Cape Verde’s industrial production experienced a significant growth of 10.4% in the first quarter of this year compared to the same period in the previous year, as reported by the National Statistics Institute (INE).
Although this increase between January and March indicates a slight decline of 1.2 percentage points compared to the previous quarter of 2022.
The sectors of the manufacturing industry and electricity, gas, steam, hot and cold water, and air industry made notable contributions to the positive variation of the index.
The industrial price index also witnessed a rise of 12.6% in the first quarter compared to the same period last year. Manufacturing industries played a significant role in influencing this upward trend.
Turnover in Cape Verde’s industrial sector increased by 22.6% during the first three months of the year, with manufacturing experiencing a 27% increase.
However, extractive industries saw a decline in turnover by 79%.
Employment and hours worked also saw positive growth in the first quarter, with an increase of 0.7% and 0.4% respectively.
However, the extractive industries experienced a decrease in employment (-1.8%) and hours worked (-14.0%) indices.
In terms of industrial wages, there was a year-on-year change of 1.3%. Extractive industries saw a decrease of 3.3%, while manufacturing industries recorded an increase of 1.6%.
The electricity, gas, steam, hot and cold water, and air conditioning sectors witnessed variations of 3.9% and -9.4% respectively in terms of employment.
Overall, Cape Verde’s industrial sector has shown positive growth and performance in various key indicators, contributing to the country’s economic development.