Page last updated on February 5, 2013
Economy - overview:
The economy is service oriented with commerce, transport, tourism, and public services accounting for about three-fourths of GDP. 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. 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):
$2.188 billion (2012 est.)
country comparison to the world: 191
$2.088 billion (2011 est.)
$1.985 billion (2010 est.)
note:
data are in 2012 US dollars
[see also:
GDP country ranks ]
GDP (official exchange rate):
$1.857 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]
GDP - real growth rate:
4.8% (2012 est.)
country comparison to the world: 66
5.2% (2011 est.)
5.4% (2010 est.)
[see also:
GDP - real growth rate country ranks ]
GDP - per capita (PPP):
$4,100 (2012 est.)
country comparison to the world: 163
$4,000 (2011 est.)
$3,900 (2010 est.)
note:
data are in 2012 US dollars
[see also:
GDP - per capita country ranks ]
GDP - composition by sector:
agriculture: 8.1%
[see also: GDP - composition by sector - agriculture country ranks ]
industry:
15.8%
services:
76.1% (2012 est.)
Labor force:
196,100 (2007)
country comparison to the world: 171
[see also: Labor force country ranks ]
Unemployment rate:
21% (2000 est.)
country comparison to the world: 164
[see also: Unemployment rate country ranks ]
Population below poverty line:
30% (2000)
[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)
Investment (gross fixed):
46.4% of GDP (2012 est.)
country comparison to the world: 2
[see also: Investment (gross fixed) country ranks ]
Budget:
revenues: $539.2 million
[see also: Budget revenues country ranks ]
expenditures:
$724.4 million (2012 est.)
Taxes and other revenues:
28.9% of GDP (2012 est.)
country comparison to the world: 105
[see also: Taxes and other revenues country ranks ]
Budget surplus (+) or deficit (-):
-9.9% of GDP (2012 est.)
country comparison to the world: 201
[see also: Budget surplus (+) or deficit (-) country ranks ]
Public debt:
83.1% of GDP (2012 est.)
country comparison to the world: 24
77.5% of GDP (2011 est.)
[see also:
Public debt country ranks ]
Inflation rate (consumer prices):
2.4% (2012 est.)
country comparison to the world: 48
4.5% (2011 est.)
[see also:
Inflation rate (consumer prices) country ranks ]
Central bank discount rate:
7.5% (31 December 2010 est.)
country comparison to the world: 37
7.5% (31 December 2009 est.)
[see also:
Central bank discount rate country ranks ]
Commercial bank prime lending rate:
9.6% (31 December 2012 est.)
country comparison to the world: 93
9.8% (31 December 2011 est.)
[see also:
Commercial bank prime lending rate country ranks ]
Stock of narrow money:
$454.5 million (31 December 2012 est.)
country comparison to the world: 160
$443.1 million (31 December 2011 est.)
[see also:
Stock of narrow money country ranks ]
Stock of broad money:
$1.362 billion (31 December 2012 est.)
country comparison to the world: 160
$1.322 billion (31 December 2011 est.)
[see also:
Stock of broad money country ranks ]
Stock of domestic credit:
$1.37 billion (31 December 2012 est.)
country comparison to the world: 148
$1.353 billion (31 December 2011 est.)
[see also:
Stock of domestic credit 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:
4% (2010 est.)
country comparison to the world: 80
[see also: Industrial production growth rate country ranks ]
Current account balance:
-$257.9 million (2012 est.)
country comparison to the world: 84
-$287.8 million (2011 est.)
[see also:
Current account balance country ranks ]
Exports:
$205.1 million (2012 est.)
country comparison to the world: 185
$211 million (2011 est.)
[see also:
Exports country ranks ]
Exports - commodities:
fuel, shoes, garments, fish, hides
Exports - partners:
Spain 64.4%, Portugal 18.5% (2011)
Imports:
$1.038 billion (2012 est.)
country comparison to the world: 176
$1.06 billion (2011 est.)
[see also:
Imports country ranks ]
Imports - commodities:
foodstuffs, industrial products, transport equipment, fuels
Imports - partners:
Portugal 36.8%, Netherlands 25.3%, Spain 7%, Italy 5.2%, China 5.2% (2011)
Reserves of foreign exchange and gold:
$393.5 million (31 December 2012 est.)
country comparison to the world: 150
$339 million (31 December 2011 est.)
[see also:
Reserves of foreign exchange and gold country ranks ]
Debt - external:
$741.3 million (31 December 2012 est.)
country comparison to the world: 164
$824.2 million (31 December 2011 est.)
[see also:
Debt - external country ranks ]
Exchange rates:
Cape Verdean escudos (CVE) per US dollar -
86.42 (2012 est.)
79.32 (2011 est.)
83.259 (2010 est.)
79.38 (2009)
73.84 (2008)
Fiscal year:
calendar year
NOTE: The information regarding Cape Verde on this page is re-published from the 2013 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Cape Verde Economy 2013 information contained here. All suggestions for corrections of any errors about Cape Verde Economy 2013 should be addressed to the CIA.
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