| People | 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. |
GDP (purchasing power parity):
|
$3.709 billion (2007 est.) |
GDP (official exchange rate):
|
$1.367 billion (2007 est.) |
GDP - real growth rate:
|
7% (2007 est.) |
GDP - per capita (PPP):
|
$7,000 (2007 est.) |
GDP - composition by sector:
|
agriculture: 9.3%
industry: 16.9%
services: 73.9% (2007 est.) |
Investment (gross fixed):
|
36.9% of GDP (2007 est.) |
Population below poverty line:
|
30% (2000) |
Household income or consumption by percentage share:
|
lowest 10%: NA%
highest 10%: NA% |
Distribution of family income - Gini index:
|
void |
Inflation rate (consumer prices):
|
3% (2007 est.) |
Labor force:
|
120,600 (1990) |
Labor force participation rate:
|
28.24 % of population |
Labor force - by occupation:
|
void |
Unemployment rate:
|
21% (2000 est.) |
Budget:
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revenues: $444.7 million
expenditures: $496 million (2007 est.) |
Budget revenues per capita:
|
1,042 USD per capita |
Public debt:
|
void |
Industries:
|
food and beverages, fish processing, shoes and garments, salt mining, ship repair |
Industrial production growth rate:
|
9% (2007 est.) |
Electricity - production:
|
45 million kWh (2005) |
Electricity - production per capita:
|
106 kWh per capita |
Electricity - consumption:
|
41.85 million kWh (2005) |
Electricity - consumption - per capita:
|
99 kWh per capita |
Electricity - exports:
|
0 kWh (2005) |
Electricity - imports:
|
0 kWh (2005) |
Oil - production:
|
0 bbl/day (2005) |
Oil - production per capita:
|
void |
Oil - consumption:
|
2,000 bbl/day (2005 est.) |
Oil - consumption - per capita:
|
1.71 bbl/year per capita |
Oil - exports:
|
0 bbl/day (2004) |
Oil - imports:
|
2,080 bbl/day (2004) |
Oil - proved reserves:
|
0 bbl (1 January 2006 est.) |
Natural gas - production:
|
0 cu m (2005 est.) |
Natural gas - production per capita:
|
void |
Natural gas - consumption:
|
0 cu m (2005 est.) |
Natural gas - consumption - per capita:
|
void |
Natural gas - exports:
|
0 cu m (2005 est.) |
Natural gas - imports:
|
0 cu m (2005) |
Natural gas - proved reserves:
|
0 cu m (1 January 2006 est.) |
Agriculture - products:
|
bananas, corn, beans, sweet potatoes, sugarcane, coffee, peanuts; fish |
Current account balance:
|
-$218 million (2007 est.) |
Current account balance - per capita:
|
-510 USD per capita |
Exports:
|
$100.2 million f.o.b. (2007 est.) |
Exports per capita:
|
235 USD per capita |
Exports - commodities:
|
fuel, shoes, garments, fish, hides |
Exports - partners:
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Spain 39.4%, Portugal 19.3%, Netherlands 11.3%, Germany 10.9%, Morocco 4.1% (2006) |
Imports:
|
$727.1 million f.o.b. (2007 est.) |
Imports per capita:
|
1,703 USD per capita |
Imports - commodities:
|
foodstuffs, industrial products, transport equipment, fuels |
Imports - partners:
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Portugal 41.1%, Netherlands 10.6%, Spain 6.5%, Italy 5.5%, Cote d'Ivoire 5.2%, Brazil 4.8% (2006) |
Reserves of foreign exchange and gold:
|
$343.8 million (31 December 2007 est.) |
Reserves of foreign exchange and gold - per capita:
|
806 USD per capita |
Debt - external:
|
$325 million (2002) |
Debt - external - per capita:
|
762 USD per capita |
Stock of direct foreign investment - at home:
|
void |
Stock of direct foreign investment - abroad:
|
void |
Market value of publicly traded shares:
|
void |
Economic aid - donor:
|
void |
Economic aid - recipient:
|
$160.6 million (2005) |
Economic aid - recipient per capita:
|
377 USD per capita |
Currency (code):
|
Cape Verdean escudo (CVE) |
Exchange rates:
|
Cape Verdean escudos (CVE) per US dollar - 81.235 (2007), 87.946 (2006), 88.67 (2005), 88.808 (2004), 97.703 (2003) |
Fiscal year:
|
calendar year |
|
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