FX.co ★ Cape Verde Economy Gains Steam in Q4

The Cape Verdean economy witnessed a significant annual growth of 6.7% in the fourth quarter of 2024, following a revisited increase of 3.4% in the previous quarter. This robust expansion was primarily driven by notable progress in the accommodation and catering sector (27% compared to 20.2% in Q3), the manufacturing industry (12.3% compared to 1%), business services (18.1% compared to 0.8%), and public administration (13.3% compared to a decline of 4.1%). Further contributing to this growth were rises in final consumption (6.9% compared to a decrease of 1.2%) and fixed investment (9.5% compared to a significant drop of 16.3%). Over the full year of 2024, the economy expanded by 7.3%, building on a revised growth figure of 5.4% in 2023.