The economy of Cape Verde advanced 5.2 percent year-on-year in the first quarter of 2019, slowing from an upwardly revised 8.2 percent expansion in the previous period. Output growth eased in manufacturing (1.9 percent vs 7.7 percent in Q4); mining (5.2 percent vs 6.9 percent); real estate and other services (7.5 percent vs 13.9 percent); and trade (5.5 percent vs 8.8 percent). Also, output shrank in fishing (-22.5 percent vs 2.5 percent); and transportation (-3.3 percent vs 0.8 percent) and contracted further in telecommunications (-6.3 percent vs -4.2 percent) and business services (-4.6 percent vs -4 percent). On the expenditure side, investment shrank 11.4 percent, after expanding 14 percent in the prior quarter while household consumption (5.3 percent vs 3.8 percent) and government spending (20.8 percent vs -6 percent) increased. Exports surged 8 percent (vs 7.4 percent in Q4) and imports advanced at a softer 2.1 percent (vs 2.3 percent in Q4). GDP Annual Growth Rate in Cape Verde averaged 3.84 percent from 1981 until 2019, 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 4.80 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 4.90 in 12 months time. In the long-term, the Cape Verde GDP Annual Growth Rate is projected to trend around 6.30 percent in 2020, according to our econometric models.