Economic growth with slight increase in the 4th quarter of 2023

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Economic growth with slight increase in the 4th quarter of 2023
Economic growth with slight increase in the 4th quarter of 2023

Africa-Press – Cape verde. In the 4th quarter of 2023, the economic climate indicator reversed the downward trend of the last quarter, that is, the pace of economic growth had a slight increase compared to the 3rd quarter of 2023, as revealed today by INE.

According to data from the National Institute of Statistics, the indicator is above the series average, having reached a higher value compared to the same period in 2022, revealing that the economic situation is favorable.

Regarding Commerce in Establishments, the confidence indicator had the same upward trend as in the last quarter, remaining at the series average. The situation in the sector is favorable.

According to the same source, when asked about the limitations, the businesspeople highlighted other factors and excessively high sales prices as being the main constraints to the normal development of the activity of commercial companies in Cape Verde. Furthermore, they mentioned insufficient demand and stock shortages.

In Tourism, according to the results obtained in the 4th quarter of 2023, it appears that the confidence indicator had an upward trend in the last quarter, remaining above the series average. The situation in the sector is favorable.

Compared to the same quarter of the previous year, it can also be seen that the indicator evolved positively. Insufficient demand and financial difficulties were the main obstacles to the normal development of companies’ activities in the third quarter of 2023.

INE points out that in Construction, the confidence indicator continued the upward trend of recent quarters, remaining at the series average. The situation in the sector is favorable.

Entrepreneurs indicated insufficient demand and the difficulty in obtaining bank credit, the lack of materials and the deterioration of sales prospects, as the main constraints for the sector during the fourth quarter of 2023.

Regarding Trade in Fairs, the confidence indicator continued the upward trend of the last quarter, evolving positively compared to the same period in 2022.

It is noted that the situation in this sector is favorable, standing above the series average.

As for the Manufacturing Industry, the confidence indicator contradicted the downward trend of the previous quarter, remaining below the series average level. The situation in the sector is unfavorable.

The main causes of the difficulties experienced by business owners are related to frequent mechanical breakdowns in equipment, high staff absenteeism and other factors. The lack of raw materials was also important.

Finally, in Transport and Auxiliary Transport Services, the confidence indicator contradicted the upward trend of the previous quarter, remaining above the series average.

According to INE, the situation in the sector is unfavorable this quarter. Other factors and competition negatively influenced company activity during the 4th quarter of 2023.

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