Cape Verde has positive economic climate in first quarter of 2007, Statistics Institute says

12 April 2007

Praia, Cape Verde, 12 April – Tourism and manufacturing industries were the sectors of greatest growth in the first quarter of 2007, according to figures published Wednesday in Praia by the Cape Verdean National Statistics Institute (INE).

Fernando Rocha, the INE technician who presented the results, said that in the quarter the country’s economic climate maintained its upward trend and that the rate of economic growth had increased once again.

The survey carried out by INE showed, however, that in the tourism sector there had been some constraints, such as financial difficulties faced by companies and insufficient demand.

In its turn, the country’s manufacturing industry’s main problems are the frequent water shortages and power cuts and a lack of specialized workforce.

The construction and public works sector recovered but, in the opinion of Cape Verde’s businesspeople, a high level of workforce absenteeism and difficulties in obtaining bank loans are conditioning factors. (macauhub)