Azores' GDP grows by more than two billion Euros under coalition governments, highlights Paulo Estêvão - Communication

Secretaria Regional dos Assuntos Parlamentares e Comunidades

The Regional Secretary for Parliamentary Affairs and Communities, Paulo Estêvão, praised today the current economic situation in the Azores, pointing out that the regional economy has "never" experienced such significant growth.

“At the end of this year, the Azores' GDP will exceed 6 billion Euros. In 2012, at the beginning of Vasco Cordeiro's two administrations, the GDP stood at 3.546 billion Euros. In the last eight years of socialist Governments, led by Vasco Cordeiro, the Azores' GDP grew by a meagre 450 million Euros. This was in the course of eight years. If we consider the growth forecast for this year, the Azores will have recorded a GDP growth of more than 2 billion Euros in just five years," stated the government official.

The Regional Secretary spoke at the Legislative Assembly of the Autonomous Region of the Azores in the city of Horta.

He pointed out that the current economic growth "is only happening" due to the "policies that have been implemented" by the PSD/CDS-PP/PPM coalition.

"Taxes were reduced, and even so, social support was substantially increased, and several careers were upgraded. All this led to an increase in consumption and contributed to further boosting the Azorean economy. As a result, within two legislative terms, the Azores' GDP, i.e. the wealth produced by the Region, will have doubled," he stated.

Acknowledging that the Government had put "all its eggs in one basket," Paulo Estêvão stressed that the commitment to economic growth had been successful, even though there were still challenges to overcome.

He stated: "Are there arrears in payments in the Region? Yes, there are. It is a problem that we have to solve, and we are already doing so. In health, for example. However, in all other areas, it is vital to bring payments up to date. This is our focus and our commitment. And we will succeed. We will maintain economic growth. Low taxes. Maintain and even increase social support. Continue to value careers. We will focus on revenue growth through economic growth, and we will fine-tune our budget efforts."

The government official also defended the need to create "more cash flow," reiterating the idea that "it is necessary to cut all expenses that do not jeopardise the Region's economic growth, social support and increased household income."

“We will do this, and we will be successful again. Anyone who is on the verge of doubling GDP in just two terms of office can commit to this. It is not impossible, and we have already achieved what almost everyone considered impossible,” he concluded.