The governor of the Bank of Cape Verde (BCV), Oscar Santos announced last Monday in Praia that Cape Verde expects economic growth of 4.1% this year. The announcement was made during the presentation of the main conclusions and decisions of the Monetary Policy Report in April.

According to Santos, the average annual inflation rate is expected to rise from 8% in 2022 to 4.9% and 2.2% in 2023 and 2024. According to the BCV governor, “for this development, the expected fall in prices for the energy component is competing, explained by the bearish base effects and the expectation of a fall in energy commodity prices in the coming months.” The BCV forecasts GDP growth of 5.3% in 2024 compared to a historic level of 17.7% in 2022. According to Santos, inflation had also “increased considerably, reaching the highest levels in the last twenty years” during the last year.