The Bank of Cabo Verde (BCV) had projected a growth rate of 6.1%, while the International Monetary Fund (IMF) had anticipated a 6% increase.
The growth figure for the Gross Domestic Product (GDP) was released today, following the publication of the national accounts bulletin for the fourth quarter of 2024.
In the last quarter of the year, the GDP saw an annual variation of 6.7%. This growth was driven by activities in the manufacturing industry, accommodation and food services, business service activities, and public administration. Additionally, there was a boost in final consumption and exports of goods and services during this period.
The year 2024 highlighted tourism as the driving force behind the economy, which continues to expand. The archipelago benefited from an increase in air routes from Europe and recorded a record number of 1.2 million guests over the past year.
Among the leading sectors, accommodation and food services took the spotlight in the national accounts of INE, with a 30% increase compared to 21% in 2023.
Export activities, though smaller in scale, also showed growth in 2024, primarily through the export of canned fish to Spain. This was facilitated by the introduction of products into the market that were previously awaiting the renewal of the fishing agreement with the European Union (EU).
For the current year, BCV forecasts economic growth of 5.6%, the IMF predicts 5%, and the State Budget anticipates a growth rate of 5.3%.
