Cape Verde GDP Annual Growth Rate

Last Release

Mar 31, 2024

Actual

10.2

Units In

6.6

Frequency

Quarterly

Next Release

Jul 29, 2025

Time to Release

3 Months 16 Days 11 Hours

Highest	Lowest	Average	Date Range	Source
30.8 Jun 2021	-31.83 Jun 2020	3.99 %	1981-2024	N/A

The most important sector of Cape Verde’s economy is services and accounts for 72 percent of total GDP, of which public administration (18 percent); real estate and other services (13 percent); wholesale and retail trade (12 percent); transport (11 percent) and hotels and restaurants (7 percent). Industry constitutes 21 percent with construction (9 percent) and manufacturing, mining and quarrying (8 percent). Agriculture and fishing create 7 percent of the wealth. On the expenditure side, household consumption is the main component of GDP and accounts for 66 percent of its total use, followed by capital formation (36 percent) and government expenditure (17 percent). Exports of goods and services account for 47 percent of GDP while imports account for 67 percent, subtracting 20 percent of total GDP.

Latest Updates

The economy of Cape Verde advanced by 6.7% over a year in Q4 2024, following an upwardly revised 3.4% rise in the previous three-month period. The expansion was mainly supported by growth in the accommodation and catering sector (27% vs 20.2% in Q3), manufacturing industry (12.3% vs 1%), business services (18.1% vs 0.8%), and public administration (13.3% vs -4.1%), as well as increases in final consumption (6.9% vs -1.2%) and fixed investment (9.5% vs -16.3%). Meanwhile, exports rose by 6.1% (vs 8.1% in Q3) while imports surged by 7.9% (vs -10.2% in Q3). In 2024, the economy grew by 7.3%, building on the upwardly revised 5.4% growth in 2023. Tourism remained the driving force of the economy in 2024, with the archipelago adding more European air routes and reaching a record 1.2 million visitors.