DREM measures the impact of one year of conflict in Ukraine on the Autonomous Region of Madeira's economy
The Regional Directorate of Statistics of Madeira (DREM) releases today a special "In Focus", marking one year of conflict between Russia and Ukraine, which began on the 24th of February 2022, and resulted from the Russian invasion of Ukrainian territory.
According to the current data available and taking in account the areas most affected, four topics have been selected: International Trade, i.e. transactions with those countries; Tourism, i.e. guests and overnight stays by residents in those countries; Consumer Price Index, i.e. impact that the invasion had on price escalation in the world economy; and Housing Loans, due to the increase in the interest rate and in the interest component in the monthly payments.
The section headings in this “In Focus” are as follows:
International Trade - Exports to belligerent countries more affected than imports
Tourism - Despite the reduction compared to 2021, in 2022, the Ukrainian market was more important than the Russian one
Consumer Price Index - Reduction of fuel tax rates allowed the inflation rate to be lower in 2022 in the Region than in the country
Housing Loans - Implicit interest rate grows for 10 consecutive months and reaches maximum since June 2012.
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