Cape Verde: Recent Economic Developments

International Monetary Fund

No 1996/103, IMF Staff Country Reports from International Monetary Fund

Abstract: This paper describes economic developments in Cape Verde during 1990–96. After a noticeable slowdown during 1989–91, the Cape Verdean economy rebounded in 1992 and continued to expand in 1993–95, prompted by a sustained increase in public spending and the positive effects of a liberalization of economic activities. Real GDP growth averaged 4 percent during 1992–95, but domestic, economic, and financial developments were characterized by increasing imbalances. Total government expenditure increased rapidly, reaching on average 60.1 percent of GDP in 1994–95, far outpacing any growth in domestic revenues and external grants.

Keywords: ISCR; CR; state enterprise; U.S. dollar; exchange rate; foreign currency; private sector; capital expenditure; debt service; current account; Public enterprises; Income; Public sector; Wages; Migration; Africa (search for similar items in EconPapers)
Pages: 141
Date: 1996-10-15
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