Cape Verde, a picturesque island nation, has seen a remarkable 8.5% growth in its GDP in the second quarter of 2024, following a robust 10.9% in the first. The total average growth rate for the first six months stands at an impressive 9.7%, driven mainly by a surge in tourism.
The accommodation and food services sector led the boom with a 33% increase, while transportation and storage grew by 15%. Despite setbacks in fishing and construction, overall economic prospects remain bright.
Consumer spending played a significant role, with private consumption up by 5% and business consumption by 9%. Exports saw an 8% rise as imports slightly declined by 1%.
Cape Verde’s Economic Resilience and Growth Potential
The National Institute of Statistics (INE) revised the 2023 growth rate to 5.5%, showcasing the country’s resilience amidst global challenges. With a strong focus on tourism and service-oriented economy, Cape Verde’s future looks promising.
Supported by initiatives like the World Bank’s $75 million sustainable tourism project, Cape Verde seems well-positioned for continued growth, exceeding initial estimates for 2024 and potentially setting a new standard for economic development in the region.