Average annual real GDP growth higher in the Azores than the country in 2021 and 2022 - Communication

Serviço Regional de Estatística dos Açores

The Regional Government welcomes the data released today by the Regional Statistics Service (SREA), which shows that the Regional Gross Domestic Product (GDP) in 2022 reached 5,110 million Euros, a nominal growth of 12% and a real growth of 6.8% compared to 2021.

In 2021 and 2022, the average annual GDP growth in the Azores stood at 7.10%, while in the country it stood at 6.25%. This means that the Azores grew 0.85 percentage points more than Portugal over these two years, and is now at 90% of Portugal's average GDP per capita - the best since 2016 - and at 70.6% of the European Union's average GDP per capita (the best since 2013).

The real Regional GDP growth for 2021 has been revised upwards, from 5.0% to 7.4% (the national figure was 5.7%), while the provisional figure for 2022 stands at 6.8% (the same as the national figure).

These are the best results in recent years, as 2016 was the last year when GDP growth in the Azores exceeded or equalled the national rate.

The paradigm shift in the governance of the Region that the XIII Regional Government has brought about is proving to be an economic and social success.

Now, the State, i.e. the Region, gives space to people and their entrepreneurial initiative, to families and their capacity to build, to companies and their determination to generate wealth and employment, and to social organisations to strengthen social cohesion.

Statistical data confirms the success of this new governance paradigm for the Region.