Cabo Verde Economic Update, May 2023
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Washington, DC: World Bank
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Real GDP expanded by 17.7 percent in
2022, with per capita incomes surpassing the pre-pandemic
levels. On the supply side, accommodation, transport, and
commerce explained 60 percent of growth. On the demand side,
exports (mainly tourism) and private consumption accounted
for growth. The rebound in economic activity in 2022 was
accompanied by a reduction in poverty (0.8 percentage
points), despite the spike in inflation. Headline inflation
reached 7.9 percent (y/y) in December 2022 after
inflationary pressures emerged in 2021, fueled by high
international oil and food prices and global supply chain
disruptions due to the war in Ukraine. Higher food prices
and low agricultural production, driven by the five year
long drought, intensified food insecurity.
Palabras clave
CLIMATE CHANGE, SHOCKS, FISCAL SUSTAINABILITY, POLICIES