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Cape Verde's economy grew by 5.1% in 2023, announced the National Institute of Statistics (INE)

A figure below the 5.7% forecasted by the Government.

The Gross Domestic Product (GDP) growth is in line with the expected return to levels more aligned with the real economy, following a historic increase of 17.4% in 2022, justified by the post-pandemic recovery.

The rate initially announced for 2022 was 17.1%, but the INE explained the revision to 17.4% due to the publication of the definitive results of the Annual Accounts for 2021.

Information and communication activities, as well as the accommodation and food service sector, are among those that contributed most to the economic dynamics of the last year, according to the summary of national accounts published by the INE.

The Government had projected to close 2023 with an economic growth of 5.7%, and during the presentation of the State Budget for 2024, announced a growth target of 4.7% for this year.

The Deputy Prime Minister with responsibility for Finance, Olavo Correia, justified at the time the forecast of slowdown due to the "challenging" external context because of the international crises, which bring various "uncertainties" on the horizon.


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