Cabo Verde’s economy registers growth of 3.9% in 2017

4 April 2018

Cabo Verde’s  Gross Domestic Product (GDP) grew by 3.9% in 2017, an increase of 0.1 percentage points compared to growth of 3.8% a year earlier, according to the National Institute of Statistics (INE) on Tuesday.

In the accumulated quarters, the growth is very evident, notably of Manufacturing, Electricity and Water, Retail, Accommodation and Catering, as well as taxes net of subsidies on products, the statement said.

The archipelago’s GDP grew by 4.7% year-on-year in the fourth quarter of last year, 20 basis points lower than the 4.9% achieved in the third quarter but 90 basis points higher than the 3.8% registered in the fourth quarter of 2017.

INE technical expert José António Fernandes said on Tuesday in Praia that the evolution of GDP was a result of the greater contribution of exports and final consumption expenditure, mainly household expenditure.

Exports of goods and services by volume recorded a year-on-year change of 17.0% in the fourth quarter, while exports of goods decreased by 8.0% and services exports grew by 10.9%, according to INE.

By sectors, agriculture (-44%) registered “a negative performance,” and the secondary sector (manufacturing, construction and production of electricity and water) contributed most to growth in the last quarter of the year.

Cabo Verde is experiencing severe drought, with consequences for agriculture and livestock farming, and the country is implementing a programme to mitigate the effects of drought and a poor agricultural year. (macauhub)