Madeira was rediscovered by Portuguese sailors some time between 1418 and 1420. The archipelago is considered to be the first discovery of the exploratory period initiated by Henry the Navigator of Portugal. It is a popular year-round resort, noted for its Madeira wine, flowers, and embroidery artisans, as well as its New Year's Eve celebrations that feature a spectacular fireworks show, which is the largest in the world according to the Guinness World Records. Its harbour - Funchal - is important due to its commercial and passenger traffic and for being a major stopover for cruisers en route from Europe to the Caribbean. Tourism is an important sector in the region's economy since it contributes 20% to the region's GDP, providing support throughout the year for commercial, transport and other activities and constituting a significant market for local products. The share in Gross Value Added of hotels and restaurants (9%) also highlights this phenomenon. The island of Porto Santo, with its 9 km long beach and its climate, is totally devoted to tourism. Over the past decade it has recorded a substantial increase in its hotel accommodation capacity.
Development in Madeira is considered to have potential since the necessary infrastructure has been established and adequate investment incentives have been introduced for expanding its hotel and catering structure in a controlled manner. Conservation of its nature is important as it is one of tourists' main reasons for visiting Madeira.
Visitors are mainly from the European Union, with German, British, Scandinavian and Portuguese tourists providing the main contingents. The average annual occupancy rate was 57.4% in 2001, reaching its maximum in March and April, when it exceeds 70%. Madeira Islands is a group of islands next to the Iberian Peninsula. It is a territory of Portugal, but has its own politics.
Madeira means wood in Portuguese.
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