Cape Verde GDP Annual Growth Rate

Last Release

Dec 31, 2024

Actual

6.7

Units In

10.2

Frequency

Quarterly

Next Release

Oct 08, 2025

Time to Release

2 Months 8 Days 9 Hours

Highest	Lowest	Average	Date Range	Source
30.8 Jun 2021	-31.83 Jun 2020	4.02 %	1981-2024	N/A

The most important sector of Cape Verde’s economy is services and accounts for 72 percent of total GDP, of which public administration (18 percent); real estate and other services (13 percent); wholesale and retail trade (12 percent); transport (11 percent) and hotels and restaurants (7 percent). Industry constitutes 21 percent with construction (9 percent) and manufacturing, mining and quarrying (8 percent). Agriculture and fishing create 7 percent of the wealth. On the expenditure side, household consumption is the main component of GDP and accounts for 66 percent of its total use, followed by capital formation (36 percent) and government expenditure (17 percent). Exports of goods and services account for 47 percent of GDP while imports account for 67 percent, subtracting 20 percent of total GDP.

Latest Updates

Cape Verde’s economy grew by 3.7% year-on-year in the first quarter of 2025, marking the slowest expansion since the third quarter of 2023 and easing from a downwardly revised 6.6% increase in the previous period. A strong rebound was recorded in the agriculture sector, which surged 25.7% after contracting 1.3% in Q4 2024. Solid performances were also seen in mining (up 20.1% vs. 23% in Q4) and construction (15.7% vs. 15.1%). Transport and warehousing growth accelerated to 6.3% from 4.7%. In contrast, public administration shrank by 1% after a sharp 13.9% rise previously, and trade contracted further, down 7.4% compared to a 4.8% drop in Q4. Growth in the real estate sector also slowed to 5.9% from 7.6%. The World Bank expects Cape Verde’s economy to grow by 5.9% in 2025, down from 7.3% in 2024.