Cabo Verde’s economic growth rises to 5.9% in the second quarter

4 October 2018

Cabo Verde’s (Cape Verde’s) economy accelerated its growth in the second quarter of 2018, growing at a real annual rate of 5.9%, compared with 3.5% in the first quarter, according to the National Statistics Institute (INE).

INE, in a statement released in Praia on the Quarterly National Accounts, also reported that second quarter growth was due to the greater contribution of Final Consumption, particularly of the Civil Service, as well as Exports.

The statement noted that Final Consumption registered a positive year-on-year change of 4.2% in the second quarter (-3.8% in the previous quarter).

Private Consumption increased by 0.3% in real terms, which translated into an acceleration compared to the -3.2% variation recorded in the 1st quarter, with Public Consumption showing a year-on-year rise of 21.2% (-6.0% in the previous quarter).

Investment saw a positive year-on-year change of 5.0% by volume in the second quarter of 2018 (2.3% in the previous quarter) and Exports and Imports increased by 27.7% and 16.7% by volume, respectively. (macauhub)