Economy

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Economic climate sees improvement, but outlook remains unfavorable 19 Julho 2015

The economic climate in the second quarter of the year in Cape Verde improved slightly, despite the fact that the confidence indicator remained below average, dropping in relation to the same quarter last year, according to the economic outlook inquiry elaborated by the National Statistics Institute (INE).

Economic climate sees improvement, but outlook remains unfavorable

According to the data released by the INE regarding retail commerce, “the confidence indicator maintained the previous quarter’s upward trend, but the economic outlook in the sector remains unfavorable.” Insufficient demand and financial difficulties were the main constraints pointed out by business owners in the sector.

Tourism, one of the main economic activities in the country, also saw negative performance in the second quarter of 2015. In this item, the confidence indicator registered its lowest figure since the beginning of the inquiry, dropping in relation to the second quarter of 2014. Sector operators pointed to excessive bureaucracy and regulations as the main hindrances in the sector in the second quarter of 2015.

Another area that showed a downward trend in comparison to the same period last year was residential tourism, which “registered the lowest figure of the last 19 quarters. As such, the outlook is unfavorable.” According to the INE, business owners pointed to insufficient demand and financial difficulties as the main factors limiting business in the second quarter of 2015.

The scenario was similar in the sector of transportation and supporting services, where statistical data reveals that in the second quarter of 2015 the confidence indicator failed to continue the upward trend of the previous quarter, dropping in relation to the second quarter of 2014. According to business owners in this sector, financial difficulties and difficulties obtaining bank credit were the sector’s main constraints.

Also down was the outlook in the construction sector, which, according to the INE, saw “negative evolution in comparison to the same period in 2014. The economic outlook in the sector remains unfavorable, and the low demand and high interest rates were the main constraints in the sector.”

The biggest drop in the confidence indicator, however, was seen in the trade fair commerce sector, according to INE’s numbers. The confidence indicator “contradicted the upward trend registered in the previous quarter, reaching its lowest figure in the past twenty-three quarters.” Despite this drop, however, the outlook in the sector is “favorable,” according to the National Statistics Institute.

The sector showing the most favorable performance with regards to economic confidence in last quarter was manufacturing. In this sector, the confidence indicator showed the highest figure of the past twenty-nine quarters, leading to a favorable outlook.

For business owners in the sector, lack of raw materials, water and electricity were the main constraints facing manufacturing in the second quarter of 2015.

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