Cabo Verde posts economic growth of 2.7 pct in 2014

27 April 2015

The economy of Cabo Verde (Cape Verde) grew at rate of 2.7 percent in 2014, according to provisional quarterly accounts presented in Praia by the president of the National Statistics Institute (INE), António Duarte.

The President of INE, an organisation that for the first time since the country’s independence presents Quarterly Accounts, said the figure recorded in 2014 exceeded all forecasts.

Gross domestic product grew 1.1 percent in the archipelago in 2012, followed by a marginal drop to 1 percent in 2013 and a significant rise to 2.7 percent in 2014.

“This development means that there was a strong recovery in economic growth in 2014. Let’s see how it will evolve in 2015, because next June we will present the 1st quarter accounts,” said António Duarte, cited by weekly newspaper A Semana.

The sectors of the economy that most contributed to this growth were fishing, construction, telecommunications and business services but the previous year had been fishing, electricity and water, accommodation and catering, and telecommunications.

The Quarterly National Accounts provide complete and relatively detailed macroeconomic data, which is coherent and mainly integrated with the System of National Annual Accounts published previously.

The quarterly information, at current value and at the previous year’s prices (by volume) allows better observation of the economic cycles, their follow-up, their understanding and therefore a plausible forecast of the dynamics of the economy. (macauhub/CV)