IMF recommends Cape Verde to update its GDP statistics

13 June 2013

The International Monetary Fund (IMF) mission that has been in Cape Verde has made a recommendation to the Cape Verdean authorities that they update their real Gross Domestic Product (GDP) figures since 2010, according to the Cape Verdean press.

The had of the mission, Sukhwinder Singh, said that the fact that the figures were not up to date “creates serious challenges to following and analysing the progress of the economy and coming up with policies in response, and thus improvements to National Accounts must be a priority.”

The head of the mission said that the archipelago’s rate of growth was likely to be modest this year and would post a slowdown compared to recent years.

Although he recognised that foreign reserves had risen in the first quarter of 2013 and that inflation remained low, Singh noted that a drop in revenues paired with execution of more foreign-funded projects in 2012 had led to a higher-than-expected budget deficit.

The next IMF evaluation of Cape Verde is scheduled for September.

In response to the concerns of the head of the IMF mission, the chairman of the National Statistics Institute said that the institute needed to double its staff and have more financial resources to produce National Accounts that are as correct as possible as well as quarterly accounts.

“To produce reliable indicators it is necessary to launch statistical operations and to have the necessary resources,” said António Duarte, who noted that “without resources it’s not possible to do a lot.” (macauhub)