The economy of Cape Verde expanded 17.1% year-on-year in Q3 2022, following a 17.7% jump in Q2, boosted by household spending (4.8%) and exports (108.5%). Investment also went up (16%) and imports rose at a slower 33.4%. Meanwhile, the Gross Value Added expanded 16.8%, with restaurants and hotels (394.3%), transportation (43.1%) and wholesale and retail trade (38%) among the top performing sectors. Considering the first three quarters of 2022, the Cape Verde economy grew 17.2%, way above 5.2% in the same period in 2021, prompted by a rebound in the tourism sector as covid curbs were relaxed in Europe, from where most visitors are coming from. source: INE, Cape Verde

GDP Annual Growth Rate in Cape Verde averaged 3.72 percent from 1981 until 2022, reaching an all time high of 30.60 percent in the second quarter of 2021 and a record low of -32.30 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 February of 2023.

GDP Annual Growth Rate in Cape Verde is expected to be 12.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Cape Verde GDP Annual Growth Rate is projected to trend around 4.80 percent in 2024 and 4.50 percent in 2025, according to our econometric models.

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Cape Verde GDP Annual Growth Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-09-30 02:30 PM Q2 17.7% 16.8% 7.5%
2022-12-30 10:00 AM Q3 17.1% 17.7% 14%
2023-03-31 02:30 PM Q4 17.1% 16.7%


Related Last Previous Unit Reference
GDP Annual Growth Rate 17.10 17.70 percent Sep 2022
Gross Fixed Capital Formation 15508.00 12337.00 CVE Million Sep 2022
GDP Growth Rate 2.10 1.30 percent Sep 2022
GDP from Utilities 1636.00 1510.00 CVE Million Sep 2022
GDP from Transport 3551.00 3252.00 CVE Million Sep 2022
GDP from Services 5201.00 4858.00 CVE Million Sep 2022
GDP from Public Administration 8043.00 8155.00 CVE Million Sep 2022
GDP from Mining 84.00 82.00 CVE Million Sep 2022
GDP from Manufacturing 2668.00 2614.00 CVE Million Sep 2022
GDP from Construction 4322.00 4209.00 CVE Million Sep 2022
GDP from Agriculture 1283.00 2354.00 CVE Million Sep 2022
GDP Constant Prices 44241.76 43322.49 CVE Million Sep 2022

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.
Actual Previous Highest Lowest Dates Unit Frequency
17.10 17.70 30.60 -32.30 1981 - 2022 percent Quarterly

News Stream
Cape Verde GDP Grows 17.1% in Q3
The economy of Cape Verde expanded 17.1% year-on-year in Q3 2022, following a 17.7% jump in Q2, boosted by household spending (4.8%) and exports (108.5%). Investment also went up (16%) and imports rose at a slower 33.4%. Meanwhile, the Gross Value Added expanded 16.8%, with restaurants and hotels (394.3%), transportation (43.1%) and wholesale and retail trade (38%) among the top performing sectors. Considering the first three quarters of 2022, the Cape Verde economy grew 17.2%, way above 5.2% in the same period in 2021, prompted by a rebound in the tourism sector as covid curbs were relaxed in Europe, from where most visitors are coming from.
2022-12-30
Cape Verde GDP Expands at Solid Pace in Q1
The gross domestic product of Cape Verde advanced by 16.8% year-on-year in the first quarter of 2022, following a downwardly revised 11.9% rise in the previous three-month period. It was the fourth consecutive quarter of growth and at a robust pace, following a pandemic-induced historic recession of 14.8% in 2020, mainly boosted by hotels & restaurants (1425% vs 1159% in Q4); internal trade (36.4% vs 12.5%) and manufacturing (17.4% vs 16.2%). On the expenditure side, household spending grew solidly (27.5%, the same pace as in Q4) and net trade contributed positively to growth, as exports (150.1% vs 119.4%) rose faster than imports (25.4% vs 18.2%). On the other hand, government spending slowed (2.7% vs 29.9%) and fixed investment declined (-24.6% vs -35.6%).
2022-07-04
Cape Verde GDP Expands 13.2% YoY in Q4
The economy of Cape Verde advanced 13.2 percent year-on-year in the fourth quarter of 2021, following an upwardly revised 9.4 percent expansion in the previous three-month period. It was the third consecutive quarter of growth driven by low base effects from the previous year when the pandemic shock led to an unprecedented recession and amid the gradual reopening of economic activity. The main drivers of recovery were manufacturing industries (35.1 percent vs 15.4 percent in Q3), electricity and water (18.1 percent vs 14.9 percent), accommodation and restaurants (1145.9 percent vs 348.5 percent), services (11.8 percent vs 7.7 percent) and public Administration (13.3 percent vs 1 percent). On the demand side, household consumption (27.5 percent vs 16.2 percent) and exports (119.4 percent vs 108.4 percent) were the key growth drivers. Considering the full 2021, the GDP expanded 7 percent on year.
2022-03-31