The economy of Cape Verde advanced 13.2 percent year-on-year in the fourth quarter of 2021, following an upwardly revised 9.4 percent expansion in the previous three-month period. It was the fourth consecutive quarter of growth driven by low base effects from the previous year when the pandemic shock led to an unprecedented recession and amid the gradual reopening of economic activity. The main drivers of recovery were manufacturing industries (35.1 percent vs 15.4 percent in Q3), electricity and water (18.1 percent vs 14.9 percent), accommodation and restaurants (1145.9 percent vs 348.5 percent), services (11.8 percent vs 7.7 percent) and public Administration (13.3 percent vs 1 percent). On the demand side, household consumption (27.5 percent vs 16.2 percent) and exports (119.4 percent vs 108.4 percent) were the key growth drivers. Considering the full 2021, the GDP expanded 7 percent on year. source: INE, Cape Verde
GDP Annual Growth Rate in Cape Verde averaged 3.23 percent from 1981 until 2021, reaching an all time high of 30.10 percent in the second quarter of 2021 and a record low of -32.30 percent in the second quarter of 2020. This page provides the latest reported value for - Cape Verde GDP Annual Growth Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Cape Verde GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on June of 2022.
GDP Annual Growth Rate in Cape Verde is expected to be 6.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Cape Verde GDP Annual Growth Rate is projected to trend around 6.10 percent in 2023 and 6.00 percent in 2024, according to our econometric models.