Cabo Verde’s economy grows 3.6% in the first quarter of 2017

4 July 2017

Cabo Verde’s (Cape Verde’s) economy registered 3.6% growth in the first quarter of 2017 compared to the Gross Domestic Product of the same period of 2016, according to the National Statistics Institute (INE).

INE also reported that the evolution of GDP in the first three months of this year was due to the positive performance of sectors such as manufacturing (19.7%), commerce (9.4%), housing and catering (28%) and taxes net of subsidies (9.6%).

Cabo Verde’s economic growth was held back by agriculture (-14.7%), construction (-7.4%) and telecommunications and postal services (-7.3%).

In the document on the Quarterly National Accounts for the first three months of 2017, INE announced it had revised 2016’s Gross Domestic Product of 2016 from 3.9% to 3.8%.

Agriculture, manufacturing, housing and catering and public administration were the sectors that contributed most to the growth of the economy in 2016, which was hampered by sectors such as construction, fisheries, extractive industries and telecommunications and postal services. (macauhub)