The Gross Domestic Product (GDP), an indicator that shows the evolution of the state of the economy and the generation of wealth, registered a real growth of 1.6% in the Azores, which is again above the national average (1.5%) recorded in 2016. The data were published today by the National Statistics Institute (INE) and show an upward revision of growth in 2015.
 
"It is with great satisfaction that the Government analyses the data known today," said the Vice-President regarding the 2015 and 2016 regional accounts. He highlighted the "very significant" real growth of the Azores' economy above the national average in both years.
 
According to the INE final accounts, Sérgio Ávila pointed out that the real growth rate of the regional economy in 2015 was revised upwards, from 1.7% to 3%; the national average is at 1.8%.
 
The government official stated that the data released by INE also revealed "that, effectively, the creation of a new development cycle in the Region has been proven statistically"
 
"The growth of the indicator that measures wealth generation in the Azores reveals a very significant growth consistency and always above the national average," stressed Sérgio Ávila.
 
The Vice-President stressed that this growth "was also accompanied by the growth of the disposable income among Azorean families," which is "still higher than the national average.
 
The information released by INE shows that Azores families registered a Disposable Gross Income of 11,806 Euros per capital in 2015, while the national average stands at 11,658 Euros.
 
"Each Azorean has a gross disposable income of 11,806 Euros. It represents a growth of 4.5% over the previous year, which is about 150 Euros high" than the average recorded by remaining national territory.
 
Sérgio Ávila highlighted the importance of these results and announced today "the increase of investment in the Azores,” according to INE data.
"The Azores also registered a 9.8% increase in investment," the largest in the country, stressed the Vice-President. Trade, transport, accommodation and catering were the sectors that contributed the most.
 
For Sérgio Ávila, these data "definitively" prove "a very significant growth of economic activity and wealth generation, reversing the previous cycle of recession."
 
As for the GDP, the government official also stressed that INE confirms "exactly the figure provided by the Regional Statistics Service - SREA released in March" in the estimates for 2016.
 
According to Sérgio Ávila, the value of the regional GDP estimated by INE at 3,927 million Euros for 2016 is the same as that estimated by SREA, thus evidencing "the quality and rigour of the Regional Statistics Service."