- The economic growth rate in Cape Verde has started accelerating during this year's third quarter, according to new national statistics. The new, enhanced growth is attributed to a greater confidence in Cape Verde by the national and international private sector, spurring investments, according to the study.
The Cape Verdean National Statistics Institute (INE) has presented its figures for the third quarter of 2004, announcing an accelerated economic growth rate in the country. The INE's 'Conjuncture Investigation' report reveals a higher level of confidence in positive economic trends in several business sectors. This quarter had even strengthened the positive tendencies observed in the second quarter of the year, INE concludes.
This situation, according to the 'Conjuncture Investigation', is mainly resulting from the enhanced levels of confidence experienced by the industrial sectors of construction, trade, tourism, the processing industry and the transports and secondary service sectors.
The transport and service sector, as an example, had maintained an increasing tendency this quarter, regarding confidence in the future. In this sector, the INE report observed, the growing confidence was due to a slight reduction in prices that had caused both demand and the number of businesses in the sector to grow. According to business leaders in the sector, consumers could expect further price reductions and new players in the sector within the next three months.
The confidence indicator of the processing industry had stayed at an equal level compared to the previous trimester, although it had risen in comparison with the same period last year. This favourable tendency, according to the INE analysis, was due to the sector's belief in the level of future production.
Another determining factor for the increased optimism had been a "significant fall" in the prices of raw materials, INE emphasised, in addition to an increase of the production capacity of companies in the sector. The number of businesses involved in Cape Verde's processing industry thus had grown.
In spite of the surveyed optimism by industrialists of this sector, INE however foresees that during the next three months, these companies will have to reduce the number of employees.
After experiencing a long time of dramatic decrease, the confidence of businesses operating in the tourism sector was foreseen to start growing by now. According to the INE's 'Conjuncture Investigation', the confidence indicator in the tourism sector had reached its turning point in the third quarter of 2004, and the negative tendency was now turning positive.
This had been achieved despite the fact that tourism-related businesses stated they were meeting greater obstacles in their activities than at the same time last year. Despite the obstacles, Cape Verde's tourism industry was now investing in the employment of properly trained personnel and in seeking solutions to bothering state bureaucracy and regulations.
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