{"id":16795,"date":"2023-07-01T16:19:00","date_gmt":"2023-07-01T16:19:00","guid":{"rendered":"https:\/\/www.africa-press.net\/cape-verde\/all-news\/gdp-grows-6-7-in-the-1st-quarter-of-2023-says-ine"},"modified":"2023-07-01T16:37:11","modified_gmt":"2023-07-01T16:37:11","slug":"gdp-grows-6-7-in-the-1st-quarter-of-2023-says-ine","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/cape-verde\/all-news\/gdp-grows-6-7-in-the-1st-quarter-of-2023-says-ine","title":{"rendered":"GDP grows 6.7% in the 1st quarter of 2023 \u2013 says INE"},"content":{"rendered":"

Africa-Press – Cape verde. <\/strong><\/span>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.<\/p>\n

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.<\/p>\n

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).<\/p>\n

agriculture and construction<\/p>\n

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.<\/p>\n

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.<\/p>\n

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<\/p>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

Consumption<\/p>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

Exports and Imports of goods and services increased<\/p>\n

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.<\/p>\n

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.<\/p>\n

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) .<\/p>\n

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.<\/p>\n

For More News And Analysis About Cape verde<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

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. […]<\/p>\n","protected":false},"author":84,"featured_media":16794,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[233,331,328],"class_list":["post-16795","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-cape-verde","tag-cape-verde"],"yoast_head":"\nGDP grows 6.7% in the 1st quarter of 2023 \u2013 says INE - Cape Verde<\/title>\n<meta name=\"description\" content=\"According to data released today by the National Statistics Institute (INE) indicate that the Gross Domestic Product (GD ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/cape-verde\/all-news\/gdp-grows-6-7-in-the-1st-quarter-of-2023-says-ine\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"GDP grows 6.7% in the 1st quarter of 2023 \u2013 says INE - 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