Cape Verde Economy
Economy - overviewThis 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.
GDP
purchasing power parity - $600 million (2002 est.)
GDP - real growth rate
4% (2002 est.)
GDP - per capita
purchasing power parity - $1,400 (2002 est.)
GDP - composition by sector
agriculture: 10%
industry: 16.5%
services: 62.8% (2003)
Investment
16.5% of GDP (2003)
Population below poverty line
30% (2000)
Household income or consumption by percentage share
lowest 10%: NA
highest 10%: NA
Inflation rate
3% (2003)
Labor force
NA (1980)
Unemployment rate
21% (2000 est.)
Budget
revenues: $252.9 million
expenditures: $269.9 million, including capital expenditures of NA (2003)
Agriculture - products
bananas, corn, beans, sweet potatoes, sugarcane, coffee, peanuts; fish
Industries
food and beverages, fish processing, shoes and garments, salt mining, ship repair
Industrial production growth rate
NA
Electricity - production
42.03 million kWh (2001)
Electricity - consumption
39.08 million kWh (2001)
Electricity - exports
0 kWh (2001)
Electricity - imports
0 kWh (2001)
Oil - production
0 bbl/day (2001 est.)
Oil - consumption
2,000 bbl/day (2001 est.)
Oil - exports
NA (2001)
Oil - imports
NA (2001)
Current account balance
$-106.3 million (2003)
Exports
$50.68 million f.o.b. (2003 est.)
Exports - commodities
fuel, shoes, garments, fish, hides
Exports - partners
Portugal 31%, France 27.6%, UK 17.2%, US 17.2% (2003)
Imports
$315.5 million f.o.b. (2003 est.)
Imports - commodities
foodstuffs, industrial products, transport equipment, fuels
Imports - partners
Portugal 46.7%, Netherlands 9.1%, Belgium 3.8% (2003)
Reserves of foreign exchange & gold
$88.02 million (2003)
Debt - external
$325 million (2002)
Currency
Cape Verdean escudo (CVE)
Currency code
CVE
Exchange rates
Cape Verdean escudos (CVE) per US dollar - 97.703 (2003), 117.168 (2002), 123.228 (2001), 115.877 (2000), 102.7 (1999)
