Cape Verde’s economy grows 3.97 pct in 2011

22 July 2013

Cape Verde’s gross domestic product (GDP) grew by 3.97 percent in 2011 in annual terms, according to figures from the Cape Verdean National Statistics Institute (INE), the delay in publication of which has been criticised by the World Bank and the International Monetary Fund (IMF).

Published with a delay of two years, the National Accounts for 2011 were presented Friday by the president of INE, António Duarte, who also made public the “Retro Extrapolation of National Accounts from 1990 to 2006” according to the new methodology.

Silvina Santos, who is responsible for producing the National Accounts, said that the new methodology takes the previous year as the reference year rather than a fixed base year.

“Overall there is a gap of two or three years on average for definitive accounts, as the companies provide their figures with a delay,“ said Duarte, noting that the companies should have presented their accounts for 2012 by 31 May 2013, but have failed to do so.

“Only after we have data from the business census will we be able to work on accounts for 2012,” he said.

In the figures for 2011, there was a 4 percent growth in volume and growth of 6.75 percent by value, Duarte said, noting that the difference against growth posted in 2010 was 1.5 percent.

Figures showed that the services sector contributed the most to GDP, with 53 percent of the total. (macauhub)