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%).
GDP Annual Growth Rate in Cape Verde averaged 3.91 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 -3.40 percent in the first quarter of 2013. 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 September of 2020.
GDP Annual Growth Rate in Cape Verde is expected to be -5.30 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 3.40 in 12 months time. In the long-term, the Cape Verde GDP Annual Growth Rate is projected to trend around 4.50 percent in 2021 and 5.00 percent in 2022, according to our econometric models.