Cape Verde govt predicts economic growth

Government projections indicate positive economic growth for Cape Verde in 2008 and 2009

The Cape Verde authorities have forecast an increase of six to seven per cent in gross domestic product for 2008.

Following a meeting with the International Monetary Fund, finance minister Cristina Duarte said that the country expects a similar level of expansion next year as well, Macauhub.com reports.

Ms Duarte told a press conference in Praia that the "robust" projection for economic growth is based on Cape Verde's strong "domestic demand", as a result of both public investment and foreign direct investment.

In addition, good management of the islands' public finances and the "reasonable growth" of domestic credit contributed to the predictions, she stated.

Ms Duarte recently announced that the state budget for 2009 will represent a 28 per cent rise in expenditure, with the majority of extra investment focused on improving Cape Verde's education system.

The construction of six new schools is planned for next year, with Cape Verde University also set to receive increased funding.

This article was brought to you by Sambala Developments: the developer for Cape Verde property

This article has been brought to you be Sambala; the developer for Cape Verde Property.

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