The Algarve was, “for the second consecutive year, the NUTS II region with the highest GDP growth”. The National Institute of Statistics (INE) revealed data relating to the 2017 Regional Accounts, which reveal that the Algarve region had a Gross Domestic Product growth rate of 3,5% that year.
These data, which are still provisional, confirm «the good moment of the Algarve economy and the contribution to the economic growth of Portugal», considered the Algarve's Regional Coordination and Development Commission (CCDR).
The data published by INE also include the definitive figures for the GDP growth rate in the Algarve, in 2016, which stood at 4,8%.
"The revision of the 2016 figure now assigns the region a real change rate of 4,8% in that year and 3,5% in 2017 (provisional data), reinforcing the trajectory of positive divergence from the national average, resumed in 2014 In both cases, the growth was much higher than what occurred in the country (1,9% in 2016 and 2,8% in 2017). If we consider the accumulated growth of the GDP in the last 4 years, the Algarve (14,5%) practically doubles the value registered at the national level (7,4%)», framed the CCDR of Algarve.
In practice, this means that «the region increased its contribution to the national product, evolving from 4,56% to 4,63%, coming closer to the “mobilizing objective” Algarve 2020, which reflects the ambition to increase this contribution to 4,9%'.
All data collected by INE, relating to the accounts of the Algarve, were compiled in new edition of the “Numeros em Destaque” notebooks, prepared by the Regional Dynamics Monitoring Body (OADR), which is part of the CCDR structure in the Algarve.
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