Cape Verde’s economic growth rate slows in second quarter

18 July 2011

Praia, Cape Verde, 18 July – Cape Verde’s economic growth rate slowed in the second quarter, reversing the growth trend of previous quarters, according to the archipelago’s National Statistics Institute (INE).

According to INE, in the period, the confidence of economic operators was negative compared to the year-ago period, which indicates an unfavourable economic outlook.

According to INE, the economic climate index is calculated based on a panel of interviewees made up of business owners from the construction, retail, tourism, manufacturing industry and transport and related services sectors.

In the tourism sector, for example, the confidence indicator bucked the stagnation trend of the previous quarter, although the economic climate in this sector remains unfavourable and in the construction sector the confidence indicators posted the lowest level for 25 consecutive quarters.

Difficulties faced with electricity and water supplies and a lack of orders are factors that have contributed to the construction sector crisis in Cape Verde. (macauhub)