Africa-Press – Cape verde. According to data released today by the National Statistics Institute (INE) indicate that the Gross Domestic Product (GDP) recorded, year-on-year, a positive variation of 6.7 percent (%) in the first quarter of 2023. The registered rate was 2.8 percentage points (pp) lower than that observed in the fourth quarter of 2022.
According to Inforpress and according to data released by INE, gross value added (GVA), at base prices, showed a positive year-on-year evolution of 5.8%, with emphasis, for this purpose, on manufacturing activities , transport and storage, accommodation and catering and business service activities.
In the manufacturing sector, there was an increase of 16.4%, +2.4% in the fourth quarter of 2022, contributing positively by 0.8 percentage points (pp).
agriculture and construction
On the other hand, the agriculture sector decreased by 10.1% in the first quarter of 2023, contributing negatively by 0.3 percentage points to the total change in GDP growth.
There was also a decrease of 17.1% in the construction sector’s GVA in the first quarter, a negative contribution of 1.4 percentage points in the total verification of GDP growth.
Compared to the same quarter of 2022, GVA in the trade branch showed, in the first quarter of 2023, a positive year-on-year change of 3.4% in volume (+20.8% in the previous quarter), translating into a contribution to the positive year-on-year change in GDP by 0.4 pp
As for the GVA of Transport and Storage and Accommodation and Restaurants, they presented, in real terms, a variation of 18.3% and 27.5%, respectively, in the first quarter, contributing 1.3 percentage points and 2. 2 percentage points, respectively, for the total change in GDP growth.
In the Public Administration branch, there was a year-on-year change of 5.4%, minus 2.4% in the fourth quarter of 2022, contributing 0.6 pp to the total change in GDP growth.
In taxes net of subsidies, there was a positive evolution of 12.5%, contributing 1.7 percentage points to the total variation in GDP, and on the expenditure side, this variation resulted from an increase in private consumption and exports.
Consumption
As it progressed, Final Consumption (private and public) had a positive year-on-year variation of 9.9% in the first quarter of 2023, an increase of 10.7% in the previous quarter.
Along the same lines, private consumption increased by 12.9% in real terms, in the first quarter of 2023, plus 16.5% in the fourth quarter, while public consumption showed a negative year-on-year rate of change of 1.0%, in volume lower than -7.1% in the previous quarter.
Investment recorded, according to the institute, a negative year-on-year variation of 26.3%, in volume, in the first quarter of 2023, a value lower than the 55.9% recorded in the last quarter.
Exports and Imports of goods and services increased
INE also reported that Exports and Imports of goods and services, in volume, increased in the first quarter of 2023, 20.8% and 8.6%, respectively.
On the contrary, Exports of Goods and Services, in volume, in the first quarter, continued to decelerate with a year-on-year change of 20.8%, 50.4% more than in the previous quarter.
As he explained, exports of goods grew 12.8% year-on-year, 27.2% more than in the previous quarter, while exports of services had a positive variation of 24.4% (+57.8% in the fourth quarter) .
Imports of Goods and Services, in volume, increased by 8.6% year-on-year, a rate higher by 3.0 percentage points (pp) compared to the previous quarter, with an increase in both components, and variations of 8.3 % in imports of goods, 5.3% more in the fourth quarter and 10.2% in services, more 7.7% in the previous quarter.
For More News And Analysis About Cape verde Follow Africa-Press
