Cabo Verde Economy - 2024

Economic overview

tourism-dominated economy benefits from the country’s relative close proximity to Europe; 2009 Financial Crisis halted economic growth for seven years; leveraging export-based growth; COVID-19 decimated economic growth and recovery; high external debt

Real GDP (purchasing power parity)

$3.595 billion (2021 est.)
$3.361 billion (2020 est.)
$3.944 billion (2019 est.)

note: data are in 2017 dollars

Real GDP growth rate

6.95% (2021 est.)
-14.78% (2020 est.)
5.67% (2019 est.)

Real GDP per capita

$6,100 (2021 est.)
$5,800 (2020 est.)
$6,800 (2019 est.)

note: data are in 2017 dollars

GDP (official exchange rate)

$1.971 billion (2019 est.)

Inflation rate (consumer prices)

1.86% (2021 est.)
0.61% (2020 est.)
1.11% (2019 est.)

Credit ratings

Fitch rating: B- (2020)

Standard & Poors rating: B (2013)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 8.9% (2017 est.)

industry: 17.5% (2017 est.)

services: 73.7% (2017 est.)

GDP - composition, by end use

household consumption: 50.1% (2017 est.)

government consumption: 18.3% (2017 est.)

investment in fixed capital: 32.2% (2017 est.)

investment in inventories: 1.9% (2017 est.)

exports of goods and services: 48.6% (2017 est.)

imports of goods and services: -51.1% (2017 est.)

Agricultural products

sugar cane, tomatoes, bananas, cabbages, coconuts, cassava, pulses, vegetables, milk, goat milk

Industries

food and beverages, fish processing, shoes and garments, salt mining, ship repair

Industrial production growth rate

11.76% (2021 est.)

Labor force

234,300 (2021 est.)

Unemployment rate

15.42% (2021 est.)
15.31% (2020 est.)
12.22% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 34.3% (2021 est.)

male: 29.9%

female: 40.7%

Population below poverty line

35% (2015 est.)

Gini Index coefficient - distribution of family income

42.4 (2015 est.)

Household income or consumption by percentage share

lowest 10%: 1.9%

highest 10%: 40.6% (2000)

Remittances

16.12% of GDP (2021 est.)
14.43% of GDP (2020 est.)
12.18% of GDP (2019 est.)

Budget

revenues: $583 million (2019 est.)

expenditures: $619 million (2019 est.)

Budget surplus (+) or deficit (-)

-3% (of GDP) (2017 est.)

Public debt

125.8% of GDP (2017 est.)
127.6% of GDP (2016 est.)

Taxes and other revenues

20.09% (of GDP) (2017 est.)

Fiscal year

calendar year

Current account balance

-$256.181 million (2021 est.)
-$284.109 million (2020 est.)
$6.477 million (2019 est.)

Exports

$459.923 million (2021 est.)
$415.242 million (2020 est.)
$1.006 billion (2019 est.)

note: Data are in current year dollars and do not include illicit exports or re-exports.

Exports - partners

Spain 65%, Portugal 14%, Italy 8% (2019)

Exports - commodities

tuna, mackerel, aircraft, other processed and frozen fish, postage stamps and title bond paper documents, mollusks (2021)

Imports

$1.117 billion (2021 est.) note: data are in current year dollars
$1.008 billion (2020 est.) note: data are in current year dollars
$1.287 billion (2019 est.) note: data are in current year dollars

Imports - partners

Portugal 36%, Netherlands 16%, Spain 11%, China 6% (2019)

Imports - commodities

refined petroleum, delivery trucks, coal tar oil, cars, rice (2019)

Reserves of foreign exchange and gold

$769.65 million (31 December 2021 est.)
$735.085 million (31 December 2020 est.)
$737.991 million (31 December 2019 est.)

Debt - external

$1.713 billion (31 December 2017 est.)
$1.688 billion (31 December 2016 est.)

Exchange rates

Cabo Verdean escudos (CVE) per US dollar -

Exchange rates:
93.218 (2021 est.)
96.796 (2020 est.)
98.495 (2019 est.)
93.414 (2018 est.)
97.807 (2017 est.)