In 2023
Turnover and employment in non-financial enterprises in Madeira grew above the national average
The Regional Directorate of Statistics of Madeira (DREM) published today, on its official statistics website, a set of tables concerning financial and non-financial enterprises based in the ARM, covering the period from 2018 to 2023. Notably, the 2023 data are already final. It should also be noted that in January 2025, DREM will release data on business demography, and in April 2025, information on establishments will be made available.
In 2023, there were 33 934 enterprises headquartered in the ARM, of which 240 were financial enterprises and 33 694 were non-financial enterprises. Of this total, approximately two-thirds (64.6%) were sole proprietorships, while the remaining one-third (35.4%) were companies. The enterprises collectively employed 98 339 persons, 97 944 of whom were in non-financial enterprises and 395 in financial enterprises.
As previously mentioned, the number of non-financial enterprises in the Autonomous Region of Madeira rose to 33 694 in 2023, representing an increase of 1 712 (+5.4%) compared to the previous year. Nationally, the number of non-financial enterprises grew by 5.1% compared to 2022.
Regarding employment, there was a global increase of 7.1% compared to 2022, reaching a total of 97 944 employees (+5.6% nationally). This growth is primarily attributed to the rise in employment within companies (+8.1%) rather than sole proprietorships (+4.1%). Notably, 77.0% of employees were employed by companies.
In terms of average size (employees per enterprise), in 2023, companies headquartered in the ARM employed an average of 6.36 persons per enterprise, compared to the national average of 7.19 persons.
From a size perspective, nearly all regional enterprises (99.90%) are classified as SMEs. Among these, the majority are microenterprises (95.91% of SMEs). The number of medium-sized non-financial enterprises stood at 198 in 2023 (+18 compared to 2022), while large enterprises did not exceed 34 (+3 compared to 2022). Nationally, the percentage of SMEs is also 99.90%.
The turnover of regional non-financial enterprises increased by 8.5% between 2022 and 2023, reaching 9.8 billion euros. Gross Value Added (GVA), broadly corresponding to the difference between production and intermediate consumption, rose by 13.5% to approximately 3.0 billion euros. Net profit for the period also demonstrated a positive performance compared to 2022, increasing by 19.1% to 1.5 billion euros.
Of the total GVA, 93.2% was generated by companies (93.6% in 2022), and 74.8% by SMEs (compared to 74.1% in the previous year). The 34 large enterprises based in the region accounted for 25.2% of the GVA generated (25.9% in 2022).
An analysis by the economic sector reveals that the "Accommodation and Food Service Activities" sector, generating 21.8% of the business GVA (650.7 million euros), was the main contributor. This was followed by "Other Services" (20.7%; 619.4 million euros), "Construction and Real Estate Activities" (17.0%; 506.1 million euros), and "Trade" (14.2%; 424.8 million euros).
Compared to 2022, notable GVA growth was observed in the following sectors: "Accommodation and Food Service Activities" (+27.8%), "Transportation and Storage" (+25.6%), "Agriculture and Fishing" (+18.7%), "Construction and Real Estate Activities" (+18.1%), and "Other Services" (+14.6%).
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