Cape Verde GDP Growth Remains Robust at 8.5%

2024-10-08 10:32 By Luisa Carvalho 1 min. read

The economy of Cape Verde expanded by 8.5% over a year in Q2 2024, following a revised 10.9% growth in the previous three-month period, continuing to be driven mainly by tourism and related services.

Output grew solidly in hotels & restaurants (33.2% vs 42.6% in Q1); business services activities (17.1% vs 13.9%); transportation & storage (15.4% vs 31.2%) and trade & repair (13.7% vs 8.6%).

Other significant contributions came from manufacturing (10.3% vs 13.2%); information & communication (6.1% vs 7%) and finance & insurance (7.3% vs 10.1%).

Also, net taxes on products, after subsidies, showed growth of 7% in Q2.

On a negative note, steep declines were recorded in fishing and aquaculture (-11.8% vs 3.5%); construction (-5.3% vs -4.1%) and mining (-4.9% vs -3.4%).

On the expenditure side, the rise in GDP was driven by higher private consumption (+5%) and private investment (+9%), along with an increase in exports (+8%) and a drop in imports (-1%).



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