In April 2025

Regional economy maintained its growth path, albeit at a more moderate pace

The Regional Indicator of Economic Activity (RIEA) shows that, in April 2025, the regional economy of the Autonomous Region of Madeira continued to expand, although signs of a deceleration were observed.

 

Economic Activity

In April 2025, the regional economy maintained its growth trajectory, albeit with signs of moderation.

The number of overnight stays in tourist accommodation establishments increased by 4.6%, slightly below the 4.8% recorded in March. Total revenue rose by 19.3%, also lower than the 20.6% growth observed in the previous month.

Electricity distribution increased by 2.0%, slowing down from 2.8% in March. Conversely, diesel released for consumption declined by 2.1%, maintaining the downward trend initiated in the previous month (-1.0%).

The ratio between newly incorporated and dissolved companies strengthened its positive balance, with 6.1 new companies per dissolution, compared to 4.6 in March.

Qualitative Indicators

In April 2025, confidence indicators showed mixed results: improvements were observed in the Services and Manufacturing sectors, while confidence declined in Trade and in Construction and Public Works.

Private Consumption

Gasoline released for consumption rose by 6.7%, exceeding the 6.2% increase recorded in the previous month.

The purchases of new light passenger cars dropped sharply by 28.1%, reversing the 1.8% growth observed in March.

The balance of loans for consumption increased by 7.4%, in line with the 7.3% growth recorded in the preceding month.

Investment

In April 2025, most investment-related indicators presented negative developments.

Sales of light commercial vehicles fell by 11.9%, reversing the 9.8% growth observed in March.

The median value of bank appraisals for housing rose by 19.3%, accelerating from the 15.9% increase recorded in the previous month.

Cement sales experienced a more pronounced decline of 8.5%, compared to a 3.6% decrease in March.

The balance of loans granted to non-financial corporations decreased by 0.4%, easing the drop observed in the previous month (-3.5%).

The number of building permits declined by 10.3%, a less severe decrease than the -13.0% registered in March.

External Demand

In April 2025, exports recorded a significant year-on-year growth of 33.5%, slightly below the 34.6% observed in March.

Imports fell by 15.3%, deepening the downward trend seen in the previous month (-14.2%).

The movement of goods through ports increased by 5.1%, accelerating from 2.3% in March.

Passenger traffic at airports grew by 10.2%, up from 6.7% in the previous month.

Lastly, withdrawals and purchases using international cards increased by 12.6%, surpassing the 12.0% growth registered in March.

Labour Market

In April 2025, key labour market indicators continued to show positive trends, with a general decrease in unemployment.

Job offers increased by 14.9%, although at a slower pace than in March (21.8%). The number of registered unemployed persons fell by 7.0%, further intensifying the decline observed in the previous month (-2.7%).

Likewise, job applications registered a significant decrease of 7.2% in April, following a 2.0% reduction in March.

Prices

The year-on-year inflation rate (Consumer Price Index – CPI) rose slightly to 3.6% in April 2025, compared to 3.5% in March.

Inflation in goods declined to 2.1% (from 2.4% in March), while inflation in services increased to 5.4%, above the 5.0% recorded in the previous month.

The underlying inflation indicator remained stable at 3.4%.

For more information, visit:

• Dashboard (Portuguese only)
• RIEA - In Focus (Portuguese only)
• Time series
• Monthly Summary of Economic Indicators

 

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