Cape Verdean Businesses Grow 2.4% in 2024, Reaching 437 Million Contos in Turnover
In 2024, Cape Verde recorded a 2.4% increase in active companies, bringing the total to 18,641. This growth was primarily driven by the commerce, accommodation and catering, manufacturing, and construction sectors, which remain crucial for the national economy's dynamism. The total business turnover reached approximately 437 million contos, a significant 13.5% rise from the previous year. The commerce sector was the largest contributor, accounting for 44.0% of the total revenue. Employment within these active companies also saw a positive trend, with a 5.1% increase to 94,714 workers, indicating a strong capacity for job absorption. Geographically, the majority of businesses are concentrated in the municipalities of Praia, São Vicente, Sal, Santa Catarina, and Boa Vista, reinforcing their status as the country's primary economic hubs.
The reported growth in Cape Verdean businesses and their turnover suggests a positive economic trend, potentially driven by increased domestic demand or external investment. The concentration of economic activity in specific municipalities highlights the importance of regional development strategies to foster broader, more equitable growth. Future economic policy may benefit from analyzing the specific drivers within the commerce, accommodation, and construction sectors to sustain this momentum and diversify economic opportunities across the archipelago. Understanding the interplay between business expansion, employment figures, and turnover can inform strategies for long-term economic resilience and competitiveness in the coming decade.
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