The Gross Domestic Product (GDP) of the Azores grew by 2.3% in real terms in 2024, 0.2 percentage points above the national average, according to data released yesterday by Portugal’s National Statistics Institute (INE).

Provisional data from the 2024 Regional Accounts indicate that the Region’s GDP reached €5.753 billion, representing nominal growth of 7.1% and real growth of 2.3% compared to 2023.

Portugal’s GDP grew by 2.1% in real terms in 2024. The North, Algarve, and the Azores were the regions with the highest growth, each exceeding the national average by 0.2 percentage points.

Most regions recorded growth in line with the national average. Only Alentejo (1.1%) and Madeira (1.5%) fell below that figure.

In nominal terms, the Azores’ GDP grew by 7.1%, matching the national average.

Growth in Gross Value Added (GVA) in the trade, transport, accommodation, and food services sector had a “significant impact” on the Region’s GVA, with an increase of 4.1%. The Azorean GDP also benefited from growth in industry and energy (6.4%), as well as agriculture, forestry, and fisheries (7.1%).

The Region once again moved closer to the European Union average in GDP per capita measured in purchasing power parities. In 2024, it reached 72.5%, up from 70.8% in 2023.

The national average increased from 81.1% in 2023 to 82.4% in 2024.

Final Regional Accounts for 2023, also released by the INE in the same report, show that GDP growth in the Azores that year (3.5%) was already higher than the national figure (3.1%).

In 2023, the Region’s GDP growth was surpassed only by Oeste e Vale do Tejo (4.8%) and Madeira (4.6%).

For the Regional Government, these figures “confirm the robustness and dynamism of the Azorean economy.”

In a press release, the executive highlighted that in 2024 “the performance places the Azores among the regions with the highest economic growth in the country.”

It further stated that the final data for 2023 confirm “a trajectory of consistent growth in the Azorean economy, consolidating a favorable economic cycle that extends into 2024.”

“The Azores are managing to deliver results above the national average, demonstrating the effectiveness of the public policies implemented and the capacity for adaptation and resilience of the regional economic fabric,” the government emphasized.

According to the Regional Government, “these results reinforce confidence in the future of the Region and confirm that the economic growth achieved is sustainable, balanced, and aligned with the goals of social and territorial cohesion, continuing to create conditions for increased investment, employment, and improved household incomes for Azorean families.”

In Diário Insular, José Lourenço-director

Translated into English as a community outreach program by the Portuguese Beyond Borders Institute (PBBI) and the Modern and Classical Languages and Literatures Department (MCLL), in collaboration with Bruma Publication and ADMA (Azores-Diaspora Media Alliance) at California State University, Fresno. PBBI thanks Luso Financial for sponsoring NOVIDADES.