Algarve contributed even more to the national GDP in 2019

According to the latest macroeconomic data from the National Institute of Statistics

The Algarve «continued to reinforce its contribution to the national Gross Domestic Product, representing almost 4,8%», in 2019, revealed the Algarve's Regional Coordination and Development Commission (CCDR).

This entity has just published an edition of the newsletter “Números em Destaque”, this time dedicated to the Regional Accounts of 2019.

The document, which can be downloaded here, "appears following the release of final data from the Regional Accounts for 2018 and provisional data for 2019 by the National Institute of Statistics, presenting a synthesis and evolution of a set of indicators that globally reflect the macroeconomic panorama of the region".

«The favorable national and international context has led to a cycle of economic growth in which the Algarve region has presented, since 2014, a performance almost always above the national average, having even registered the highest real variation rate of the Gross Domestic Product (GDP) in three annual periods», framed the Algarve CCDR.

And "although in 2018 and 2019 there was a slowdown in growth compared to previous years", in this last year the Algarve region increased its contribution to GDP.

«The provisional data of the 2020 Regional Accounts will be published next December and will reflect a new cycle, strongly marked by the consequences of the external shock caused by the pandemic, which shook the world economy and, in different intensities, countries and regions, in particular reflex in the Algarve for having an economic base almost exclusively in the tourism sector», concluded the CCDR do Algarve.