Economic growth rate in Cape Verde rises in 2nd quarter

19 July 2016

The pace of economic growth in Cabo Verde (Cape Verde) continued to accelerate in the second quarter of 2016, having developed positively over the same of last year, reported the National Statistics Institute (INE) of the archipelago.

Announcing the figures from the Monthly Economic Survey of Economic Agents for the second quarter, the INE also said that the economic climate is favourable.

The confidence indicator in the tourism sector recorded the highest value of the last eight consecutive quarters, although entrepreneurs have pointed to insufficient demand as the main obstacle.

Residential tourism maintained the upward trend of the last quarter, with the indicator positively evolving from the first quarter, with the outlook remaining favourable. According to the economic agents surveyed, insufficient demand and financial difficulties are the greatest obstacles.

The transport and ancillary services sector was the only one in the quarter to buck the upward trend of the previous quarter, and the sector’s outlook is also unfavourable, with business owners pointing to competition and difficulties in obtaining bank loans as the main constraints. (macauhub/CV)