Cabo Verdean economy with expected growth of 3-4 percent in 2017

10 April 2017

The Cabo Verdean economy should this year post growth of between 3 and 4 percent, after situating at 3.9 percent in 2016, the Bank of Cabo Verde (BCV) indicated in its most recent Monetary Policy Report, released last Friday.


Citing national account estimates draw up by the National Statistics Institute, the central bank asserts that the island country’s economy last year posted “the fastest real growth since 2011”, mainly sustained on the supply side by the performance of public administration, taxes less subsidies, housing and restaurants and agriculture.


On the demand side, the national economy “reflected the good performance of gross fixed capital formation and consumption (private and public), in a context of increased private sector financing (with internal and external resources), recovery of economic players’ confidence and deflating consumer prices,” the report indicates.


The BCV affirms that the external framework of the Cabo Verdean economy was marked in 2016 by the slower growth pace of the country’s main economic partners, the continual recovery of its labour markets and low inflation.


The document reports that the country’s external accounts posted very favourable performance in 2016, with the overall balance recording a surplus of 83 million euros. (Macauhub)