The GDP of Cape Verde increases to 4.9 percent in the third quarter of 2017

The Gross Domestic Product (GDP) in Cape Verde increased, year-on-year, to 4.9 per cent in volume in the third quarter of 2017, as against 3.0 percent in the previous quarter, the study showed the PANA Saturday of statistical source.

According to the Report, Quarterly National Accounts, released by the National Statistics Institute (INE), this positive evolution of the GDP resulted from the higher contribution of final consumption expenditure of public administration.

The report specifies that the fact that in the third quarter of 2017, the GDP has registered an annual variation of 4.9 percent in real terms, this means that there is a higher rate at 1.9 percentage points (p.p.) observed in the second quarter of this year.

The document further indicates that the final consumption registered an annual variation of 12.1 percent in the third quarter of the year under review (from 6.0 percent in the previous quarter and private consumption increased by 11.0 percent, in real terms, reflecting a slowdown compared to growth of 11.5 per cent observed in the 2nd quarter.

Public consumption showed an annual variation rate of 16.3 percent (variation -11,7 percent in the previous quarter).

“The Investment, in equivalent terms, had a negative growth of 12.3 per cent in volume in the third quarter of 2017 (variation to 22.4 percent in the previous quarter),” says the INE.

Be authentic in the same data, exports and imports have increased in volume by 14.1 percent and 5.8 percent, respectively.

The NSIS requires that exports of goods and services in volume registered in the period under review, a year-onyear variation of 14.1 percent, and that, in relation to foreign trade, all indications are that the exports of goods decreased to 9.9 percent, compared to the same period last year.

On the other hand, the data on exports of services, according to the balance of payments showed an annual variation of 12.5 percent in the third quarter of 2017.

In contrast, Imports of goods and services, yoy, grew by 5.8 percent in volume, with the component assets to contribute positively and that of services negatively.

Based on the data of the balance of payments, imports of goods had a positive growth of 17.2 percent in the third quarter of 2017, when compared with the same period last year.

In relation to imports of services, the data showed a decrease of 1.2 percent in the third quarter of 2017.

In the period under review, the Gross Value Added (GVA) has evolved year-on-year positive 4.7 percent in real terms, whereas this same Value of the branch of agriculture, has decreased by 6.5 percent, contributing negatively by 0.5 p.p to the total variance of the GDP growth.

To the branch of the processing industry, the GVA saw an increase of 11.6 percent (up 11.0 percent in the second quarter of 2017), by contributing with 0,9 p.p. for the total variation of the GDP growth.

Similar evolution was seen in the construction industry, with an increase of 1.8 percent in the third quarter, with a negative contribution of 0.4 p.p in total variation of growth of GDP.

The GVA of the branch of trade showed a strong growth in the same period, with a growth rate of 7.0 percent in volume (to 3.0 percent in the previous quarter), reflecting a contribution to the annual variation of the GDP was 0.7 p.p.

With regard to the branches of transport, accommodation and catering, the document of the INE presents a GVA, in real terms, with a variation -3,3 percent and 18.2 percent, in the third quarter (contribution of 0.4 p.p and 1.1 p.p, respectively).

Already the GVA of the branch of the public administration, registered an increase of 9.9 percent in the third quarter (up 6.8 percent in the second quarter 2017), contributing to a 1.8 p.p in total variation of growth of GDP.

In turn, the taxes less subsidies on products, in real terms, showed a year on year growth of 5.9 percent in the third quarter, contributing 1.5 p.p in total variation of growth of GDP.

The data indicate that, in the first nine months of the first three quarters of the year that now closes, the growth of GDP in cape verde is very evident, with prominence to the activities of the manufacturing industry, electricity and water, trade, transport, accommodation and catering, financial services and insurance, public administration, and also of the taxes net of subsidies on products.