DREM publishes a new issue of Quarterly Statistical Bulletin with reference to the 4^th quarter of 2023

The Regional Directorate of Statistics of Madeira (DREM) releases today a new issue of the Quarterly Statistical Bulletin (BTE) dedicated to the 4^th quarter of 2023.

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

Statistical indicators for the 4^th quarter of 2023 show favourable behaviour in the vast majority of cases

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

In the 4^th quarter of 2023, the regional unemployment rate stood at 6.2%, 1.4 percentage points (pp) higher than the previous quarter and 0.6 pp lower than the same quarter last year. The annual average was 5.9%, 1.1 pp lower than in 2022.

In the quarter under review, the average gross monthly earnings per worker recorded a nominal year-on-year change of 5.6% in the Region, amounting to 1,605 euros. On an annual basis, the growth was 6.5%.

In 2023, in the ARM, the inflation rate (12-month average rate of the Consumer Price Index- IPC) was 5.0% (4.3% nationally), 2.0 pp lower than the previous year (7.0%). In December 2023, the year-on-year change stood at 3.3% (+1.4% nationally), below the 3.9% observed in the previous September.

Monetary data produced by the Bank of Portugal and released by DREM show that the ratio of overdue loans of non-financial companies stood at 0.9% in December 2023, 0.3 pp lower than in the previous September. Compared to December 2022, the reduction was 1.2 pp.

According to SIBS data, in the quarter under review, withdrawals added to purchases through automatic payment machines indicate year-on-year increases of 8.7%, 6.9%, and 16.7%, in the overall total, national cards, and international cards, respectively. On an annual basis, the changes, in the same order, were 12.5%, 10.0%, and 22.8%.

In the reference quarter, the balance between enterprises formed and dissolved in the ARM was positive (+187 enterprises), as the number of enterprises formed with headquarters in the ARM (341) exceeded the number of dissolutions (154). For the year, the balance was +713, resulting from 1,363 formations and 650 dissolutions.

In the agriculture sector, banana sales in the 4^th quarter of 2023 increased compared to the same quarter of the previous year (+16.4%), as did egg production (+11.3%), poultry meat (+1.2%), and slaughtered livestock (+1.7%). Meanwhile, the value of unloaded fish recorded a year-on-year increase of +27.7%, mainly explained by the positive performance of black scabbardfish (+27.7%). On an annual basis, except for livestock production, which decreased by 6.3%, all other indicators under analysis registered positive changes: +17.1% in the value of unloaded fish; +10.8% in banana sale; +6.9% in poultry meat; +6.4% in egg production.

In the energy sector, it is worth noting that electricity distribution increased by 4.2% in the 4^th quarter of 2023, year-on-year, with an annual growth of 2.7%.

In construction, cement sales (first sale) recorded a 19.5% increase in the 4^th quarter of 2023 compared to the same period last year. Also, in the same quarter, the number of licensed buildings also increased year-on-year by 7.3%. Conversely, dwelling sales saw a year-on-year reduction of 13.0% in number and 14.6% in value. Between 2022 and 2023, cement sales and licensed buildings grew by +2.7% and +0.8%, respectively; sales of dwellings decreased in number (-20.4%) and in value (-11.2%).

Conversely, “Madeira” wine sales in the 4^th quarter of 2023 showed a negative year-on-year change, both in volume (-8.6%) and in value (-8.8%). In the year, and in the same order, changes of -2.5% and +1.2% were observed.

In the reference quarter, passenger movement at the ARM airports increased by 9.5% year-on-year, in line with overnight stays and total revenue in tourist accommodation, which increased by 8.0% and 17.7% respectively, compared to the same quarter of the previous year. On an annual basis, in the same order, these variables grew by 18.1%, 13.6%, and 23.3%.

In maritime transport, the movement of goods in the ARM ports grew by 11.0% in the 4^th quarter of 2023 compared to the same quarter last year. The change of this indicator, on an annual basis, was also positive, at +7.6%.

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