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EconomyEconomy - overview
This island economy suffers from a poor natural resource base, including serious water shortages exacerbated by cycles of long-term drought and poor soil for agriculture on several of the islands. The economy is service oriented with commerce, transport, tourism, and public services accounting for about three-fourths of GDP. Although about 40% of the population lives in rural areas, the share of food production in GDP is low. About 82% of food must be imported. The fishing potential, mostly lobster and tuna, is not fully exploited. Cape Verde annually runs a high trade deficit financed by foreign aid and remittances from its large pool of emigrants; remittances supplement GDP by more than 20%. Despite the lack of resources, sound economic management has produced steadily improving incomes. Continued economic reforms are aimed at developing the private sector and attracting foreign investment to diversify the economy and mitigate high unemployment. Future prospects depend heavily on the maintenance of aid flows, the encouragement of tourism, remittances, and the momentum of the government's development program. Cape Verde became a member of the WTO in July 2008. Gdp (purchasing power parity) World Ranking: 189
$2.078 billion (2011 est.)
$1.978 billion (2010 est.) $1.88 billion (2009 est.) Note Data are in 2011 US dollars Gdp (official exchange rate)
$1.903 billion (2011 est.)
Gdp - real growth rate World Ranking: 68
5% (2011 est.)
5.2% (2010 est.) 3.7% (2009 est.) Gdp - per capita (ppp) World Ranking: 161
$4,000 (2011 est.)
$3,900 (2010 est.) $3,700 (2009 est.) Note Data are in 2011 US dollars Gdp - composition by sector
Agriculture 8.4%
Industry 15.7% Services 75.9% (2011 est.) Labor force World Ranking: 171
196,100 (2007)
Unemployment rate World Ranking: 163
21% (2000 est.)
Population below poverty line
30% (2000)
Household income or consumption by percentage share
Lowest 10% 1.9%
Highest 10% 40.6% (2000) Investment (gross fixed) World Ranking: 3
45.4% of GDP (2011 est.)
Budget
Revenues $552.2 million
Expenditures $743.8 million (2011 est.) Taxes and other revenues World Ranking: 96
29% of GDP (2011 est.)
Budget surplus (+) or deficit (-) World Ranking: 198
-10.1% of GDP (2011 est.)
Public debt World Ranking: 29
74.2% of GDP
73.2% of GDP Inflation rate (consumer prices) World Ranking: 113
4.5% (2011 est.)
2.1% (2010 est.) Central bank discount rate World Ranking: 39
7.5% (31 December 2010 est.)
7.5% (31 December 2009 est.) Commercial bank prime lending rate World Ranking: 79
9.81% (31 December 2011 est.)
11% (31 December 2010 est.) Stock of narrow money World Ranking: 159
$515.8 million (31 December 2011 est.) $584.7 million (31 December 2010 est.) Stock of broad money World Ranking: 157
$1.332 billion (31 December 2011 est.) $1.441 billion (31 December 2010 est.) Stock of domestic credit World Ranking: 146
$1.511 billion (31 December 2011 est.) $1.295 billion (31 December 2010 est.) Agriculture - products
Bananas, corn, beans, sweet potatoes, sugarcane, coffee, peanuts; fish Industries
Food and beverages, fish processing, shoes and garments, salt mining, ship repair Industrial production growth rate World Ranking: 81
4% (2010 est.)
Electricity - production World Ranking: 171
256.5 million kWh (2008 est.)
Electricity - consumption World Ranking: 175
238.6 million kWh (2008 est.)
Electricity - exports
0 kWh (2009 est.)
Electricity - imports
0 kWh (2009 est.)
Oil - production World Ranking: 160
0 bbl/day (2010 est.)
Oil - consumption World Ranking: 190
2,000 bbl/day (2010 est.)
Oil - exports World Ranking: 144
0 bbl/day (2009 est.)
Oil - imports World Ranking: 176
2,336 bbl/day (2009 est.)
Oil - proved reserves World Ranking: 115
0 bbl (1 January 2011 est.)
Natural gas - production World Ranking: 162
0 cu m (2009 est.)
Natural gas - consumption World Ranking: 160
0 cu m (2009 est.)
Natural gas - exports World Ranking: 74
0 cu m (2009 est.)
Natural gas - imports World Ranking: 168
0 cu m (2009 est.)
Natural gas - proved reserves World Ranking: 160
0 cu m (1 January 2011 est.)
Current account balance World Ranking: 92
-$290.8 million (2011 est.)
-$184.3 million (2010 est.) Exports World Ranking: 185
$191.4 million (2011 est.)
$135.3 million (2010 est.) Exports - commodities
Fuel, shoes, garments, fish, hides Exports - partners
Spain 65.9%, Portugal 18.9% (2011) Imports World Ranking: 174
$980.5 million (2011 est.)
$814.2 million (2010 est.) Imports - commodities
Foodstuffs, industrial products, transport equipment, fuels Imports - partners
Portugal 37%, Netherlands 25.4%, Spain 7%, Italy 5.2%, China 5.2% (2011) Reserves of foreign exchange and gold World Ranking: 148
$361 million (31 December 2011 est.) $382 million (31 December 2010 est.) Debt - external World Ranking: 163
$657.7 million (31 December 2011 est.) $652.5 millionExchange rates
Cape Verdean escudos (CVE) per US dollar - 79.323 (2011 est.)83.259 (2010 est.) 79.38 (2009) 73.84 (2008) 81.235 (2007) Fiscal year
Calendar year
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Cape Verde (Praia):
 
GPS points from Cape Verde (Praia)
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The uninhabited islands were discovered and colonized by the Portuguese in the 15th century; Cape Verde subsequently became a trading center for African slaves and later an important coaling and resupply stop for whaling and transatlantic shipping. Following independence in 1975, and a tentative interest in unification with Guinea-Bissau, a one-party system was established and maintained until multi-party elections were held in 1990. Cape Verde continues to exhibit one of Africa's most stable democratic governments. Repeated droughts during the second half of the 20th century caused significant hardship and prompted heavy emigration. As a result, Cape Verde's expatriate population is greater than its domestic one. Most Cape Verdeans have both African and Portuguese antecedents.