Cabo Verde’s economy grows 3.4% in the first quarter of 2018 and 4.0% in 2017

2 August 2018

Cabo Verde’s (Cape Verde’s) economy registered real growth of 3.4% in the first quarter of 2018, or an increase of 20 basis points compared to the same quarter of 2017 and a decrease of 80 basis points over the previous quarter, according to official information.

The National Statistics Institute (INE), which recently released the Quarterly National Accounts for the first quarter, reported that the change seen in Gross Domestic Product was due to the positive contribution of investment and the negative influence of final consumption.

INE also reported that the estimated growth rate for 2017 was revised upwards, from 3.9% to 4.0%.

Final Consumption fell by 3.8% in the first quarter of 2018 (6.5% in the previous quarter) and Investment improved year-on-year by8.4% (9.5% rise in the previous quarter).

Private consumption decreased by 3.2%, which was a slowdown compared to the 8.8% growth observed in the fourth quarter, and public consumption showed a year-on-year drop of 6.0% (-1.6 % in the previous quarter). (macauhub)