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Analysis by Region - Emerging Markets - Cape Verde

Publisher Oxford Economics
Published Oct 24, 2024
Length 1 Pages
SKU # OFE19321874

Description

Analysis by Region - Emerging Markets - Cape Verde



Annual economic growth averaged 9.7% y/y in the first half of 2024, with strong performances in the transport (23.3% y/y) and accommodation and food service (37.9% y/y) sectors. However, due to the high base, growth is expected to slow in the year's second half. Due to the strong performance in H1, we have raised our economic growth forecast for 2024 to 5.5% from 5.0%. Despite weak economic growth in Western Europe, Cape Verde’s main source of visitors, tourist numbers in 2024 are projected to surpass those of last year. Lower interest rates and inflation in Western Europe will likely boost consumer confidence in that region, which should further benefit Cape Verde's tourism sector.

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1 Pages
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