Cape Verdean economic growth underpinned by transport, telecommunications and construction

17 October 2007

Praia, Cape Verde, 17 Oct – The 10.8 percent economic growth seen in Cape Verde in 2006 is due to the transport, telecommunications, construction and public work sectors, according to Cape Verdean news agency Inforpress.

The positive performance of the archipelago’s economy was mainly supported by the transport and telecommunications sector which, as it accounted for around 20 percent of the GDP’s structure, rose 17.5 percent in 2006, against 0.9 percent in 2005.

Estimates from the Cape Verde National Statistics Institute (INE) point to GDP growth of 6.5 percent in 2005 and 10.5 percent in 2006, as the latest definitive accounts are from 2004.

Figures provided to Inforpress showed that the favorable performance of the economy in 2006 was due to the positive development of the civil construction and public works sector, which rose 14.4 percent in 2005 and 14 percent in 2006.

INE, which is responsible for drawing up statistics and publishing national accounts, said, however, that the estimates now given were included in the framework of preparation for the recent International Monetary Fund (IMF) mission for the continuation of its Policy Support Instrument.

With this instrument, the INE intended to prepare a basis for work for technical discussion with the IMF mission. (macauhub)