With reference to the 1^st quarter of 2023

DREM releases a new issue of the Quarterly Statistics Bulletin

The Regional Directorate of Statistics of Madeira (DREM) releases today a new issue of the Quarterly Statistics Bulletin with reference to the 1^st quarter of 2023.

Most of the key indicators showed a positive evolution in the 1^st quarter 2023

The majority of the key statistical indicators for the 1^st quarter of 2023 demonstrate favourable trends.

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

During the 1^st quarter of 2023, the regional unemployment rate stood at 6.5%, a decrease of 0.4 percentage points (pp) compared to the previous quarter and a drop of 1.0 pp compared to the same quarter last year.

The average monthly gross total remuneration per worker experienced a year-on-year change of 7.8% in the region, reaching 1,289 euros.

Inflation pressure in the Autonomous Region of Madeira remains high, as the inflation rate (12-month average rate of the Consumer Price Index) increased to 8.0% in March 2023, reflecting a 1.0 pp rise compared to the previous December (7.0%). The year-on-year change rate remained at 7.8%, the same rate as in the previous December.

Monetary data produced by the Bank of Portugal and disseminated by DREM shows that the ratio of overdue loans of non-financial corporations remained at 2.1% in March 2023, unchanged from December 2022. Compared to March 2022, there was a decrease of 0.3 pp.

According to data from SIBS, in the quarter under review, cash withdrawals added to purchases made through automatic payment terminals, reached a total amount of 591.3 million euros, with 469.9 million euros from national cards and 121.4 million euros from international cards. These figures represent year-on-year increases of 22.0%, 17.0%, and 46.3%, respectively.

In the reference quarter, the net balance between incorporated and dissolved companies in the ARM was positive (+230 companies), as the number of new company incorporations in the ARM (418) exceeded the number of dissolutions (188).

In the agriculture sector, the volume of sold banana (first sales) in the 1^st quarter of 2023 decreased compared to the same quarter of the previous year (-3.8%). On the other hand, there was an increase in egg production (+13.7%) and poultry meat (+13.4%), as well as in the value of unloaded fish, which saw a year-on-year increase of 39.0%, driven by the positive performance of black scabbardfish (+43.1%) and tuna and similar (+37.6%).

In the energy sector, it is worth mentioning that the distribution of electricity (used as a proxy for electricity consumption) increased by 1.5% year-on-year.

In construction, cement sales (first sale) recorded a 1.3% increase in the 1^st quarter of 2023 compared to the same period last year. Additionally, in the same quarter, the number of licensed buildings also rose by 1.6% year-on-year, contrasting with dwelling sales, which experienced a 12.3% year-on-year reduction.

Furthermore, the sales of "Madeira" wine in the 1^st quarter of 2023 showed a positive year-on-year change in both quantity (+8.1%) and value (+6.4%).

In the reference quarter, passenger traffic at the ARM airports once again experienced a significant increase (+67.6%) compared to the same period last year, in line with overnight stays and total revenue in tourist accommodations, which increased by 53.0% and 64.5% respectively. In maritime transport, the movement of goods in the ARM ports increased by 5.9% in the 1^st quarter of 2023 compared to the same period last year.

For more information, please click on:

• Publications (Portuguese only)

Back

• Prev
• Next