Cape Verde’s Gross Domestic Product (GDP) grew by 8.5% in real terms in the second quarter of 2024, according to the National Statistics Institute (INE) report released on October 6. This growth rate is 2.4 percentage points lower than the first quarter of 2024.
On the supply side, the Gross Value Added (GVA) at basic prices increased by 8.8% year-on-year, driven by sectors like Accommodation and catering (up 33.2%), Trade and repair (up 13.7%), and Transport and storage (up 15.4%). These sectors contributed 1.7, 1.4, and 1.5 percentage points to GDP growth, respectively. The Agriculture sector grew by 5.2%, contributing 0.1 percentage points, while Manufacturing Industries saw a 10.3% rise, adding 0.5 points. However, the Construction sector shrank by 5.3%, negatively impacting GDP by 0.2 points.
On the expenditure side, GDP growth was primarily driven by a 6.1% rise in Final Consumption. Private consumption grew by 5.3%, slower than the 8.7% rise in the first quarter, while public consumption increased by 9.0%, reversing a previous quarter’s decline. Investment, though still down by 3.0%, improved significantly compared to the -30.1% seen earlier in the year. Exports of goods and services rose by 8.0%, with goods increasing by 6.1% and services by 8.4%.
Additionally, the GDP growth rate for 2023 was revised upward to 5.5%, driven by sectors like Manufacturing, Transport, and Accommodation. Growth was supported by increased private and public consumption expenditure.