40,000 Rental Cars in Madeira Raise Concerns With Taxi Drivers
Madeira’s taxi drivers are alarmed by the surge in transport licenses, fearing increased competition from tourist transport services and rental cars.
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 Tourism Hits Record €756 Million in 2024
Madeira's tourism industry hit a record €756.7 million in 2024, growing 15.3%. Key figures show increases in revenue, occupancy, and visitor numbers, with German, UK and Portuguese markets driving growth.
The Erosion of Purchasing Power for Renters in Madeira
Non-property owners in Madeira have faced a significant decline in purchasing power over the past few years. Here's why!
Is the Mercosur Deal a Threat to Madeira’s Banana Industry?
Officials warn that the Mercosur-EU trade deal could threaten Madeira’s banana industry, as cheaper South American imports may overwhelm local farmers, making it harder for them to compete and risking their livelihoods in the European market.
The State of Madeira’s Banking Sector
Madeira’s banking sector has changed over the years. In 2023, the number of bank branches hit a decades-long low, while interest income for local banks saw a sharp rise.
Immigrants Double Social Security Contributions in Just 4 Years
Immigrant workers are increasingly vital to Portugal’s economy, now contributing over 12% to social security revenues. Their role in filling labor shortages continues to expand.
Forum Madeira Has a New Owner
Forum Madeira shopping center, marking 20 years since its launch, has been sold to the Spanish company Caminho PropÃcio, transitioning from its previous German owners, DWS.
Funchal Among Least Profitable Cities in Portugal for Real Estate
Funchal is currently one of the least profitable cities for investors looking to buy property for rental income.
Renewal Works Begin on São Vicente Seafront
The São Vicente seafront is set for a major renewal, with an investment exceeding 3.5 million euros planned over the next four months.
Pingo Doce vs. Continente: Which Supermarket Offers the Best Prices?
Pingo Doce or Continente? Some of you might already have a clear picture of this, but the outcome for the second half of 2024 is a close call. Here is Portugal’s cheapest supermarket.
New Cruise Passenger Tax Gets Funchal €50,000 in Only Two Days
Funchal introduced a €2 tax for cruise passengers on January 1, generating €50,000 in its first two days, with most revenue allocated to the municipality.
