Madeira's economy experienced a slowdown in its growth rate in May, with the Regional Economic Activity Indicator (IRAE) standing at 1.7%, down from 2.5% in April. Despite this deceleration, which interrupts three consecutive months of acceleration, the Region now records 62 consecutive months with the IRAE in positive territory, since April 2021.
The tourism sector shows signs of losing speed, with overnight stays decreasing by 1.3% year-on-year, although total revenue continues to grow. Private consumption, on the other hand, presented more favorable signs, with an increase in gasoline consumption and card transactions.
In the investment sector, results were mixed, with growth in commercial vehicle sales and housing credit, but declines in cement sales. The labor market maintained a positive trend, with a decrease in registered unemployed individuals.
