Cabo Verde’s (Cape Verde’s) economy grew by 5.0% year-on-year in the third quarter of 2018, 90 basis points lower than in the second quarter, according to Quarterly National Accounts released by the National Statistical Institute (INE).
INE also reported that the increase was due to the greater contribution of final consumption expenditure and investment, as the “acceleration of final consumption results mainly from the increase in private consumption expenditure.”
Final Consumption increased by 4.7% in the third quarter (4.2% in the previous quarter), with private consumption increasing by 5.8% in real terms, which led to an increase compared with the 0.3% recorded in the second quarter and Public Consumption presented a year-on-year rate of change of 0.4% (variation of 21.2% in the previous quarter).
Investment registered a positive year-on-year change of 8.1% in volume in the third quarter of 2018 (variation of 5.0% in the previous quarter).
“Exports of goods and services by volume recorded a year-on-year change of 9.2% in the third quarter compared to 27.7% in the previous quarter. Imports of goods and services, year on year, increased 9.7%, compared to 16.7% in the second quarter of 2018,” the document said.
The Quarterly National Accounts also showed that net taxes of subsidies on products, in real terms, showed a year-on-year increase of 15.7% in the 3rd quarter, contributing 2.2 percentage points to total GDP growth.
The same document also added that in the first three quarters, “growth was very evident, notably in fishing, manufacturing, electricity and water, trade, transport, accommodation and catering, financial services and insurance, state administration and also net taxes on product subsidies.”