Africa-Press – Cape verde. The National Statistics Institute (INE) reported today that the Gross Domestic Product (GDP) in the 1st quarter of 2025 registered a positive year-on-year variation of 3.7% in real terms, a rate 2.9 percentage points (p.p.) lower than that seen in the 4th quarter of 2024.
According to a statement from INE, in the 1st quarter of 2025, on the supply side, Gross Value Added (GVA), at basic prices, registered a positive annual evolution of 3.3%, with emphasis on the activities of Agriculture, Construction, Transport, Accommodation and food and Real estate activity.
GVA, at basic prices, grew 3.3% in real terms, representing a slowdown of 2.3 percentage points (p.p.) compared to the previous quarter.
The INE said that the GVA of the Agriculture sector increased by 25.7% in the 1st quarter of 2025, contributing 1.3 p.p.
The GVA of the manufacturing industries registered a fall of 3.2% (compared to +12.3% in the 4th quarter of 2024), contributing negatively by 0.2 p.p.
In the Construction sector, there was an increase of 15.7%, with a positive contribution of 0.5 p.p.
In comparison with the same quarter of 2024, the GVA of the Commerce sector showed a negative variation of 7.4% in volume (-4.8% in the previous quarter), translating into a negative contribution of 0.8 p.p.
Still in the 1st quarter of 2025, the Transportation and storage and Accommodation and food sectors recorded real variations of 6.3% and 4.7%, respectively, contributing 0.7 p.p.
In turn, the INE added that taxes net of subsidies on products showed, in real terms, a positive annual variation of 5.8%, with a contribution of 0.9 p.p.
From an expenditure perspective, the results reveal that final consumption (private and public) grew 1.3% year-on-year in the 1st quarter. Private consumption increased by 2.0% in volume, while public consumption registered a negative variation of 1.3%.
Also in the same quarter, investment registered a positive year-on-year variation of 6.1% in volume.
Regarding Exports of Goods and Services, there was a negative variation of 6.4% in volume. Exports of goods fell 18.7% compared to the same period last year, while exports of services fell 1.3%.
Imports of Goods and Services, also in volume, decreased by 7.3% in the annual comparison, with drops of 8.1% in imports of goods and 4.0% in imports of services.
The IBGE also reiterates that, in 2024, GDP in volume increased by 7.2%. As part of the Quarterly Accounts review policy, following the publication of the final results of the 2023 Annual Accounts, the estimates for the 1st quarter of 2023 to the 4th quarter of 2024 were revised. Thus, the expected rate of change for the year 2024 went from 7.3% to 7.2%.
Gross Value Added (GVA), at basic prices, increased by 7.0% in volume in 2024. The accumulated growth over the four quarters was mainly due to the activities of Agriculture, Manufacturing, Transportation and Storage, Accommodation and Food, and Health and Social Action.
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