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Cape Verde:
Economy

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Cape Verde Page


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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