| 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. 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):
|
$1.68 billion (2009 est.)
$1.65 billion (2008 est.)
$1.564 billion (2007 est.)
note: data are in 2009 US dollars |
GDP - per capita (PPP):
|
$3,900 (2009 est.)
$3,900 (2008 est.)
$3,700 (2007 est.)
note: data are in 2009 US dollars |
GDP (official exchange rate):
|
$1.755 billion (2009 est.) |
GDP - real growth rate:
|
1.8% (2009 est.)
5.5% (2008 est.)
6.9% (2007 est.) |
GDP - composition by sector:
|
agriculture: 9.2%
industry: 16.5%
services: 74.3% (2009 est.) |
Investment (gross fixed):
|
38.5% of GDP (2009 est.) |
Population below poverty line:
|
30% (2000) |
Household income or consumption by percentage share:
|
lowest 10%: 1.9%
highest 10%: 40.6% |
Distribution of family income - Gini index:
|
void |
Inflation rate (consumer prices):
|
4% (2009 est.)
6.8% (2008 est.) |
Central bank discount rate:
|
7.5% (31 December 2008)
8.5% (31 December 2007) |
Commercial bank prime lending rate:
|
9.99% (31 December 2008)
10.55% (31 December 2007) |
Stock of money:
|
$563.4 million (31 December 2008)
$574 million (31 December 2007) |
Stock of money - per capita:
|
1,312 USD per capita |
Stock of quasi money:
|
$721.3 million (31 December 2008)
$689 million (31 December 2007) |
Stock of quasi money - per capita:
|
1,680 USD per capita |
Stock of domestic credit:
|
$1.153 billion (31 December 2008)
$1.049 billion (31 December 2007) |
Stock of domestic credit - per capita:
|
2,685 USD per capita |
Labor force:
|
196,100 (2007) |
Labor force participation rate:
|
45.66 % of population |
Labor force - by occupation:
|
void |
Unemployment rate:
|
21% (2000 est.) |
Budget:
|
revenues: $480 million
expenditures: $595.9 million (2009 est.) |
Budget revenues per capita:
|
1,118 USD per capita |
Public debt:
|
void |
Industries:
|
food and beverages, fish processing, shoes and garments, salt mining, ship repair |
Industrial production growth rate:
|
1.5% (2009 est.) |
Electricity - production:
|
250 million kWh (2007 est.) |
Electricity - production per capita:
|
583 kWh per capita |
Electricity - consumption:
|
232.5 million kWh (2007 est.) |
Electricity - consumption - per capita:
|
542 kWh per capita |
Electricity - exports:
|
0 kWh (2008 est.) |
Electricity - imports:
|
0 kWh (2008 est.) |
Oil - production:
|
0 bbl/day (2008 est.) |
Oil - production per capita:
|
void |
Oil - consumption:
|
2,000 bbl/day (2008 est.) |
Oil - consumption - per capita:
|
1.70 bbl/year per capita |
Oil - exports:
|
0 bbl/day (2007 est.) |
Oil - imports:
|
1,619 bbl/day (2007 est.) |
Oil - proved reserves:
|
0 bbl (1 January 2009 est.) |
Natural gas - production:
|
0 cu m (2008 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2008 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
|
0 cu m (2008 est.) |
Natural gas - imports:
|
0 cu m (2008 est.) |
Natural gas - proved reserves:
|
0 cu m (1 January 2009 est.) |
Agriculture - products:
|
bananas, corn, beans, sweet potatoes, sugarcane, coffee, peanuts; fish |
Current account balance:
|
$-212 million (2009 est.)
$-259 million (2008 est.) |
Current account balance - per capita:
|
-493 USD per capita |
Exports:
|
$97 million (2009 est.)
$105 million (2008 est.) |
Exports per capita:
|
226 USD per capita |
Exports - commodities:
|
fuel, shoes, garments, fish, hides |
Exports - partners:
|
Japan 37.5%, Spain 28.5%, Portugal 17.5%, Morocco 4.8% (2008) |
Imports:
|
$767 million (2009 est.)
$864 million (2008 est.) |
Imports per capita:
|
1,786 USD per capita |
Imports - commodities:
|
foodstuffs, industrial products, transport equipment, fuels |
Imports - partners:
|
Portugal 40.3%, Netherlands 11.8%, Spain 6.7%, UK 6.5%, Cote d'Ivoire 4.6%, Brazil 4.1% (2008) |
Reserves of foreign exchange and gold:
|
$205 million (31 December 2009 est.)
$258 million (31 December 2008 est.) |
Reserves of foreign exchange and gold - per capita:
|
478 USD per capita |
Debt - external:
|
$325 million (2002 est.) |
Debt - external - per capita:
|
757 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 |
Economic aid - donor:
|
void |
Economic aid - recipient:
|
$160.6 million |
Economic aid - recipient per capita:
|
374 USD per capita |
Currency (code):
|
Cape Verdean escudo (CVE) |
Exchange rates:
|
Cape Verdean escudos (CVE) per US dollar - 81.319 (2009), 73.84 (2008), 81.235 (2007), 87.946 (2006), 88.67 (2005) |
Fiscal year:
|
calendar year |
|
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