Overview: Cape Verde's low per capita GDP reflects a poor natural resource base, a 17-year drought, and a high birth rate. The economy is service oriented, with commerce, transport, and public services accounting for 60% of GDP during the period 1984-86. Although nearly 70% of the population live in rural areas, agriculture's share of GDP is only 16%; the fishing and manufacturing sectors are 4% each. About 90% of food must be imported. The fishing potential of the islands is not fully exploited (the fish catch--mostly lobster and tuna--came to only 10,000 tons in 1985). Cape Verde annually runs a high trade deficit, financed by remittances from emigrants, cash grants, food aid, and foreign loans.

GDP: $136 million, per capita $400; real growth rate 5.8% (1987 est.)

Inflation rate (consumer prices): 11.0% .sp

Inflation rate (consumer prices): 11.0%

Unemployment rate: 25% (1988)

Budget: revenues $20.4 million; expenditures $26.7 million, including capital expenditures of $NA (1984)

Exports: $5.6 million (f.o.b., 1987); @m5commodities--fish, bananas, salt; @m5partners--Portugal, Central African Republic, Guinea-Bissau, Netherlands

Imports: $82 million (c.i.f., 1987); @m5commodities--petroleum, foodstuffs, consumer goods, industrial products; @m5partners--Portugal, FRG, Netherlands, Spain, France, US

External debt: $141 million (December 1988)

Industrial production: growth rate 0% (1986 est.)

Electricity: 14,000 kW capacity; 18 million kWh produced, 50 kWh per capita (1988)

Industry: fish processing, salt mining, clothing factories, ship repair

Agriculture: staple crops are corn, beans, and sweet potatoes; other crops include coffee, bananas, cassava, castor beans

Aid: NA

Currency: Cape Verdean escudo (plural--escudos); 1 Cape Verdean escudo (CVEsc) = 100 centavos

Exchange rates: Cape Verdean escudos (CVEsc) per US$1--72.41 (December 1987), NA (1987), 76.565 (1986), 85.375 (1985)

Fiscal year: calendar year

NOTE: The information regarding Cape Verde on this page is re-published from the 1989 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Cape Verde Economy 1989 information contained here. All suggestions for corrections of any errors about Cape Verde Economy 1989 should be addressed to the CIA.