News from Islands
Cape Verdean economy should grow between 4 and 5 percent this year
Praia, 13 May – The Cape Verdean economy should grow between 4 and 5 percent this year, the head of the Banco de Cabo Verde (BCV) has stated.
Carlos Burgo made his comments on Tuesday when presenting the half-yearly report on monetary policy in Cape Verde, which has already been submitted to the government and parliament.
The report details evolution of the island country’s economic and financial situation in the last six months and looks ahead to the next half-year. Burgo said a slight increase in prices was also forecast, and that the average inflation rate should be between 1.5 and 2.5 percent.
The report calls attention, however, to provisional Finance Ministry data on the first quarter of 2010, which indicate an aggravation of most public sector accounts, above all in budget revenues, especially those deriving from tax collection.
In prospective terms, by the end of 2010 a slight recovery of public revenues is expected, due mainly to a moderate increase in tax revenues and rising contributions.
The public deficit including contributions should reach 9.7 percent of GDP in 2010, which represents a significant deterioration of the budget position compared to 2009, when the budget deficit was 3.7 percent.
Source: macauhub
