The economy of Cape Verde contracted 11% year-on-year in the first quarter of 2021, following a downwardly revised 14.3% slump in the previous period, as the economy gradually recovers from the Covid-19 induced shock. Private consumption declined at a softer pace (-7.4% vs -16.4% in Q4), as household consumption fell less (-14.5% vs -22.5%) while government spending picked up (17.2% vs 5.5%). Fixed investment also expanded, although at a weaker rate (16.2% vs 58%). Meanwhile, net trade contributed negatively to the GDP, as exports slipped 66.7% (vs -73.5% in Q4) and imports fell 28.9% (vs -30.3% in Q4). On the production side, the hospitality sector remained severely depressed (-93.6% vs -95.4%). Cape Verde closed 2020 with a historic 14.8% contraction, mainly due to the absence of tourism since March of last year, in a sector that represents 25% of the archipelago's GDP. source: INE, Cape Verde
GDP Annual Growth Rate in Cape Verde averaged 2.77 percent from 1981 until 2021, reaching an all time high of 13.60 percent in the third quarter of 2008 and a record low of -31.70 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 September of 2021.
GDP Annual Growth Rate in Cape Verde is expected to be 17.50 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 5.20 percent in 2022 and 6.00 percent in 2023, according to our econometric models.