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Cabo Verde Economy 2017
https://theodora.com/wfbcurrent/cabo_verde/cabo_verde_economy.html
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES











Cabo Verde Economy 2017
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 12, 2017

Economy - overview:
Cabo Verde’s economy is vulnerable to external shocks and depends on development aid, foreign investment, remittances, and tourism. The economy is service-oriented with commerce, transport, tourism, and public services accounting for about three-fourths of GDP. Tourism is the mainstay of the economy and depends on conditions in the euro-zone countries. Cabo Verde annually runs a high trade deficit financed by foreign aid and remittances from its large pool of emigrants; remittances as a share of GDP are one of the highest in Sub-Saharan Africa.Although about 40% of the population lives in rural areas, the share of food production in GDP is low. The island economy suffers from a poor natural resource base, including serious water shortages, exacerbated by cycles of long-term drought, and poor soil for growing food on several of the islands, requiring it to import most of what it consumes. The fishing potential, mostly lobster and tuna, is not fully exploited.Economic reforms are aimed at developing the private sector and attracting foreign investment to diversify the economy and mitigate high unemployment. The government’s elevated debt levels have limited its capacity to finance any shortfalls.

GDP (purchasing power parity):
$3.583 billion (2016 est.) $3.457 billion (2015 est.) $3.408 billion (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 180
[see also: GDP country ranks ]

GDP (official exchange rate):
$1.684 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
3.6% (2016 est.) 1.5% (2015 est.) 1.9% (2014 est.)
country comparison to the world: 70
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$6,700 (2016 est.) $6,600 (2015 est.) $6,600 (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 158
[see also: GDP - per capita country ranks ]

Gross national saving:
33.4% of GDP (2016 est.) 36.4% of GDP (2015 est.) 28% of GDP (2014 est.)
country comparison to the world: 15
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 53.5%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 15.2%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 33.2%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.8%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 32.9%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -35.6% (2016 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 7.4%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 16.4%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 76.2% (2016 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

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:
1.9% (2016 est.)
country comparison to the world: 113
[see also: Industrial production growth rate country ranks ]

Labor force:
196,100 (2007 est.)
country comparison to the world: 172
[see also: Labor force country ranks ]

Unemployment rate:
12% (2014 est.) 16.4% (2013 est.)
country comparison to the world: 136
[see also: Unemployment rate country ranks ]

Population below poverty line:
30% (2000 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 1.9%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 40.6% (2001)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Budget:
revenues: $405.7 million
[see also: Budget revenues country ranks ]
expenditures: $477.4 million (2016 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
24.1% of GDP (2016 est.)
country comparison to the world: 120
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-4.3% of GDP (2016 est.)
country comparison to the world: 144
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
116.8% of GDP (2016 est.) 116% of GDP (2015 est.)
country comparison to the world: 8
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
0.7% (2016 est.) 0.1% (2015 est.)
country comparison to the world: 56
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
7.5% (31 December 2010) 7.5% (31 December 2009)
country comparison to the world: 43
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
10% (31 December 2016 est.) 10.41% (31 December 2015 est.)
country comparison to the world: 82
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$576.8 million (31 December 2016 est.) $557.5 million (31 December 2015 est.)
country comparison to the world: 163
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$1.552 billion (31 December 2016 est.) $1.526 billion (31 December 2015 est.)
country comparison to the world: 163
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$1.309 billion (31 December 2016 est.) $1.324 billion (31 December 2015 est.)
country comparison to the world: 157
[see also: Stock of domestic credit country ranks ]

Current account balance:
-$130 million (2016 est.) -$69 million (2015 est.)
country comparison to the world: 74
[see also: Current account balance country ranks ]

Exports:
$148.2 million (2016 est.) $149.2 million (2015 est.)
country comparison to the world: 188
[see also: Exports country ranks ]

Exports - commodities:
fuel (re-exports), shoes, garments, fish, hides

Exports - partners:
Australia 83%, Spain 8.6% (2015)

Imports:
$618.1 million (2016 est.) $630.7 million (2015 est.)
country comparison to the world: 188
[see also: Imports country ranks ]

Imports - commodities:
foodstuffs, industrial products, transport equipment, fuels

Imports - partners:
Portugal 29.9%, Australia 26.4%, Netherlands 11.2%, Spain 5.6%, China 5.6% (2015)

Reserves of foreign exchange and gold:
$447.6 million (31 December 2016 est.) $494.5 million (31 December 2015 est.)
country comparison to the world: 150
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$1.66 billion (31 December 2016 est.) $1.534 billion (31 December 2015 est.)
country comparison to the world: 155
[see also: Debt - external country ranks ]

Exchange rates:
Cabo Verdean escudos (CVE) per US dollar - 101.8 (2016 est.) 99.426 (2015 est.) 99.426 (2014 est.) 83.114 (2013 est.) 85.82 (2012 est.)

NOTE: The information regarding Cabo Verde on this page is re-published from the 2017 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Cabo Verde Economy 2017 information contained here. All suggestions for corrections of any errors about Cabo Verde Economy 2017 should be addressed to the CIA.




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