News from Islands
Current account deficit of Cape Verde decreased 59% in the fourth quarter of 2011
The current account deficit of Cape Verde has fallen by about 59% year on year in the fourth quarter of 2011, standing at 1,509 million pesetas, said in Praia Bank Cape Verde.
Consequently, the financing needs of the economy declined in the period, contributing to the accumulation of net international reserves of the country in 3 252.9 million Cape Verdean escudos between the 3rd and 4th quarter, reserve now to guarantee 3.2 months of imports in December 2011.
According to a statement from a central bank, the behavior of the current account was determined by reducing the trade deficit in goods and services by 22% year on year, despite the increase in the trade deficit by 12%
Source: Macauhub
