28/05/11 - Bank of Cape Verde raises economic growth forecast for 2011 to 5-6 pct

The Bank of Cape Verde has raised its economic growth forecast for 2011 to between 5 and 6 percent, or 1 percentage point more than in its previous projection announced in November, 2010, according to the monetary policy report published Wednesday in Praia.

In the document the Cape Verdean central bank said that the economic activity indicators suggested a mixed trend, with deceleration of growth in private consumption and improvement in gross fixed capital formation (investment) in transport and a tendency for this indicator to fall in the construction sector.

In relation to 2010, the Bank of Cape Verde said that the country posted gross domestic product (GDP) growth of 5.6 percent, as compared to an estimated 4 percent in 2009.

The bank also said that in 2010 GDP growth had been influenced by strong recovery of domestic demand, particularly private spending and public investment. (macauhub)