The economy of Cape Verde grew 5.9 percent year-on-year in the second quarter of 2018, following an upwardly revised 3.5 percent expansion in the previous period. It was the strongest growth in rate since the third quarter of 2017, as public spending (21.2 percent compared to -6.0 percent in Q1) and household consumption (0.3 percent compared to -3.2 percent) rebounded. Additionally, investment increased 5.0 percent, after expanding 2.3 percent in the first quarter of the year. Meantime, exports jumped 27.7 percent (compared to 11.5 percent in Q1) and imports went up 16.7 percent (compared to -0.1 percent). On a quarterly basis, the economy advanced 2.0 percent. GDP Annual Growth Rate in Cape Verde averaged 3.79 percent from 1981 until 2018, reaching an all time high of 13.60 percent in the third quarter of 2008 and a record low of -3.50 percent in the first quarter of 2013.
GDP Annual Growth Rate in Cape Verde is expected to be 4.10 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Cape Verde to stand at 4.60 in 12 months time. In the long-term, the Cape Verde GDP Annual Growth Rate is projected to trend around 3.12 percent in 2020, according to our econometric models.