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%).
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 October 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.