Cabo Verde’s economy grew by 5.5% in 2018, according to the National Statistics Institute (INE), which added economic growth in the fourth quarter was 7.6% year-on-year.
The economic performance registered in the last quarter of 2018, which increased by 2.6 percentage points from 5.0% in the third quarter, was due, according to INE, to the higher contribution of household consumption, investment and of exports.
INE pointed out that in the fourth quarter of last year private final consumption grew at a year-on-year rate of 2.9%, against a fall of 4.9% in public consumption, investment registered growth of 15.1% and exports increased by 6.2%.
The director of the National Accounts department of the National Statistics Institute of Cabo Verde, João Cardoso, on the sidelines of the presentation of the results of the Quarterly National Accounts for the 4th quarter of 2018, recalled that the economy of the country began a process of faster growth in 2016.
In that year, Gross Domestic Product grew at a rate of 4.7%, falling the following year to 4.0%, which has now increased to 5.5% in 2018.