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.

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Cape Verde GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-11.00 -14.34 13.60 -31.83 1981 - 2021 percent Quarterly


Calendar GMT Actual Previous Consensus TEForecast
2020-10-09 02:30 PM Q2 -31.7% 5.9% -8%
2021-01-15 03:30 PM Q3 -18.2% -31.7% -18%
2021-04-07 04:30 PM Q4 -14.6% -18.2% -12%
2021-07-09 09:00 AM Q1 -11% -14.3% -12%
2021-10-08 02:30 PM Q2 -11% -7.5%
2021-12-31 10:00 AM Q3 17.5%
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News Stream
Cape Verde GDP Shrinks Less in Q1
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.
2021-07-09
Cape Verde GDP Contracts by 14.6% in Q4
The economy of Cape Verde contracted 14.6% year-on-year in the fourth quarter of 2020, following a slump of 18.2% in the previous period, reflecting the adverse effects that the COVID-19 pandemic is having on the economy. On the demand side the decline was particularly felt by the decrease in private consumption (-22.5% vs -9.8% in Q3) and in exports (-73.5% vs -77.7%). Regarding the productive sectors, output contracted specially in agriculture (-32.2% vs -18.6%), transports (-25.1% vs -40.1%), internal trade (-20.5% vs -25.6%) and restaurants & hotels (-95.4% vs 96.0%). Considering the full 2020, GDP shrank 14.8 percent year-on-year, compared with a 5.7 percent expansion in 2019.
2021-04-07
Cape Verde Economy Enters Recession in Q3
The economy of Cape Verde shrank 18.2% year-on-year in the third quarter of 2020, following a record 31.7% plunge in the previous period. The tourism sector, which accounts for about 25% of Cape Verde's GDP, remained severely impacted by the COVID-19 (-96.1%, the same pace as in Q2), as the archipelago closed its international flights from March 19 to October 12, to contain coronavirus cases. Also, output plunged in agriculture (-18.6% vs 2.4%). Meanwhile, activity fell less in manufacturing (-16.6% vs -33%); internal trade (-25.5% vs -39.3%); transportation (-40.8% vs -70.5%); post & telecommunications (-4.9% vs -5.7%) and real estate activities (-14.1% vs -27.6%). On a more positive note, output rebounded in construction (13.2% vs -32.3%); finance & insurance (0.3% vs -3.2%); mining (11.3% vs -33.9%) and fisheries (19.4% vs -12.1%).
2021-01-18
Cape Verde GDP Contracts at Record 31.7% in Q2
The economy of Cape Verde plunged 31.7% year-on-year in the second quarter of 2020, following an upwardly revised 5.9% expansion in the previous period. It was the worst economic contraction on record, reflecting the full impact of the Covid-19 pandemic and related containment measures which caused widespread disruptions across economic activities. The all-important tourism sector was the most affected (-96.1% vs -8.5% in Q1), due to travel restrictions as the archipelago has been closed to international flights since March 19th. Other significant declines were seen in transportation & storage (-70.5% vs 9.2%); internal trade (-39.3% vs 1.7%); mining & quarrying (-33.9% vs 15%); manufacturing (-33% vs 12.5%) and business services (-32.4% vs -10.1%). Also, output growth slowed markedly in agriculture (2.4% vs 10.9%), amid the effects of a prolonged drought. In contrast, public administration continued to rise (5.8% vs 5.9%).
2020-10-09

Cape Verde GDP Annual Growth Rate
The most important sector of Cape Verde’s economy is services and accounts for 72 percent of total GDP, of which public administration (18 percent); real estate and other services (13 percent); wholesale and retail trade (12 percent); transport (11 percent) and hotels and restaurants (7 percent). Industry constitutes 21 percent with construction (9 percent) and manufacturing, mining and quarrying (8 percent). Agriculture and fishing create 7 percent of the wealth. On the expenditure side, household consumption is the main component of GDP and accounts for 66 percent of its total use, followed by capital formation (36 percent) and government expenditure (17 percent). Exports of goods and services account for 47 percent of GDP while imports account for 67 percent, subtracting 20 percent of total GDP.