africa Cape Verde Economy Finance

Cabo Verde averages economic growth of 5.7% in the first half of 2019

Cabo Verde’s Gross Domestic Product (GDP) grew by an average of 5.7% year-on-year in the first half of 2019, with the value recorded in the second quarter reaching 6.2%, according to the archipelago’s National Statistics Institute (INE).

The growth recorded in the second quarter resulted from the higher contribution from Private Consumption and Exports, with INE adding that Gross Value Added posted growth of 6.2% and taxes net of subsidies by 7.1%.

Final Consumption recorded a negative annual change of 1.1% in the period under review (+8.8% in the previous quarter), while Private Consumption increased by 2.9% in real terms, a contraction from the positive variation of 5.3% seen in the first quarter of the year.

Investment recorded a year-on-year change of 0.5% in volume in the second quarter of 2019 (-11.4% change in the previous quarter), Exports increased 8.5% (+8.0% in the previous quarter) and Imports decreased by 4.0% (+2.1% in the first quarter).

Source: Macauhub

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