Cape Verde: Economy posts 6% growth in second quarter

Login

Register

http://www.clubofmozambique.com/

Cape Verde: Economy posts 6% growth in second quarter

4:37 CAT | 29 Sep 2018

File photo: Lusa

The Cape Verdean economy grew by 6% in the second quarter of this year, driven by increase in final consumption and export expenses, according to data from the Cape Verdean National Statistical Institute (INE).

According to the INE Quarterly National Accounts, Gross Domestic Product (GDP) registered a 5.9% increase in volume in the second quarter of the year.

“These developments resulted from the greater contribution of final consumption expenditure and exports. The acceleration of final consumption results mainly from an increase in final consumption expenditure of the Public Administration,” the report said.

Against the first quarter of the year GDP was 2.4 percentage points higher.

For final consumption, the indicators point to a positive year-on-year change of 4.2% in the second quarter of 2018 (-3.8% in the previous quarter).

Private consumption increased by 0.3%, while public consumption showed a year-on-year rise of 21.2% (-6.0% in the previous quarter).

Investment saw a positive year-on-year change of 5% in volume in the second quarter of 2018 (variation of 2.3% in the previous quarter).

The figures showed that exports and imports increased by 27.7% and 16.7% by volume, respectively.

Source: Lusa