Cape Verde’s Gross Domestic Product (GDP) grew by 2.7% year-on-year in the third quarter of 2023, according to data from the National Statistics Institute (INE).
The rate that measures the growth of the economy slowed down compared to previous quarters: GDP had grown by 8.4% and 3.4% year-on-year, respectively, in the first and second quarters of 2023.
All told, Cape Verde’s GDP grew at an average rate of 4.8% in the first three quarters of the year that just ended, and the data from October to December (the last quarter) remains to be seen in order to close out 2023.
At the end of October, the Bank of Cape Verde revised upwards by 0.4 percentage points the country’s economic growth forecast for 2023, putting it at 4.5%, mainly due to the slowdown in inflation.
Cape Verde’s GDP grew by 5.6% in 2021 and 17.1% in 2022, a much higher growth than normal, associated with the reactivation of the economy after the full stop caused by the COVID-19 pandemic.