Africa-Press – Cape verde. The Gross Domestic Product (GDP) recorded a positive variation in the third quarter of 2023 with a rate of 2.7 percent (%), but 0.7 percentage points (pp) lower than that seen in the 2nd quarter, INE reported today .
According to a note sent to Inforpress, the National Statistics Institute (INE) said that, on the supply side, Gross Value Added (GVA), at base prices, showed a positive year-on-year variation of 2.2%, decreasing with a decrease of 1.3 pp compared to the previous quarter, highlighting the resumption of activities in manufacturing industries, accommodation and restaurants.
According to INE data, taxes net of subsidies showed a positive year-on-year evolution of 5.5%, and on the expenditure side, this variation resulted from an increase in final consumption.
Exports of Goods and Services, in volume, recorded a negative year-on-year variation of 7.1% in the 3rd quarter (-4.3% in the previous quarter), exports of goods decreased by 49.0% year-on-year (-31. 5% in the previous quarter), while service exports had a positive variation of 8.7% (+7.5% in the 2nd quarter).
“GVA, at base prices, recorded a negative year-on-year evolution of 8.7% in real terms in the first quarter of 2021, increasing by 4.6 pp compared to the previous quarter”, the document reads.
According to the same source, the GVA of the Agriculture sector increased by 10.9% in the 3rd quarter of 2023, contributing 0.3 pp to the total variation in GDP growth.
The GVA of the Manufacturing sector, according to the same source, registered an increase of 11.3% (+14.1% in the 2nd quarter of 2023), contributing positively by 0.6 pp to the total variation in GDP growth , while in the Construction sector, there was a decrease of 31.3% in the 3rd quarter, having a negative contribution of 2.3 pp to the total variation in GDP growth.
Also according to INE, the GVA of the Transport and storage and Accommodation and catering sectors, presented, in real terms, a variation of -2.8% and 17.8%, respectively, in the 3rd quarter, (contributing to – 0.3 pp and +1.1 pp respectively, for the total variation in GDP growth).
In the Public Administration branch, GVA had, in the 3rd quarter, a positive year-on-year variation of 8.5%, (+8.3% in the 2nd quarter of 2023), contributing positively by 0.9 pp to the total variation in growth of the GDP.
Private consumption increased by 6.2% in real terms in the 3rd quarter of 2023 (+5.4% in the 2nd quarter) and public consumption showed a positive year-on-year rate of change of 4.6% in volume (0.9 % in the previous quarter).
Investment, in turn, registered a negative year-on-year variation of 23.2%, in volume, in the 3rd quarter of 2023 (-47.0% in the previous quarter).
Also according to INE, Imports of Goods and Services, in volume, decreased by 7.1% year-on-year, a rate higher than the previous quarter, with an increase of 10.0 pp compared to the previous quarter, with a negative variation of 9. 7% in imports of Goods (-20.8% in the 2nd quarter). In services, there was an increase of 6.3% (+1.5% in the previous quarter).
In the accumulated result for the first three quarters of 2023, INE said that the growth was mainly due to the activities of Manufacturing Industries, Transport and Storage, Accommodation and Catering, Information and Communication Activities, Service Activities companies, public administration and social security and other service activities.
INE indicated that Taxes Net of Subsidies on Products, in real terms, showed a positive year-on-year variation of 5.5% in the 3rd quarter, contributing 0.8 pp to the total variation in GDP.
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