The economy of Cape Verde advanced 7.6 percent year-on-year in the fourth quarter of 2018, quickening from a 5.0 percent expansion in the previous period. It is the fastest growth since Q1 2012, amid stronger gains in public administration (11.9 percent vs 2.7 percent in Q3) and real estate and other services (6.7 percent vs 5.3 percent). Also, output rebounded for transportation (1.8 percent vs -3.5 percent) and mining (2.7 percent vs -4.8 percent). On the expenditure side, main contributors to growth were investment (15.1 percent vs 7.2 percent), household consumption (2.9 percent vs 5.8 percent) and net trade, as exports surged 6.2 percent (vs 7.5 percent in Q3) and imports went up at a slower 2.2 percent (vs 8.0 percent in Q3). Meanwhile, government spending declined (-4.6 percent vs 0.4 percent). In 2018, the GDP expanded 5.5 percent compared to 4.0 percent in 2017. GDP Annual Growth Rate in Cape Verde averaged 3.86 percent from 1981 until 2018, reaching an all time high of 13.60 percent in the third quarter of 2008 and a record low of -3.50 percent in the first quarter of 2013.
GDP Annual Growth Rate in Cape Verde is expected to be 4.20 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Cape Verde to stand at 3.80 in 12 months time. In the long-term, the Cape Verde GDP Annual Growth Rate is projected to trend around 5.00 percent in 2020, according to our econometric models.