News from Islands
Bank of Cape Verde has revised upwards to 5% / 6% economic growth forecast in 2011
Praia, Cape Verde, 26 May - The Bank of Cape Verde has revised upwards the forecast of economic growth in 2011 to a value in the range from 5% to 6%, or 1 percentage point more than the previous forecast announced in November 2010, according to the monetary policy report released Wednesday in Praia.
In the document, the central bank of Cape Verde said the economic activity indicators suggest a mixed trend of evolution, with a deceleration in private consumption growth and an improvement in gross fixed capital formation (investment) in transport and a tendency reduction in the construction of this indicator.
For 2010, the Bank of Cape Verde said that economic activity has evolved favorably, estimating growth of Gross Domestic Product (GDP) at 5.6%, compared with 4% estimated by the institution in 2009.
Yet over the previous year, the bank said that the positive performance of GDP was determined by the strong recovery in domestic demand, particularly private consumption and public investment.
Source: macauhub
