Cape Verde recorded economic growth of 7.3 percent in 2024, while inflation dropped to 1 percent, according to a monetary policy report released Monday by the Bank of Cape Verde (BCV).
“The national economy experienced strong momentum, with growth reaching 7.3 percent, driven by private consumption and service exports, particularly tourism,” said BCV Governor Oscar Santos.
According to the report, the average inflation rate in Cape Verde fell to 1 percent due to a decline in energy and food prices on international markets.
In the external sector, the current account posted a surplus of 3.7 percent of gross domestic product, supported by strong tourism-related exports, re-exports of fuel and food products at national ports and airports, and remittances from emigrants.
This outcome was also aided by a slowdown in the import of goods and services, which offset the weak performance of the financial balance and helped strengthen the country’s net foreign reserves.
For 2025, the BCV forecasts a slowdown in economic growth to 5.5 percent, which could decline further to 5 percent in 2026, while revising inflation upward. Enditem
Source: Xinhua
Share Us
