Economy Of Cape Verde
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Economy overview
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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 72% of GDP. Although nearly 70% of the population lives in rural areas, the share of agriculture in GDP in 2001 was only 11%, of which fishing accounted for 1.5%. 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. Prospects for 2004 depend heavily on the maintenance of aid flows, tourism, remittances, and the momentum of the government's development program.
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GDP
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purchasing power parity - $600 million (2002 est.)
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GDP - real growth rate
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4% (2004 est.)
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GDP - per capita
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purchasing power parity - $1,400 (2002 est.)
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GDP - composition by sector
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agriculture: 10%
industry: 16.5%
services: 62.8% (2004 est.)
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Investment gross fixed
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16.5% of GDP (2004 est.)
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Population below poverty line
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30% (2000)
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Household income or consumption by percentage share
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lowest 10%: NA
highest 10%: NA
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Distribution of family income - Gini index
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Inflation rate consumer prices
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3% (2004 est.)
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Labor force
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NA (1980)
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Labor force by occupation
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Unemployment rate
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21% (2000 est.)
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Budget
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revenues: $252.9 million
expenditures: $269.9 million, including capital expenditures of NA (2004 est.)
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Public debt
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Agriculture products
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bananas, corn, beans, sweet potatoes, sugarcane, coffee, peanuts; fish
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Industries
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food and beverages, fish processing, shoes and garments, salt mining, ship repair
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Industrial production growth rate
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NA
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Electricity production
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42.03 million kWh (2001)
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Electricity production by source
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fossil fuel: 100%
hydro: 0%
other: 0% (2001)
nuclear: 0%
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Electricity consumption
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39.08 million kWh (2001)
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Electricity exports
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0 kWh (2001)
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Electricity imports
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0 kWh (2001)
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Oil production
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0 bbl/day (2001 est.)
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Oil consumption
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2,000 bbl/day (2001 est.)
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Oil exports
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NA (2001)
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Oil imports
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NA (2001)
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Oil proved reserves
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Natural gas production
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Natural gas consumption
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Natural gas exports
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Natural gas imports
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Natural gas proved reserves
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Current account balance
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$-106.3 million (2004 est.)
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Exports
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$50.68 million f.o.b. (2004 est.)
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Exports commodities
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fuel, shoes, garments, fish, hides
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Exports partners
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Portugal 31%, France 27.6%, UK 17.2%, US 17.2% (2003)
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Imports
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$315.5 million f.o.b. (2003 est.)
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Imports commodities
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foodstuffs, industrial products, transport equipment, fuels
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Imports partners
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Portugal 46.7%, Netherlands 9.1%, Belgium 3.8% (2003)
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Reserves of foreign exchange gold
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$88.02 million (2004 est.)
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Debt external
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$325 million (2002)
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Economic aid recipient
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$136 million (1999)
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Currency
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Cape Verdean escudo (CVE)
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Currency code
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CVE
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Exchange rates
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Cape Verdean escudos (CVE) per US dollar - 97.703 (2003), 117.168 (2002), 123.228 (2001), 115.877 (2000), 102.7 (1999)
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Fiscal year
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calendar year
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Applied Language Solutions offer English to Portuguese Translation , English to Crioulo Translation .
This information was reproduced in part from the CIA World Fact book.
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