DREM releases final data for the 2023 Regional Accounts and provisional data for 2024

Statistics Portugal (INE) released today the results of the Regional Accounts for the years 2023 and 2024, final and provisional in nature, respectively.

The Regional Accounts for 2023 and 2024 are consistent with the provisional National Accounts released by INE in September last year and follow the methodological framework of the European System of Accounts (ESA 2010). The current accounting base is base 2021.

Regional Gross Domestic Product reached 7.5 billion euros in 2024, growing by 1.5% in real terms

According to provisional information for 2024, the Gross Domestic Product (GDP) of the Autonomous Region of Madeira amounted to 7.5 billion euros, reflecting growth of 7.5% in nominal terms and 1.5% in real terms.

This implies that the Region recorded nominal growth above the national average, while real growth stood below that same average.

In fact, Portugal’s GDP registered nominal growth of 7.1%, with positive changes observed across all regions of the country. Algarve (+8.3%), Península de Setúbal (+7.8%) and the Autonomous Region of Madeira (+7.5%) stood out by exceeding the national average. Norte (+7.2%), Grande Lisboa and the Autonomous Region of the Azores (both +7.1%) recorded growth rates close to the national average, while Centro (+6.7%), Oeste e Vale do Tejo (+6.6%) and, in particular, Alentejo (+4.5%) posted nominal growth below the national average.

In real terms (the metric commonly used to measure economic growth, as it excludes price effects), Portuguese GDP increased by 2.1%, with slightly differentiated growth across regions. Alentejo (+1.1%) and the Autonomous Region of Madeira (+1.5%) are estimated to have recorded the lowest growth rates. In the remaining regions, growth was close to the national average: Centro (+2.1%) matched the national performance, while Oeste e Vale do Tejo, Grande Lisboa and Península de Setúbal slightly exceeded it, with real growth of 2.2%. Norte, Algarve and the Autonomous Region of the Azores recorded growth of 2.3%, i.e. 0.2 percentage points above the national average.

The real increase in Madeira’s GDP was constrained by a reduction in Gross Value Added (GVA) in business services (-4.4%), associated with lower activity in the Madeira International Business Centre (MIBC), as well as by a decline in GVA in public administration, defence, health and education (-0.3%). It should be noted that, excluding the negative contribution of the MIBC, regional real GDP growth would have been very close to the national average.

In 2024, three NUTS 2 regions were above the national average: Grande Lisboa (index 156.5), Algarve (108.3) and the Autonomous Region of Madeira (107.2). The regions with the lowest GDP per capita were Península de Setúbal (67.3) and Oeste e Vale do Tejo (78.4). The Autonomous Region of the Azores recorded an index of 88.1, above Norte (86.0) and Centro (85.9), but below Alentejo (93.7).

When compared with the average of the 27 European Union Member States, Grande Lisboa was the only Portuguese region with an index above 100 (128.9). In 2024, Madeira recorded an index of 88.3, ranking below Algarve, which achieved the second-best performance with an index of 89.2. The Península de Setúbal recorded the lowest index (55.4), followed by Oeste e Vale do Tejo (64.6). The Autonomous Region of the Azores registered a value of 72.5.

Regarding apparent labour productivity (the ratio between GVA and the corresponding level of employment), Madeira recorded a value of 50.5 thousand euros in 2024, the second highest in the country, surpassed only by Grande Lisboa (58.3 thousand euros). These were the only two regions above the national average (47.7 thousand euros).

In 2023, Gross Disposable Income (GDI) per capita in Madeira exceeded the national average, contrary to the previous two years

Final data for 2023 show that regional GDP approached 7.0 billion euros, recording growth of 11.1% in nominal terms compared with the previous year and 4.6% in real terms, exceeding the national figures (10.8% and 3.1%, respectively). Compared with provisional data, revisions for Madeira amounted to -0.4 percentage points in nominal GDP growth and +0.1 percentage points in real GDP growth.

In 2023, total investment in Madeira amounted to 1 111.4 million euros, representing a growth of 6.3% compared with the previous year, below the national increase (+10.3%).

Alentejo (+15.5%), Península de Setúbal (+14.2%), Oeste e Vale do Tejo (+13.0%) and Grande Lisboa (+12.2%) stood out by recording growth in Gross Fixed Capital Formation (GFCF) above the national average, while Algarve (+6.7%) and Madeira (+6.3%) recorded the lowest growth rates.

In 2023, both Gross Primary Product (GPI) and Gross Disposable Income (GDI) in Madeira recorded positive developments. In nominal terms, year-on-year growth was of a similar magnitude for both indicators, at +12.2% and +11.6%, respectively. At the national level, growth rates differed more markedly: 11.1% for GPI and 9.1% for GDI. The regions with the highest growth in GPI were Alentejo (+12.9%), Algarve (+12.8%) and Madeira (+12.2%), while the Autonomous Region of the Azores recorded the smallest increase compared with 2022 (+9.9%). Regarding GDI, the Azores led growth (+11.6%), followed by Alentejo (+11.1%) and Algarve (+10.2%), while the Northern Region recorded the lowest increase (+8.5%).

Analysis of the evolution of the disparity index of GPI compared to the national average between 2022 and 2023 shows a positive development in Madeira, with the index moving closer to the national average (98.7). Meanwhile, the disparity index of GDI exceeded the national average by 1.7 percentage points, reaching 101.7 in 2023, compared with 99.2 in 2022.

Grande Lisboa and Algarve were the only two regions to record levels simultaneously above the national average for GPI, GDI and GDP per capita in 2023. For the Autonomous Region of Madeira to join this group, it would have been necessary to exceed the national average in terms of the GPI per capita disparity index (98.7), as this threshold was already surpassed for GDI (101.7) and GDP per capita (107.2).

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