The economic growth of the West African archipelago could reach 15% over the past year, while tourism, which represents around 25% of GDP, was particularly dynamic over the period. These are the estimates of the Government of Cape Verde.

Cape Verde is preparing its 2022 financial statements and expects GDP growth to rise sharply. Olavo Correia, Deputy Prime Minister and Minister of Finance, announced at a press conference that the latest forecasts finally point between 10 and 15%, but the safest bet is to remain at 12%” in the country. Tourist arrivals during the summer increased by 405%. This improvement is due to the recovery of the tourism sector, after the long suspension of travel due to Covid-19 in 2020 which plunged the country into an unprecedented recession, equivalent to 14.8% of its GDP.

The recovery observed during part of 2021 that allowed the archipelago to register growth of 7% has indeed accelerated. Thus, GDP growth remained above 16% during the first three quarters of 2022, thanks precisely to the stays of international travelers, according to data from the National Institute of Statistics (INE).