Economy - overview:
Cabo Verde’s economy 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):
$3.777 billion (2017 est.)
$3.631 billion (2016 est.)
$3.468 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world (CIA rank, may be based on non-current data): 182
[see also: GDP country ranks ]

GDP (official exchange rate):
$1.776 billion (2017 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
4% (2017 est.)
4.7% (2016 est.)
1% (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 75
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$7,000 (2017 est.)
$6,800 (2016 est.)
$6,600 (2015 est.)
note: data are in 2017 dollars
country comparison to the world (CIA rank, may be based on non-current data): 157
[see also: GDP - per capita country ranks ]

Gross national saving:
32.4% of GDP (2017 est.)
34.8% of GDP (2016 est.)
35.6% of GDP (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 25
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 50.1% (2017 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 18.3% (2017 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 32.2% (2017 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 1.9% (2017 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 48.6% (2017 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -51.1% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 8.9% (2017 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 17.5% (2017 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 73.7% (2017 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:
2.9% (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 107
[see also: Industrial production growth rate country ranks ]

Labor force:
196,100 (2007 est.)
country comparison to the world (CIA rank, may be based on non-current data): 174
[see also: Labor force country ranks ]

Unemployment rate:
9% (2017 est.)
9% (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 131
[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% (2000)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Budget:
revenues: 493.5 million (2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 546.7 million (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
27.8% (of GDP) (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 98
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-3% (of GDP) (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 131
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
125.8% of GDP (2017 est.)
127.6% of GDP (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 8
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
0.8% (2017 est.)
-1.4% (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 39
[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 (CIA rank, may be based on non-current data): 42
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
9.5% (31 December 2017 est.)
9.61% (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 89
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$774 million (31 December 2017 est.)
$602.1 million (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 161
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$774 million (31 December 2017 est.)
$602.1 million (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 165
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$1.61 billion (31 December 2017 est.)
$1.316 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 158
[see also: Stock of domestic credit country ranks ]

Current account balance:
-$109 million (2017 est.)
-$40 million (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 87
[see also: Current account balance country ranks ]

Exports:
$189 million (2017 est.)
$148.4 million (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 190
[see also: Exports country ranks ]

Exports - partners:
Spain 45.3%, Portugal 40.3%, Netherlands 8.1% (2017)

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

Imports:
$836.1 million (2017 est.)
$687.3 million (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 189
[see also: Imports country ranks ]

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

Imports - partners:
Portugal 43.9%, Spain 11.6%, Netherlands 6.1%, China 6.1% (2017)

Reserves of foreign exchange and gold:
$617.4 million (31 December 2017 est.)
$572.7 million (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 145
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$1.713 billion (31 December 2017 est.)
$1.688 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 155
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$2.088 billion (31 December 2017 est.)
$1.735 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 119
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$64.6 million (31 December 2017 est.)
$39.9 million (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 113
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
Cabo Verdean escudos (CVE) per US dollar -
101.8 (2017 est.)
99.688 (2016 est.)
99.688 (2015 est.)
99.426 (2014 est.)
83.114 (2013 est.)