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.