[2020-04-07] Cabo Verde records economic growth of 5.7% in 2019

Source: Macauhub

Cabo Verde posted economic growth of 5.7% in 2019, the country’s National Statistical Institute (INE) said on Monday in Praia as it released the Quarterly National Accounts for the fourth quarter and the whole of last year.

INE said that the accumulated growth for the four quarters of 2019 was mainly due to the activities of electricity and water, construction, transport, accommodation and catering, financial services and insurance, and Public Administration.

Gross Domestic Product registered a variation of 5.7% in real terms in the fourth quarter of 2019, lower by 1.2 percentage points compared with the previous quarter, of 6.9%, according to the same information, as a result of the larger contribution of final consumption expenditure and exports.

On the supply Gross Value Added at basic prices showed growth of 6.3%, notably the activities of transport and construction, and taxes net of subsidies posted growth of 1.8%.

Final Consumption had a positive year-on-year change of 8.0% in the fourth quarter of 2019 (7.3% in the previous quarter), with private consumption rising 8.0% in real terms in the 4th quarter of 2019 (7.3% in the 3rd quarter) and public consumption posted year-on-year growth of 8.3% by volume (7.4% in the previous quarter).

Investment recorded a negative year-on-year change of 7.6% in volume in the 4th quarter of 2019 (-7.1% in the previous quarter).