For the years 2016-2017

DREM releases Ocean Satellite Account for the Autonomous Region of Madeira

The Regional Directorate of Statistics of Madeira (DREM) releases today, for the first time, an Ocean Satellite Account for the Autonomous Region of Madeira (OSA-ARM), for the years 2016-2017.

The OSA-ARM project aims to measure the size and importance of the Ocean Economy in the regional economy and can be used to support the decision-making of public policies for the ocean. It provides information concerning the Gross Value Added (GVA), Employment, Compensation of Employees (and also Gross Operating Surplus and Mixed-Income) of the characteristic, cross-cutting, and favoured by the proximity of the sea activities.

The OSA is a pioneer project of Statistics Portugal (INE), developed in partnership with the Directorate‑General for Maritime Policy (DGPM). The first edition of the OSA was released in early June 2016 and referred to the years 2010-2013, with results only at the national level.  In this second edition, it was possible to breakdown the OSA by NUTS I (Mainland Portugal, Autonomous Region of the Azores and the Autonomous Region of Madeira), in result of a close cooperation by Statistics Portugal with the Regional Statistics Service of the Azores and the Regional Directorate of Statistics of Madeira.

Thus, the Portuguese Autonomous Regions are the first in Europe (and possibly in the World) to have an OSA, and Portugal remains as the only country in Europe to develop this project.

Ocean economy represents more than 10% in the economy of the Region

The Ocean Economy (OE) represented 10.3% of the regional Gross Value Added (GVA), 9.4% of the employment and 10.8% of the compensation of employees in the biennium 2016-2017. Between 2016 and 2017, the OE GVA increased by 18.2%, while the regional GBA rose by only 6.7%. In 2017, the share of regional OE GVA in the national OE GVA was 6.8%, much higher if compared to the overall GVA, in which that proportion was 2.5%. The OE GVA of the Autonomous Region of Madeira stood at 453.1 million euros in 2017.

Between 2016 and 2017, the OE Employment increased by 12.8%, while in the regional economy this macroeconomic variable rose by 4.2%. In 2017, the share of regional OE Employment in the national OE Employment was 5.9%, whereas regarding the overall employment that proportion was only of 2.5%. The total full-time equivalent (FTE) employment in 2017 was 11,135.

The OE compensation of employees went up by 14.8% between 2016 and 2017, substantially above the overall economy, in which the rate of change stood at 5.0%. In 2017, the share of the regional OE compensation of employees in the country’s was 5.7%, higher than the share for the overall compensation of employees, which was 2.3%. The compensation of employees in 2017 topped 222.1 million euros. 

It must be mentioned that the relevance of the OE is very much related to the importance of the tourism industry, a large part of which is included in the OSA.

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