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%). source: INE, Cape Verde
GDP Annual Growth Rate in Cape Verde averaged 3.17 percent from 1981 until 2020, 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 March of 2021.
GDP Annual Growth Rate in Cape Verde is expected to be -2.00 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 3.00 in 12 months time. In the long-term, the Cape Verde GDP Annual Growth Rate is projected to trend around 5.00 percent in 2022, according to our econometric models.