Economic climate in Cabo Verde remains in decline in fourth quarter of 2014

3 February 2015

The economic climate indicator in Cabo Verde (Cape Verde) in the fourth quarter of 2014 continued on the downward trend of recent quarters and registered the lowest since the series began, the country’s National Statistics Institute (INE) said in the capital, Praia.

The results of the Monthly Companies Survey for the last quarter of 2014 also showed that the economic climate indicator developed negatively compared to the same period of 2013 and that the economic climate is unfavourable.

In all sectors analysed – construction, retail trade, tourism, manufacturing and transport and auxiliary services for transportation – the same complaints from business owners were registered, that there is too much bureaucracy and too many state regulations.

The Monthly Survey prepared by the National Statistics Institute showed that the manufacturing sector was the only indicator to show a positive trend in the period.

The tourism sector, for example, developed unfavourably due to the negative behaviour of all variables that make up this indicator.

Operators complained of excessive bureaucracy and state regulations, high sales prices and consequently, insufficient demand, and business for companies operating in the tourism sector was also affected by lack of staff with appropriate training. (macauhub/CV)