Cape Verde's low per capita GDP reflects a poor
natural resource base, including serious water shortages exacerbated
by cycles of long-term drought. The economy is service-oriented, with
commerce, transport, and public services accounting for almost 70% of
GDP. Although nearly 70% of the population lives in rural areas, the
share of agriculture in GDP in 1998 was only 13%, of which fishing
accounts for 1.5%. About 90% 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 constitute a supplement to GDP
of more than 20%. Economic reforms, launched by the new democratic
government in 1991, are aimed at developing the private sector and
attracting foreign investment to diversify the economy. Prospects for
2000 depend heavily on the maintenance of aid flows, remittances, and
the momentum of the government's development program.

purchasing power parity - $618 million (1999 est.)

5% (1999 est.)

purchasing power parity - $1,500 (1999 est.)

agriculture: 13%
industry: 19%
services: 68% (1998)

NA%

lowest 10%: NA%
highest 10%: NA%

5% (1999)

NA

NA%

revenues: $188 million
expenditures: $228 million, including capital expenditures of $116
million (1996)

food and beverages, fish processing, shoes and garments,
salt mining, ship repair

NA%

40 million kWh (1998)

fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (1998)

37 million kWh (1998)

0 kWh (1998)

0 kWh (1998)

bananas, corn, beans, sweet potatoes,
sugarcane, coffee, peanuts; fish

$38 million (f.o.b., 1999 est.)

fuel, shoes, garments, fish, bananas, hides

Portugal, Germany, Spain, France, UK, Malaysia

$225 million (f.o.b., 1999 est.)

foodstuffs, industrial products, transport
equipment, fuels

Portugal, Netherlands, France, UK, Spain, US

$220 million (1998)

$111.3 million (1995)

1 Cape Verdean escudo (CVEsc) = 100 centavos

Cape Verdean escudos (CVEsc) per US$1 - 107.280
(December 1999), 102.700 (1999), 98.158 (1998), 93.177 (1997), 82.591
(1996), 76.853 (1995)

calendar year