In March 2020
Effects of the COVID-19 pandemic halted the growth of Madeira’s economy
The Regional Economic Activity Indicator (IRAE) indicates that in March, the regional economic activity recorded a negative growth, putting a stop to the cycle of 81 consecutive months of growth.
This result reflects the containment measures related to the COVID-19 pandemic which impacted all the economy, especially tourism, which represents an important share of Madeira’s GDP.
It should be noted that this indicator is a synthesis instrument whose objective is to facilitate the timely monitoring of the regional economy, in particular as regards to direction and magnitude of fluctuations, and does not present itself as a substitute for other official statistics, namely of annual rate of change of the Gross Domestic Product (GDP).
Monthly Economic Indicators – March 2020
Together with RIEA is published the Monthly Economic Indicators - March 2020, an instrument for monitoring the economic situation, which provides the most recent data on regional economic activity.
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