Cape Verde Economy: from the All Country Info reference guide to country facts

Cape Verde Economy

Cape Verde Economy: A summary of information about Cape Verde Economy, from government research data as well as independent research and other sources.

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Cape Verde: Economy

Economy - overview
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.
GDP
purchasing power parity - $618 million (1999 est.)
GDP - real growth rate
5% (1999 est.)
GDP - per capita
purchasing power parity - $1,500 (1999 est.)
GDP - composition by sector
agriculture: 13%
industry: 19%
services: 68% (1998)
Population below poverty line
NA%
Household income or consumption by percentage share
lowest 10%: NA%
highest 10%: NA%
Inflation rate (consumer prices)
5% (1999)
Labor force
NA
Unemployment rate
NA%
Budget
revenues: $188 million
expenditures: $228 million, including capital expenditures of $116
million (1996)
Industries
food and beverages, fish processing, shoes and garments,
salt mining, ship repair
Industrial production growth rate
NA%
Electricity - production
40 million kWh (1998)
Electricity - production by source
fossil fuel: 100%
hydro: 0%
nuclear: 0%
other: 0% (1998)
Electricity - consumption
37 million kWh (1998)
Electricity - exports
0 kWh (1998)
Electricity - imports
0 kWh (1998)
Agriculture - products
bananas, corn, beans, sweet potatoes,
sugarcane, coffee, peanuts; fish
Exports
$38 million (f.o.b., 1999 est.)
Exports - commodities
fuel, shoes, garments, fish, bananas, hides
Exports - partners
Portugal, Germany, Spain, France, UK, Malaysia
Imports
$225 million (f.o.b., 1999 est.)
Imports - commodities
foodstuffs, industrial products, transport
equipment, fuels
Imports - partners
Portugal, Netherlands, France, UK, Spain, US
Debt - external
$220 million (1998)
Economic aid - recipient
$111.3 million (1995)
Currency
1 Cape Verdean escudo (CVEsc) = 100 centavos
Exchange rates
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)
Fiscal year
calendar year
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