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%).

GDP Annual Growth Rate in Cape Verde averaged 3.90 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 -3.40 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.

GDP Annual Growth Rate in Cape Verde is expected to be 4.70 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 5.30 in 12 months time. In the long-term, the Cape Verde GDP Annual Growth Rate is projected to trend around 5.10 percent in 2020, according to our econometric models.


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Cape Verde GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
6.70 6.20 13.60 -3.40 1981 - 2019 percent Quarterly

Calendar GMT Actual Previous Consensus TEForecast
2019-04-01 12:25 PM Q4 7.6% 5% 4%
2019-07-23 10:00 AM Q1 5.2% 8.2% 5.3%
2019-09-30 01:40 PM Q2 6.2% 5.2% 4.6%
2019-12-31 09:45 AM Q3 6.7% 6.2% 5.4%
2020-04-01 12:25 PM Q4 6.7% 6.5%


News Stream
2019-09-30
Cape Verde GDP Growth Rate Quickens to 6.2% in Q2
The economy of Cape Verde advanced 6.2 percent year-on-year in the second quarter of 2019, up from 5.2 percent in the previous period, mainly boosted by internal trade (10 percent vs 5.5 percent in Q1); manufacturing (7.7 percent vs 1.9 percent) and construction (6.6 percent vs 4.3 percent). In addition, output rebounded sharply for transport (13.1 percent vs -3.3 percent) and agriculture (6.4 percent vs -1.0 percent). On the other hand, growth slowed in finance (9.8 percent vs 12 percent); real estate activities (4.1 percent vs 7.5 percent); public administration (4.6 percent vs 15.1 percent); food and accommodation services (3.5 percent vs 6.5 percent); utilities (7.1 percent vs 13.5 percent) and mining (4.5 percent vs 5.2 percent). Also, contractions were recorded in business services (-8.1 percent vs -4.6 percent); post & telecommunications (-6.7 percent vs -6.3 percent) and fisheries (-9.5 percent vs -22.5 percent).

2019-07-23
Cape Verde GDP Growth Slows to 5.2% in Q1
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).

2019-04-01
Cape Verde GDP Growth Rate at 7.6% YoY in Q4
The economy of Cape Verde advanced 7.6 percent year-on-year in the fourth quarter of 2018, quickening from a 5.0 percent expansion in the previous period. It is the fastest growth since Q1 2012, amid stronger gains in public administration (11.9 percent vs 2.7 percent in Q3) and real estate and other services (6.7 percent vs 5.3 percent). Also, output rebounded for transportation (1.8 percent vs -3.5 percent) and mining (2.7 percent vs -4.8 percent). On the expenditure side, main contributors to growth were investment (15.1 percent vs 7.2 percent), household consumption (2.9 percent vs 5.8 percent) and net trade, as exports surged 6.2 percent (vs 7.5 percent in Q3) and imports went up at a slower 2.2 percent (vs 8.0 percent in Q3). Meanwhile, government spending declined (-4.6 percent vs 0.4 percent). In 2018, the GDP expanded 5.5 percent compared to 4.0 percent in 2017.


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.

Cape Verde GDP Last Previous Highest Lowest Unit
GDP Annual Growth Rate 6.70 6.20 13.60 -3.40 percent [+]
GDP 1.99 1.77 1.99 0.13 USD Billion [+]
GDP per capita 2738.31 2749.48 2749.48 496.99 USD [+]
GDP per capita PPP 6662.00 6387.10 6662.00 1659.10 USD [+]
Gross Fixed Capital Formation 17069.20 15900.30 19598.70 6800.70 CVE Million [+]
GDP Constant Prices 41746.60 42078.00 42286.00 29063.30 CVE Million [+]
GDP From Agriculture 1632.00 2709.80 4151.20 1374.80 CVE Million [+]
GDP From Construction 4034.10 3998.50 4644.60 2057.60 CVE Million [+]
GDP From Manufacturing 2427.40 2435.00 2547.40 1271.20 CVE Million [+]
GDP From Mining 83.10 83.00 296.80 64.60 CVE Million [+]
GDP From Public Administration 6717.70 6874.00 6874.00 3137.00 CVE Million [+]
GDP From Services 4591.70 4435.00 4819.40 3282.20 CVE Million [+]
GDP From Transport 3908.40 3817.00 3908.40 2679.80 CVE Million [+]
GDP From Utilities 1461.10 1340.00 1461.10 203.60 CVE Million [+]
GDP per capita 3786.70 3630.50 3786.70 680.50 USD [+]