GDP OF THE WOOD INCREASING THE COUNTRY´S AVERAGE

The Algarve region was the fastest growing Portuguese region in 2017, registering a real increase of the Gross Domestic Product (GDP) of 3.5%, driven by the tourism sector, according to data from the National Institute of Statistics (INE). The provisional results of the INE´s Regional Accounts for 2017 indicate that the Alentejo regions (3.2%), the Autonomous Region of Madeira (3.1%) and the Lisbon Metropolitan Area (3.0%).

 

"The North, the Center (both 2.5%) and the Autonomous Region of the Azores (2.4%) registered growths lower than the national average," reads the document.

 

According to the INE, the final results of 2016 revealed that the asymmetries of GDP per capita among the 25 regions reach their maximum expression in the comparison of Alentejo Litoral (141.7) with that of Tâmega and Sousa (62,8).

 

Compared to 2015, there was a decrease in the regional disparity in this indicator, with the difference between these two regions (Alentejo Litoral and Tâmega e Sousa) falling from 84.7% to 78.9%.

 

Real GDP growth in the Algarve and the Autonomous Region of Madeira has been "decisively" influenced, according to the INE, by the activity of the trade, transport, accommodation and catering sectors, which presents "great relevance" in the productive structures of those regions due to the tourism, with Gross Value Added (GVA) increased by 3.8% and 4.4% in volume, respectively.

 

The Metropolitan Area of ​​Lisbon also "benefited" from the tourist dynamic, with the volume of that branch of activity increasing by 4.5%.

 

"Alentejo´s GDP growth was influenced by the performance of industry and energy, in particular by the industry of coke and petroleum products manufacturing, an activity of particular importance in this region," the statement said.

 

INE recalls that in 2016, the national GDP registered a nominal increase of 3.7% and a real increase of 1.9%.

 

In nominal terms, GDP showed positive changes in all regions, with special emphasis on the Algarve (7.7%), followed by the North (4.4%) and the Autonomous Region of Madeira (3.9%).

 

The Lisbon Metropolitan Area (3.3%), the Central region and the Autonomous Region of the Azores (both with 3.4%) showed nominal increases slightly lower than the national performance, while Alentejo stood out for less nominal growth (1.5%).

 

"In terms of volume, GDP increased in all regions, with the exception of Alentejo, which showed a slight decrease (-0.3%) due to the behavior of industry and energy sector GVA in this region (-4.5%).

 

"The Algarve (4.8%), the North (2.7%), the Autonomous Region of the Azores (2.5%) and the Autonomous Region of Madeira (2.2%) registered growths above the national average," according to the INE.

 

Growth in the GVA in the trade, transport, accommodation and catering sectors contributed to growth in both the Algarve and the autonomous regions, while growth in the GVA of industry and energy boosted growth in the North.

Source: Lusa Agency
Photo: Joana Sousa