Cape Verde. Auto sales soared 66.7% in 2019

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Lebenese car market
Renault-Captur-2020

Cape Verde Cars sales in 2019 have reported a very strong growth. Indeed, Full-year sales have been 750, up 66.7% from the previous year. Renault led the market, holding near 30% of the share, currently ahead of the historic leader, Toyota and Suzuki.

Economic Environment

Cape Verde’s economic growth momentum remains strong with real GDP growth estimated at 5% in 2019, thanks to robust activity in industry, fisheries, commerce, and tourism. Public investment’s impact on growth underperformed its potential due to inefficiencies in the large parastatal sector, which resulted in high public debt. Fiscal consolidation was put in place to counter debt, including a 3% of GDP cap on domestic borrowing.

Market Trend

Cape Verde’s vehicles market has registered a sharp growth during the last year. In 2018 registrations ended at 450 units, while in 2019 the market reported a strong growth. Indeed, Full-year sales have been 750, booming 66.7% from the previous year.

In the competitive landscape, Renault is leading the scene, holding near 30% of the market, currently ahead of the historic leader, Toyota and Suzuki.

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