| Economy | Cape Verde |
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Economy - overview:
|
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. The economy is service oriented with commerce, transport, tourism, and public services accounting for about three-fourths of GDP. 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):
|
$2.04 billion (2011 est.)
$1.938 billion (2010 est.)
$1.836 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
|
$4,000 (2011 est.)
$3,800 (2010 est.)
$3,700 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
|
$1.9 billion (2011 est.) |
GDP - real growth rate:
|
5.6% (2011 est.)
5.4% (2010 est.)
3.7% (2009 est.) |
GDP - composition by sector:
|
agriculture: 8.5%
industry: 16%
services: 75.5% (2011 est.) |
Investment (gross fixed):
|
35.7% of GDP (2011 est.) |
Population below poverty line:
|
30% (2000) |
Household income or consumption by percentage share:
|
lowest 10%: 1.9%
highest 10%: 40.6% (2000) |
Distribution of family income - Gini index:
|
void |
Inflation rate (consumer prices):
|
6.5% (2011 est.)
2.1% (2010 est.) |
Central bank discount rate:
|
7.5% (31 December 2010 est.)
7.5% (31 December 2009 est.) |
Commercial bank prime lending rate:
|
10% (31 December 2011 est.)
11% (31 December 2010 est.) |
Stock of money:
|
$563.4 million (31 December 2008)
$574 million (31 December 2007) |
Stock of money - per capita:
|
1,092 USD per capita |
Stock of quasi money:
|
$721.3 million (31 December 2008)
$689 million (31 December 2007) |
Stock of quasi money - per capita:
|
1,398 USD per capita |
Stock of domestic credit:
|
$1.511 billion (31 December 2011 est.)
$1.295 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
|
2,928 USD per capita |
Stock of narrow money:
|
$741.4 million (31 December 2011 est.)
$640.1 million (31 December 2010 est.) |
Stock of broad money:
|
$1.669 billion (31 December 2011 est.)
$1.441 billion (31 December 2010 est.) |
Labor force:
|
196,100 (2007) |
Labor force participation rate:
|
38.00 % of population |
Labor force - by occupation:
|
void |
Unemployment rate:
|
21% (2000 est.) |
Unemployment, youth ages 15-24:
|
void |
Budget:
|
revenues: $649.1 million
expenditures: $895.2 million (2011 est.) |
Budget revenues per capita:
|
1,258 USD per capita |
Taxes and other revenues:
|
34.2% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
|
-13% of GDP (2011 est.) |
Public debt:
|
void |
Industries:
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food and beverages, fish processing, shoes and garments, salt mining, ship repair |
Industrial production growth rate:
|
4% (2010 est.) |
Electricity - production:
|
256.5 million kWh (2008 est.) |
Electricity - production per capita:
|
497 kWh per capita |
Electricity - consumption:
|
238.6 million kWh (2008 est.) |
Electricity - consumption - per capita:
|
463 kWh per capita |
Electricity - exports:
|
0 kWh (2009 est.) |
Electricity - imports:
|
0 kWh (2009 est.) |
Oil - production:
|
0 bbl/day (2010 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
|
2,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
|
1.41 bbl/year per capita |
Oil - exports:
|
0 bbl/day (2009 est.) |
Oil - imports:
|
2,336 bbl/day (2009 est.) |
Oil - proved reserves:
|
0 bbl (1 January 2011 est.) |
Natural gas - production:
|
0 cu m (2009 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2009 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
|
0 cu m (2009 est.) |
Natural gas - imports:
|
0 cu m (2009 est.) |
Natural gas - proved reserves:
|
0 cu m (1 January 2011 est.) |
Agriculture - products:
|
bananas, corn, beans, sweet potatoes, sugarcane, coffee, peanuts; fish |
Current account balance:
|
-$264.4 million (2011 est.)
-$223.3 million (2010 est.) |
Current account balance - per capita:
|
-512 USD per capita |
Exports:
|
$108.5 million (2011 est.)
$97.8 million (2010 est.) |
Exports per capita:
|
211 USD per capita |
Exports - commodities:
|
fuel, shoes, garments, fish, hides |
Exports - partners:
|
Spain 61.9%, Portugal 16.6%, Morocco 6.9% (2010) |
Imports:
|
$868.2 million (2011 est.)
$796.7 million (2010 est.) |
Imports per capita:
|
1,683 USD per capita |
Imports - commodities:
|
foodstuffs, industrial products, transport equipment, fuels |
Imports - partners:
|
Portugal 41.6%, Netherlands 17.7%, Spain 6.9%, China 4.1% (2010) |
Reserves of foreign exchange and gold:
|
$420.1 million (31 December 2011 est.)
$394.2 million (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
|
814 USD per capita |
Debt - external:
|
$325 million (2002) |
Debt - external - per capita:
|
630 USD per capita |
Stock of direct foreign investment - at home:
|
void |
Stock of direct foreign investment - at home - per capita:
|
void |
Stock of direct foreign investment - abroad:
|
void |
Stock of direct foreign investment - abroad - per capita:
|
void |
Market value of publicly traded shares:
|
void |
Market value of publicly traded shares - per capita:
|
void |
Currency (code):
|
Cape Verdean escudo (CVE) |
Exchange rates:
|
Cape Verdean escudos (CVE) per US dollar -
79.65 (2011 est.)
83.26 (2010 est.)
79.38 (2009)
73.84 (2008)
81.235 (2007) |
Fiscal year:
|
calendar year |
|
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