Family Incomes Rise in Algarve, Madeira, and Greater Lisbon
According to the latest report from the National Institute of Statistics (INE), family incomes have significantly increased in the Algarve, Madeira, and the Greater Lisbon area. The report, published on Tuesday, highlights annual gains per household in these regions, with the Algarve seeing incomes between €18,000 and €19,000, Madeira exceeding €15,000, and the capital region reaching approximately €19,000.
Insights on Gross Primary Income (GPI)
The Gross Primary Income (GPI) per capita for the entire mainland reached €15,649 per family in 2022, marking a 9% increase from the previous year. After accounting for taxes and social transfers, the Net Available Income (NAI) slightly decreased to €15,539, yet it still represents an 8.1% positive evolution.
Regional Highlights:
- Algarve: GPI rose 16.4%, with an average annual gross income of €18,115.
- Madeira: GPI grew 13.6%, averaging €15,247.
- Greater Lisbon: GPI increased 10.3%, with an annual average of €19,694.
Tax Impacts and Social Benefits
The report notes that these regions not only show the highest growth in family incomes but also highlight the impact of taxes and social benefits. The Algarve leads with a 12% increase, adjusting the available income to €19,086.
In Madeira, the available income is above the national average at €15,408, showing a 10.9% increase. Meanwhile, Greater Lisbon's available income reflects a more modest 8.1% growth to €18,638.
Regions with Lower Income Growth
In contrast, the West and Tejo Valley regions experienced lower income gains, with gross incomes rising just 6.3% to €14,682 and 6.1% to €14,731, respectively. The Azores reported a 6.6% increase in gross income, totaling €15,190, while the available income rose 7.4% to €15,409.
Conclusion on Income Redistribution
The INE concludes that income redistribution has helped narrow the income disparities between regions. Notably, the Algarve's available income of €19,086 surpassed that of Greater Lisbon, largely due to social benefits received by retirees residing in the region.
Source: INE
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