Azorean GDP growth reveals different paths across the islands

Economic activity across the Azores followed different paths: São Miguel increased its contribution to regional gross domestic product (GDP), while Flores and Corvo recorded declines between 2023 and 2024. Provisional figures from the Azores Regional Statistics Service (SREA), reported by Açoriano Oriental, put São Miguel's share at 61.4% in 2024, compared with 59% in 2021.

São Miguel's GDP rose from €2.581 billion to €3.532 billion over that period, an increase of €951 million. Its additional 2.4 percentage points of regional GDP indicate a greater concentration of the archipelago's economic activity on the island.

Terceira provides a different example: its GDP increased from €938.7 million to €1,156.3 million between 2021 and 2024, while its regional share fell from 21.5% to 20.1%. The island remained the second-largest contributor to the Azorean economy despite that reduction in its relative share.

The wider context comes from SREA's Regional Accounts, which put Azorean GDP at €5.753 billion in 2024. Compared with 2023, growth reached 7.1% in nominal terms and 2.3% in real terms, after accounting for price changes. Trade, transport, accommodation and food services contributed to the increase in regional gross value added.

Together, these indicators help distinguish economic growth from its geographical distribution: an island can produce more while accounting for a smaller proportion of regional output, as Terceira demonstrates. For residents, businesses and public decision-makers, the figures help track where economic activity takes place, although they do not directly measure household income or living conditions on individual islands. The results for 2024 remain provisional.