DREM releases the 2^nd edition of the Ocean Satellite Account for the Autonomous Region of Madeira

The Regional Directorate of Statistics of Madeira (DREM) today publishes, for the second time, the Ocean Satellite Account for the Autonomous Region of Madeira (OSA-ARM), covering the years 2020–2022.

The OSA-ARM project aims to measure the size and importance of the Ocean Economy within the overall regional economy. It serves as a tool to support public policy decision-making concerning to the sea, providing information on Gross Value Added (GVA), Employment, and Compensation of Employees.

This edition of the OSA was developed by Statistics Portugal (INE) in close collaboration with DREM and the Azores Regional Statistical Service (SREA). These institutions collected a substantial amount of regional data and, together with INE, analysed methodological aspects with regional relevance as well as the results prior to publication. The Directorate-General for Maritime Policy (DGPM) also cooperated with INE, particularly in defining the scope of the account.

To date, Portugal remains the only European country with a dedicated Ocean Satellite Account, and its autonomous regions are likewise the only European regions to possess such an instrument.

Ocean Economy accounted for over 12% of the Region’s economy in 2022

In 2022, the Ocean Economy (OE) represented 12.1% of regional Gross Value Added (GVA), 11.5% of employment, and 11.2% of compensation of employees. Between 2020 and 2022, the OE’s GVA grew substantially and at a faster pace than the regional economy overall, rising by 45.7% between 2020 and 2021 and 54.5% between 2021 and 2022. When comparing with the regional GVA, it grew by 14.2% in 2021 and 23.7% in 2022. The share of regional OE GVA in the national total stood at 7.5% in 2022, notably higher than the regional share of total GVA (2.6%). In absolute terms, the OE GVA in the ARM reached 665.5 million euros in 2022.

Employment in the sector increased by 6.0% between 2020 and 2021, accelerating to 11.2% between 2021 and 2022. Across the economy as a whole, these increases were more modest — 0.5% and 7.2%, respectively. In 2022, the regional OE’s share of national employment stood at 7.4%, compared with 2.3% for total employment. Total full-time equivalent (FTE) employment — defined as the total number of hours worked divided by the average annual number of hours worked in full-time jobs within the economic territory — amounted to 13 626 in 2022.

As for compensation of employees in the OE, it rose by 27.0% between 2020 and 2021 and by 22.4% between 2021 and 2022, significantly outpacing the regional economy as a whole, where the corresponding increases were 8.1% and 10.8%. In 2022, the share of the regional OE’s compensation in the national total reached 6.4%, exceeding that of total compensation (2.3%). In absolute terms, OE compensation in 2022 amounted to 287.8 million euros.

It should be noted that the importance of the Ocean Economy in the Region is closely linked to the relevance of tourism activity in Madeira, a substantial part of which is also included in the OSA.

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