FX.co ★ Cape Verde GDP Growth Rate Slows in Q1

In the first quarter of 2025, Cape Verde's economy experienced a growth rate of 3.7% compared to the same period last year. This represents the slowest pace of expansion since the third quarter of 2023 and is a decline from a revised 6.6% growth observed in the previous quarter. The agriculture sector notably rebounded, posting a remarkable increase of 25.7% following a 1.3% contraction in the fourth quarter of 2024. The mining sector also performed well, although its growth rate slightly decreased to 20.1% from 23% in the prior quarter. Similarly, the construction sector saw a rise of 15.7% compared to 15.1% previously. Transport and warehousing demonstrated accelerated growth, increasing to 6.3% from 4.7%. However, public administration experienced a decline, contracting by 1% after a significant 13.9% surge in the previous quarter, and trade continued to weaken, falling by 7.4% following a 4.8% drop in the fourth quarter. Moreover, growth in the real estate sector also decelerated, landing at 5.9% down from 7.6%. The World Bank forecasts that Cape Verde's economy will grow by 5.9% in 2025, a decrease from the 7.3% expansion projected for 2024.