Portugal 2016

ACTIVIDADE ECONÓMICA CONTAS NACIONAIS ECONOMIC ACTIVITY NATIONAL ACCOUNTS 91 An analysis of the contributions of supply to GVA growth between 2008 and 2016 shows that the fall in construction was the main factor leading to changes in supply in the period as a whole (cumulative contribution of -3.9 p.p.), followed, in the opposite direction, by the contribution of trade (+2.7 p.p.). In 2016 GDPmp in volume was still 1.0% lower than in 2011, in spite of the recovery started in 2014 (in 2013 GDPmp in volume accounted for -4.0% of GDPmp in 2011). Although the separation between periods of strong growth up to 2001 and moderate growth since 2002 respectively was visible in most branches of production, on average services grew more than industry and agriculture, although this eased in the past few years. The drop in the relative importance of construction has been ongoing since 2001, accounting for around 4.0% of total GVA in 2016. In tandem with a dynamic services group, the relative price of services increased (on average, compared to 1995 price growth in services in 2016 was around 54 p.p. higher than in industry and agriculture in the same period). The ensuing volume and price effects translated into an increase in the relative importance of services, to the detriment of industry and agriculture, when assessed in nominal terms. In 1995 the two latter branches accounted for little over 24.0% of GVA at current prices, while in 2016 they only accounted for around 16.0%. The weight of services was 66.4% and 75.8% respectively in said years.