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    Cape Verde Economy - 1990

      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 lives 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: $158 million, per capita $494; real growth rate 6.1% (1987)

      Inflation rate (consumer prices): 3.8% (1987)

      Unemployment rate: 25% (1988)

      Budget: revenues $80 million; expenditures $87 million, including capital expenditures of $45 million (1988 est.)

      Exports: $8.9 million (f.o.b., 1987); commodities--fish, bananas, salt; partners--Portugal, Angola, Algeria, Belgium/Luxembourg, Italy

      Imports: $124 million (c.i.f., 1987); commodities--petroleum, foodstuffs, consumer goods, industrial products; partners--Portugal, Netherlands, Spain, France, US, FRG

      External debt: $140 million (December 1988)

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

      Electricity: 14,000 kW capacity; 18 million kWh produced, 50 kWh per capita (1989)

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

      Agriculture: accounts for 16% of GDP; largely subsistence farming; bananas are the only export crop; other crops--corn, beans, sweet potatoes, coffee; growth potential of agricultural sector limited by poor soils and limited rainfall; annual food imports required; fish catch provides for both domestic consumption and small exports

      Aid: US commitments, including Ex-Im (FY75-88), $83 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-87), $540 million; OPEC bilateral aid (1979-89), $12 million; Communist countries (1970-88), $36 million

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

      Exchange rates: Cape Verdean escudos (CVEsc) per US$1--72.31 (February 1990), 74.86 (December 1989), 72.01 (1988), 72.5 (1987), 76.56 (1986), 85.38 (1985)

      Fiscal year: calendar year

      NOTE: The information regarding Cape Verde on this page is re-published from the 1990 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Cape Verde Economy 1990 information contained here. All suggestions for corrections of any errors about Cape Verde Economy 1990 should be addressed to the CIA.

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    Revised 07-Feb-03
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