The economy of Cape Verde contracted 14.6% year-on-year in the fourth quarter of 2020, following a slump of 18.2% in the previous period, reflecting the adverse effects that the COVID-19 pandemic is having on the economy. On the demand side the decline was particularly felt by the decrease in private consumption (-22.5% vs -9.8% in Q3) and in exports (-73.5% vs -77.7%). Regarding the productive sectors, output contracted specially in agriculture (-32.2% vs -18.6%), transports (-25.1% vs -40.1%), internal trade (-20.5% vs -25.6%) and restaurants & hotels (-95.4% vs 96.0%). Considering the full 2020, GDP shrank 14.8 percent year-on-year, compared with a 5.7 percent expansion in 2019. source: INE, Cape Verde
GDP Annual Growth Rate in Cape Verde averaged 2.95 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 June of 2021.
GDP Annual Growth Rate in Cape Verde is expected to be 25.00 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 4.70 in 12 months time. In the long-term, the Cape Verde GDP Annual Growth Rate is projected to trend around 5.20 percent in 2022 and 6.00 percent in 2023, according to our econometric models.