section S; +15.4%), in enterprises with 250 to 499 workers (+10.1%), in enterprises providing "Market services with strong knowledge intensity" (+8.1%), in enterprises in the "Manufacturing industry with low industrial technology" (+8.0%), and in the public sector (+7.5%).   

In the fourth quarter of 2023, the average total gross monthly earnings per worker in the Region was 1,605 euros, which is 65 euros below the national average, which stood at 1,670 euros. The year-on-year change, in nominal terms, in the Country, was 5.7% (1,580 euros in December 2022) and, in real terms, was 4.0%. Similarly to the Region, at the national level, "Electricity, gas, steam, hot and cold water, and air conditioning" (section D) was the activity that presented the highest total gross earnings in December 2023 (4,079 euros in the ARM and 3,674 euros in the Country). Enterprises in the 250 to 499 worker brackets were the ones in the ARM and nationally that recorded the highest value in this indicator, 2,091 euros and 2,025 euros, respectively. In the Autonomous Region of Madeira, the average total gross monthly earnings per worker in the private sector showed year-on-year changes lower than those in the Public Administration sector, namely, 5.2% and 7.5%, while at the national level, the private sector presented a higher year-on-year change than the public sector, of 6.3% and 5.1%, respectively.

Regarding the year 2023, provisional values ​​show that the average total gross monthly earnings per worker increased by 6.5% to 1,439 euros. Its regular component grew by 6.3% to 1,183 euros, while the base earnings rose by 6.6% to 1,137 euros. The changes in real terms were +1.7%, +1.2%, and +1.5%, respectively. The average total gross monthly earnings per worker in 2023 at the national level was 1,505 euros, observing an increase of 6.6% in nominal terms and 2.3% in real terms compared to 2022.

For more information, please click on:

• In Focus (Portuguese only)
• Tables
• Time Series

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