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Cape Verde:
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Other pages in this profile of Cape Verde:
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
Geography, People, Government, Communications & Transportation, Military & Transnational Issues.
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Economy - overview |
Definition This island economy suffers from a poor natural resource base, including serious water shortages exacerbated by cycles of long-term drought. The economy is service-oriented, with commerce, transport, tourism, and public services accounting for about three-fourths of GDP. Although nearly 70% 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 emigrants; remittances supplement GDP by more than 20%. Economic reforms are aimed at developing the private sector and attracting foreign investment to diversify the economy. 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) |
Definition - World rank and map $1.603 billion (2007 est.) |
GDP (official exchange rate) |
Definition $1.428 billion (2007 est.) |
GDP - real growth rate |
Definition - World rank and map 6.9% (2007 est.) |
GDP - per capita |
Definition - World rank and map $3,200 (2007 est.) |
GDP - composition by sector |
Definition agriculture: 9.3% industry: 16.7% services: 74% (2007 est.) |
Labor force |
Definition 120,600 (1990) |
Unemployment rate |
Definition - World rank and map 21% (2000 est.) |
Population below poverty line |
Definition 30% (2000) |
Household income or consumption by percentage share |
Definition lowest 10%: NA% highest 10%: NA% |
Inflation rate (consumer prices) |
Definition - World rank and map 4.4% (2007 est.) |
Investment (gross fixed) |
Definition - World rank and map 37.1% of GDP (2007 est.) |
Budget |
Definition revenues: $436.1 million expenditures: $449.7 million (2007 est.) |
Agriculture - products |
Definition bananas, corn, beans, sweet potatoes, sugarcane, coffee, peanuts; fish |
Industries |
Definition food and beverages, fish processing, shoes and garments, salt mining, ship repair |
Industrial production growth rate |
Definition - World rank and map 7.5% (2007 est.) |
Electricity - production |
Definition - World rank and map 45 million kWh (2005) |
Electricity - consumption |
Definition - World rank and map 41.85 million kWh (2005) |
Electricity - consumption per capita |
Definition - World rank and map 98.1 kWh (2005) |
Electricity - exports |
Definition 0 kWh (2005) |
Electricity - imports |
Definition 0 kWh (2005) |
Oil - production |
Definition - World rank and map 0 bbl/day (2005) |
Oil - consumption |
Definition - World rank and map 2,000 bbl/day (2005 est.) |
Oil - consumption per 1,000 people |
Definition - World rank and map 4.7 bbl/day (2005 est.) |
Oil - exports |
Definition - World rank and map 0 bbl/day (2004) |
Oil - imports |
Definition - World rank and map 2,080 bbl/day (2004) |
Oil - proved reserves |
Definition - World rank and map 0 bbl (1 January 2006 est.) |
Natural gas - production |
Definition - World rank and map 0 cu m (2005 est.) |
Natural gas - consumption |
Definition - World rank and map 0 cu m (2005 est.) |
Natural gas - consumption per capita |
Definition - World rank and map 0 cu m (2005 est.) |
Natural gas - exports |
Definition - World rank and map 0 cu m (2005 est.) |
Natural gas - imports |
Definition - World rank and map 0 cu m (2005) |
Natural gas - proved reserves |
Definition - World rank and map 0 cu m (1 January 2006 est.) |
Current account balance |
Definition - World rank and map -$144 million (2007 est.) |
Exports |
Definition - World rank and map $80.36 million f.o.b. (2007 est.) |
Exports - commodities |
Definition fuel, shoes, garments, fish, hides |
Exports - partners |
Definition Spain 36.1%, Portugal 28.5%, Morocco 6.8%, UK 6.7%, US 6.4% (2006) |
Imports |
Definition - World rank and map $768 million f.o.b. (2007 est.) |
Imports - commodities |
Definition foodstuffs, industrial products, transport equipment, fuels |
Imports - partners |
Definition Portugal 40.3%, Netherlands 10.9%, France 6.5%, Spain 5.6%, Cote d'Ivoire 4.9%, Italy 4.7%, Brazil 4.5% (2006) |
Reserves of foreign exchange and gold |
Definition - World rank and map $348 million (31 December 2007 est.) |
Debt - external |
Definition - World rank and map $325 million (2002) |
Economic aid - recipient |
Definition $160.6 million (2005) |
Currency (code) |
Definition Cape Verdean escudo (CVE) |
Exchange rates |
Definition Cape Verdean escudos (CVE) per US dollar - 81.235 (2007), 87.946 (2006), 88.67 (2005), 88.808 (2004), 97.703 (2003) |
Fiscal year |
Definition calendar year |
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