According to the provisional results of the Regional Accounts of the National Statistics Institute (INE), “in 2022, in real terms, it is estimated that GDP will have increased by 6.8% in the country, with all regions recording growth”.

“The Algarve (17.0%), the autonomous region of Madeira (14.2%) and the Metropolitan Area of Lisbon (8.2%) performed better than the country average”, while it is estimated that the Azores (6.8 %) performed identically to the national figure, and the North (5.6%), Alentejo (4.7%) and Center (3.8%) showed “more moderate growth”.

INE highlighted that “to a large extent, the regions that presented more modest performances in 2022 had been less affected by the [covid-19] pandemic in the two previous years” and, in the opposite direction, those with “more intense growth in 2022 they had registered stronger contractions in the years of the pandemic”.

Estimates indicate that “the nominal GDP of all regions has exceeded the value of the pre-pandemic year, with a variation similar to the country (13.0%), highlighting the autonomous region of Madeira with a nominal GDP of 17.4% above” that recorded in 2019.

The country's GDP “recorded a nominal growth of 12.2%” and “all regions showed positive variations, the most intense” being in the Algarve (21.3%), Madeira (19.8%) and the Lisbon Metropolitan Area (14.1%), “regions most affected by the pandemic”, with nominal variations below the country's average being estimated for the remaining regions, being 12.0% in the Azores, 10.4% in the North and Alentejo, distancing the Center was slightly higher, with nominal growth of 9.1%.

For real GDP growth in the Algarve, Madeira and Lisbon Metropolitan Area (AML), INE considered that “the GVA [gross added value] of the sectors of commerce, transport, accommodation and restaurants and services provided to companies contributed significantly, activities with significant relevance in the productive structure of these regions”.