In 2021
Number of non-financial enterprises and their number of employees, turnover and Gross Value Added increased over 2020
The Regional Directorate of Statistics of Madeira (DREM) releases today on its official statistics website, provisional data for 2021 concerning non-financial enterprises headquartered in the Autonomous Region of Madeira. These data will become final during the first quarter of 2023 when DREM publishes "In Focus" which will contain a broader analysis of the data from enterprises for 2021.
The set of tables now released contains information for the 2016-2021 period. Some of the information in this statistical area will only be released when the final results become available.
In 2021, and despite the COVID-19 pandemic, there were 29,717 enterprises of the non-financial sector headquartered in the Autonomous Region of Madeira, up by 3.6% over the previous year, a growth which stood above the national average (+3.0%). Regarding employment, compared to 2020, there was a 6.9% increase, to a total of 84,578 employed persons. It should be noted that in the country, the number of employed persons in non-financial enterprises decreased only by 2.0%.
In 2021, the turnover generated by Madeira’s non-financial enterprises stood at 7,124.3 million euros, up by 44.8% from 2020 (+15.7% in the country). The Gross Value Added, (GVA), which roughly corresponds to the output minus the intermediate consumption, stood at 1,947.9 million euros, increasing by 41.7% from 2020 (+15.2% in the country). The Gross Operating Surplus (GOS) - which corresponds to the GVA less compensation of employees, discounting taxes on products net of subsidies - and the Net Profit of the period, also showed a positive performance compared to 2020, increasing by 84.0% and by 94.3%, respectively, to 946.1 million euros and 804.9 million euros.
It should be noted that the increases in 2021 compared to 2020 are particularly relevant, due to the greater impact of the pandemic on the economy of Madeira this year, but, for the number of enterprises, the number of employees, turnover, GVA, GOS and net profit for the period, the values of 2021 are historical highs.
According to the legal form, 93.7% of the GVA was generated by enterprises and 6.3% by individual enterprises. By size, the data show that Small and Medium Enterprises (SMEs) concentrated 76.4% of the GVA while the 24 large-sized enterprises headquartered in the Region were responsible for 23.6%.
By economic activity, the most important sector was “Wholesale and retail trade; repair of motor vehicles and motorcycles” (386.4 million euros, 19.8% of the total GVA), followed by “Construction” (280.8 million euros, 14.4% of the GVA), “Accommodation and food service activities” (255.4 million euros, 13.1% of the GVA) and “Transport and storage” (148.6 million euros, 7.6% of the GVA). It should be noted that in 2020, the " Wholesale and retail trade; repair of motor vehicles and motorcycles " was also the most important activity, concentrating 21.7% of the total GVA, thus verifying a reduction of 1.9 percentage points (pp) between 2020 and 2021. "Construction" decreased by 0.2 percentage points (pp) compared to the previous year, the opposite occurred with " Accommodation and food service activities " which rose by 4.1 pp. On the contrary, "Transport and storage" lost relevance (-1.8 pp).
Labour productivity of non-financial corporations reached 24,620 euros per person employed in 2021, up by 32.5% over the previous year (+13.5% in the country).
The average compensation of employees was 14,443 euros per person employed, increasing by 9.3% compared to the previous year (+6.7% in the country).