DREM publishes issue of the Quarterly Statistical Bulletin for the 3rd quarter of 2024
The Regional Directorate of Statistics of Madeira (DREM) releases today a new issue of the Quarterly Statistical Bulletin (QSB) dedicated to the 3rd quarter of 2024.
Below is a summary of the main conclusions drawn from the Synthesis.
Although the majority of the statistical indicators have a positive evolution, there are sectoral indicators that show negative changes
The statistical indicators for the 3rd quarter of 2024, show a mixed behaviour. Although the majority of the indicators have a positive evolution, there are sectoral indicators that show negative changes.
The Regional Indicator of Economic Activity (RIEA) shows that the economic activity of the Autonomous Region of Madeira, in the 3rd quarter of 2024, decelerated slightly compared to the previous quarter. However, in September 2024, the last month of the quarter in reference, a cycle of 42 months of continuous growth of the economy was completed.
In the 3rd quarter of 2024, the regional unemployment rate stood at 5.7%, 0.5 percentage points (pp) higher than in the previous quarter and 0.8 pp compared to the same quarter of the previous year.
During this period, the average gross monthly earnings per employee recorded a nominal year-on-year change rate of 5.9% in the Region, amounting to 1,439 euros, with a positive real change of 2.1%.
The inflation rate measured by the 12-month average change rate of the Consumer Price Index-CPI, for September 2024, remained at 3.3% (2.2% at the national level), a value that has stabilised since April 2024. The year-on-year change in September was 3.8%.
According to SIBS data, in the quarter under review, withdrawals added to purchases through automatic payment terminals mark year-on-year increases of 8.7%, 5.9% and 17.3%, in the grand total, in national cards and international cards, respectively.
In the referenced quarter, the balance between companies incorporated and dissolved in the Autonomous Region of Madeira was positive (+251 companies), as the number of incorporations of companies with head office in the Autonomous Region of Madeira (367) was higher than the number of dissolutions (116).
In the agriculture sector, banana sales, in the 3rd quarter of 2024, showed a decrease compared to the same period of the previous year (-5.9%). The same occurred with egg production (-1.2%) and landed fish, which recorded year-on-year decreases both in value (-25.6%) and volume (-46.0%). On the other hand, poultry meat increased (+19.2%) compared to the same quarter of the previous year, contrary to the trend observed in livestock slaughter, which recorded a decrease of 7.5% year-on-year.
In the field of energy, it should be noted that electricity distribution increased by 1.6% in the 3rd quarter of 2024, compared to the same quarter of 2023.
In the construction sector, the sale of cement (first sale) presented, in the 3rd quarter of 2024, an increase of 5.1% compared to the same period last year. On the other hand, the number of licensed buildings recorded a year-on-year drop of 18.0%. The number of housing transactions recorded a quarterly and year-on-year increase of 16.9% and 11.4%, respectively. In value, this indicator grew 23.2% compared to the previous quarter and 9.8% compared to the same quarter of the previous year. In September 2024, the value of the bank appraisal of housing increased by 1.9% from the previous month and by 10.0% from the same month of the previous year.
In turn, the sale of "Madeira" wine, in the 3rd quarter of 2024, registered a negative year-on-year change, both in volume (-2.0%) and value (-9.1%).
In the reference quarter, the movement of passengers at the airports of the Autonomous Region of Madeira increased by 3.4% year-on-year, in line with overnight stays and total revenue in tourist accommodation, which rose by 5.5% and 13.6% compared to the same quarter of the previous year, respectively.
In maritime transport, the movement of goods in the ports of the Autonomous Region of Madeira grew by 10.2% in the 3rd quarter of 2024 compared to the same quarter of the previous year.
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