DREM releases main aggregates of the Regional Public Administration of Madeira for the year 2024

The Regional Directorate of Statistics of Madeira (DREM) has today released a set data pertaining to the main aggregates of the Regional Public Administration of Madeira for the period from 2010 to 2024. It should be noted that data for the years 2023 and 2024 remain provisional.

The accounts for the Regional Public Administration (RPA) sector are compiled in accordance with the concepts and definitions of the European System of National and Regional Accounts 2010 (ESA 2010) and the specific guidelines of the Manual on Government Deficit and Debt. The data presented are transmitted to Eurostat as part of the ESA 2010 reporting programme and are consistent with the first 2025 notification concerning the Excessive Deficit Procedure (EDP), which has also been released today.

It should be highlighted that within the dataset provided by DREM, GDP figures prior to and including 2020 are based on the 2016 benchmark, while GDP figures from 2021 to 2023 are based on the 2021 benchmark. Furthermore, the GDP value for 2023 remains provisional.

In 2024

Regional Public Administration of Madeira strengthened its positive balance as revenue growth outpaced expenditure

In 2024, the institutional sector of the Regional Public Administration of Madeira recorded a net lending of 200.2 million euros, indicating a positive balance that was significantly more pronounced than in the previous year.

In 2023, the balance stood at 24.6 million euros, corresponding to 0.4% of GDP.

The total revenue of the Regional Public Administration of Madeira amounted to approximately 2 105.6 million euros, representing a 14.3% increase compared to 2023 (+263.6 million euros). Current revenue rose by 9.3% (+164.3 million euros). Due to its importance in the overall total, it is worth noting the 12.6% rise in taxes on production and imports, driven by higher Value Added Tax (VAT) revenues. Additionally, taxes on income and property increased by 4.4%, mainly due to higher Corporate Income Tax (IRC) revenues. Meanwhile, social contributions grew by 6.7%.

Capital revenue increased significantly from 76.8 million euros in 2023 to 176.1 million euros in 2024 (+129.4%).

In 2024, the total expenditure of the Regional Public Administration of Madeira reached 1 905.4 million euros (1,817.3 million euros in the previous year), representing a 4.8% year-on-year increase. This rise was driven by higher capital expenditure (+13.9%) and a more moderate increase in current expenditure (+3.7%).

The increase in current expenditure was mainly due to higher compensation of employees (+6.2%), reflecting wage upgrades within the RPA, modifications to the insularity allowance model, and, to a lesser extent, increases in the guaranteed monthly minimum wage and meal allowance. Social benefits (excluding in-kind social transfers) increased by approximately 4.9%, while subsidies paid rose by 26.5%, primarily due to increased transfers to the healthcare sector and compensation payments to land transport companies. Interest expenditure, before the allocation of Financial Intermediation Services Indirectly Measured (FISIM), recorded a slight increase of 0.2% compared to the previous year.

The rise in capital expenditure (+13.9%) was mainly driven by higher capital transfers and a significant increase in investment (+26.7%).

The Regional Public Administration of Madeira’s overall balance improved by approximately 175.6 million euros between 2023 and 2024, resulting in a net financing capacity of 200.2 million euros in 2024. This positive development was due to revenue growth (+14.3%) outpacing the increase in expenditure (+4.8%).

For more information, please refer to:

• In Focus (Portuguese only)
• Time Series

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