Economy

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Cape Verde shows 8.4% average growth rate between 2005 and 2007 15 Dezembro 2009

Between 2005 and 2007, Cape Verde grew at an annual average of 8.4%, according to data to be presented tomorrow, December 16, by the National Statistics Institute INE).

Cape Verde shows 8.4% average growth rate between 2005 and 2007

According to the INE, the Cape Verdean economy grew 6.5% in 2005, 10.1% in 2006 and 8.6% in 2007. In the opinion of the INE’s Silvina Santos, 2006 was an “atypical” year in which the double-digit growth came as a result of the NATO military exercises held in the country, which lent a “different dynamic” to Cape Verde’s economy. “What I can say is that Cape Verde has registered positive growth over the past several years in comparison with the rest of the countries on the African continent, particularly those in our sub-region.”

The service sector contributed most to this growth in the economy. In 2005, the service sector represented 67.5% of Cape Verde’s gross domestic product, rising slightly to 67.7% in 2006 and up to 69.5% in 2007. “This means that the service sector represents close to 70% of the GDP. This increase could be the result of less accentuated growth in the other sectors, namely the primary and secondary sectors,” explains Santos.

In the opinion of economist Veríssimo Pinto, the growth rates registered in Cape Verde are “extremely” positive if compared to those of other developing countries, and are above the average for the African continent, which generally registers healthy growth. “This is very good for Cape Verde. And these growth rates show that the government’s performance and policies are bearing fruit,” he concludes.

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