Government Moves Forward With Disputed Cable Car Project
Despite strong opposition, the PSD-led government suspends the Câmara de Lobos PDM for three years, in order to move forward with the cable car project.
Economy
Explore the economic pulse of Madeira. Get the latest news on key sectors like tourism, agriculture, and industry. Stay updated on business developments, investments, employment trends, and government policies shaping the island's financial landscape.
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Madeira Government Sees Revenue Jump Of 21.3% In April 2024
Madeira's April 2024 budget saw a strong 21.3% increase in revenue, while expenditures evolved at a slower rate.
Gross Average Salary In Madeira Increases To 1,375 Euros
Fresh data indicates a rise in the average salary in Madeira to 1,375 euros. However, it still lags behind mainland Portugal, as low salaries remain a general problem on the island.
Local Accommodation In Madeira Skyrockets In March 2024
Madeira's local accommodation sector surged by 23.5% in March 2024, contributing to 181,000 guests and €54.5 million revenue. Tourism from Germany remains the primary market.
TAP Portugal Makes €71.9 Million Loss So Far In 2024
TAP Air Portugal faces €71.9 million losses in Q1 2024 amid restructuring, with rising costs despite fuel savings.
Madeira Has The Lowest Unemployment Rate In Portugal
Unemployment in Madeira dips to 6.1%, the lowest nationwide. Until now, rising interest rates have minimal impact on job market resilience.
Meu Super: Madeira Welcomes Two New Stores
Meu Super expands its business in Madeira and launches two new stores at the convenience of customers in urban dwellings.
Pestana Group: €100 Million Net Profit In 2023
A gross minimum salary of €900 (plus allowances) is enough for Pestana Group to again score a €100 million net profit.
Madeira's Maritime Growth: Ship Registrations Multiply
The number of ships registered in Madeira multiplied within the last ten years, while the Funchal port expansion will be reassessed.
Dawn of Paradise: Madeira Tourism Pulverizes Pre-Pandemic Levels
Madeira's tourism skyrockets post-pandemic, reaching a 47.4% increase in guests since pre-pandemic levels of 2019
Portugal Rises in 2023 EU GDP Per Capita Ranking
Portugal's GDP per capita went up in 2023. It remains below the average but it went up two positions, ranking now 18th.
