Tourism sector confidence indicator in Cape Verde in “freefall”

19 April 2010

Praia, Cape Verde, 19 April – The confidence indicator for the Tourism sector in Cape Verde in the first quarter posted its lowest level since 2002, the year in which the archipelago’s National Statistics Institute (INE) first launched the series of Company Economic Climate Surveys.

Figures published last week by INE also showed that the economic growth rate continue to slow in the first quarter of 2010, with the lowest rate of the last 19 quarters.

In this INE quarterly survey, 6 business sectors were surveyed and according to the coordinator for the Economic Climate area, Fernando Rocha, in the first quarter once again the economic climate was deemed to be unfavourable.

“The economic climate indicator saw negative growth when compared to the same period of last year, which was the first quarter of 2009. There was negative growth, and so we conclude that the economic climate is not favourable and that the economic climate indicator has continued on its downward slide. We also noted that the value of the indicator has gone into negative territory,” the INE technician noted.

The financial aspect continues to be one of the main constraints on all sector with the exception of the construction sector, where demand, and lowered sales prospects are, in the opinion of the businesspeople, the main obstacles for the sector. (macauhub)