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%). source: INE, Cape Verde

GDP Annual Growth Rate in Cape Verde averaged 3.45 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 December of 2020.

GDP Annual Growth Rate in Cape Verde is expected to be -7.00 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 3.00 percent in 2021 and 5.00 percent in 2022, according to our econometric models.

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Cape Verde GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-31.70 5.90 13.60 -31.70 1981 - 2020 percent Quarterly


Calendar GMT Actual Previous Consensus TEForecast
2019-12-31 09:45 AM Q3 6.7% 6.2% 5.4%
2020-04-07 09:00 AM Q4 5.7% 6.9% 7%
2020-07-17 12:00 PM Q1 5.8% 5.9% 2%
2020-10-09 02:30 PM Q2 -31.7% 5.9% -8%
2020-12-31 10:00 AM Q3 -31.7% -6.3%
2021-04-07 09:00 AM Q4
2021-07-16 12:00 PM Q1
2021-10-08 02:30 PM Q2
Go to our Calendar for more events. Or learn more about the Calendar API for direct access.


News Stream
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 Grows 5.8% YoY in Q1
The economy of Cape Verde advanced by 5.8% year-on-year in the first quarter of 2020, following an upwardly revised 5.9% growth in the previous period. The expansion was mainly boosted by construction (18.5% vs 17.5% in Q4); manufacturing (12.5% vs -4.1%); transportation services (8.5% vs 5.4%); finance & insurance (9.7% vs 13%); mining (15% vs 13.1%) and agriculture (10.9% vs 2%). Meanwhile, the negative effects of the global pandemic were primarily reflected in business services (-10.1% vs -0.8%) and accommodation & food services (-8.5% vs 10.4%) as international flights to the island were suspended from March 19th and will only be resumed in August. Also, internal trade grew much less (1.6% vs 3.4%). On the expenditure side, main positive contributions came from fixed investment (43.2% vs -7%) and houshold consumption (4.1% vs 8%).
2020-07-17
Cape Verde GDP Growth Rate Slows to 5.7% in Q4
The economy of Cape Verde advanced by 5.7% year-on-year in the fourth quarter of 2019, below an upwardly revised 6.9% growth in the previous period, hampered by manufacturing (-4.6% vs 9.9% in Q3) and fishing (-14.6% vs -34.3%). In addition, smaller increases were recorded in transportation (5.9% vs 26.6%); internal trade (3.4% vs 3.7%); electricity & water (2.3% vs 3.9%); real estate activities (1.9% vs 3.2%) and business services (0.4% vs 2.5%). Conversely, growth picked up in construction (17% vs 14.8%); food & accommodation services (10.5% vs 8.7%); finance & insurance (11.8% vs 3.6%); public administration (9.6% vs 7.6%) and mining (13.1% vs 11%). Also, activity rebounded in post & telecommunications (5% vs -0.7%) and agriculture (2.8% vs -5.7%). In 2019, the GDP expanded 5.7% compared to 4.5% a year ago.
2020-04-07
Cape Verde Economy Grows 6.7% YoY in Q3
The gross domestic product of Cape Verde advanced 6.7 percent year-on-year in the third quarter of 2019, quickening from a 6.2 percent growth in the previous period. It was the fastest economic expansion since the last quarter of 2018, mainly driven by transportation services (26.6% vs 13.1% in Q2); construction (14.9% vs 6.6%); mining (11% vs 4.5%); manufacturing (9.9% vs 7.7%); public administration (7.9% vs 4.6%) and business services (2.1% vs -8.1%). On the other hand, growth slowed in accommodation & food services (3.3% vs 3.5%); internal trade (5.1% vs 10%); electricity & water supply (3.9% vs 7.1%); finance & insurance (3.9% vs 9.8%) and real estate activities (3.2% vs 4.1%). Meantime, contractions were seen in fishing activity (-34.3% vs -9.5%); agriculture (-5.7% vs 6.4%) and post& telecommunications (-0.7% vs -6.7%).
2019-12-31

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.