The economy of Cape Verde advanced 6.2 percent year-on-year in the second quarter of 2019, up from 5.2 percent in the previous period, mainly boosted by internal trade (10 percent vs 5.5 percent in Q1); manufacturing (7.7 percent vs 1.9 percent) and construction (6.6 percent vs 4.3 percent). In addition, output rebounded sharply for transport (13.1 percent vs -3.3 percent) and agriculture (6.4 percent vs -1.0 percent). On the other hand, growth slowed in finance (9.8 percent vs 12 percent); real estate activities (4.1 percent vs 7.5 percent); public administration (4.6 percent vs 15.1 percent); food and accommodation services (3.5 percent vs 6.5 percent); utilities (7.1 percent vs 13.5 percent) and mining (4.5 percent vs 5.2 percent). Also, contractions were recorded in business services (-8.1 percent vs -4.6 percent); post & telecommunications (-6.7 percent vs -6.3 percent) and fisheries (-9.5 percent vs -22.5 percent). GDP Annual Growth Rate in Cape Verde averaged 3.87 percent from 1981 until 2019, 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 5.70 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 4.90 in 12 months time. In the long-term, the Cape Verde GDP Annual Growth Rate is projected to trend around 6.30 percent in 2020, according to our econometric models.