Agualva is the main civil parish that supplies the municipality of Praía da Vitória with water.

Currently, the main economic activity is agro-livestock, followed by the sawing of wood thanks to the village's large forest, metal mechanics and arboriculture.

Later on, this agricultural focus has changed, with the fields essentially being used only as pastures for dairy cows, including the cattle of Ramo Grande, which is a breed native to the Azores.

In the past, cattle goats existed in Agualva in large numbers and would destroy and harm the natural vegetation.

Because of this, Captain-General Francisco António de Araújo e Azevedo forced a reduction of the goat population to a minimum.

A letter from Pêro Anes do Canto to the King of Portugal, dated the 16th of August 1552, refers to Agualva: "Sire – I have some properties in Terceira, in places known as Aguaalva and Lajes....” It is notable that in this letter the spelling is "Aguaalva," which combines the Portuguese words água (water) and alva (clear).