Cabo Verde’s economy grows 5.8 pct in first quarter

1 July 2016

The Gross Domestic Product (GDP) of Cabo Verde (Cape Verde) grew by 5.8 percent in the first quarter of 2016, an annual increase of 3.9 percentage points or a percentage change of 205 percent, according to the archipelago’s National Statistics Institute (INE).

The information contained in the Quarterly National Accounts showed that the increase in GDP growth rate, which rose from 1.9 percent in the first quarter of 2015 to 5.8 percent this year, was mainly due to growth recorded in Agriculture, Hotels and Restaurants, Public Administration and Taxes net of subsidies.

The most significant negative contributions were recorded in Construction, Trade and Telecommunications, also according to the data from the Quarterly National Accounts.

A table published by the National Statistics Institute with the year on year variation of GDP by volume since the first quarter of 2014 shows that the GDP growth rate in the first quarter of 2016 was the highest in the covered period, in which there is a single negative growth rate of minus 0.6 percent in the third quarter of 2014. (macauhub/CV)