Cabo Verde’s economy grows 5.2% in the first quarter of 2019

19 July 2019

The greater contribution of final consumption and export expenses led to the Gross Domestic Product of Cabo Verde growing by 5.2% year-on-year in the first quarter of 2019, according to the National Statistics Institute (INE).

However, the variation registered in the first quarter of the year is a fall of three percentage points compared to the one recorded in the last quarter of 2018, when it reached 8.2%.

The National Statistics Institute also reported that it had revised its projected growth rate for 2018, which fell by 40 basis points from 5.5% to 5.1%.

In the first quarter of the year, final consumption increased by 8.8%, with private consumption growing by 5.3% (3.8% in the fourth quarter of 2018) and public consumption increased by 20.8% % (6.0% in the previous quarter).

Gross investment or gross fixed capital formation registered a negative year-on-year change of -11.4% in volume in the first quarter of 2019 (variation of 14.0% in the previous quarter).

Exports of goods and services registered a year-on-year change of 8.0% in the first quarter (7.4% in the previous quarter), while imports increased year-on-year by 2.1%. (Macauhub)