An Overview of the Economy
Cape Verde is a country which suffers from a shortage of
natural resources due to limited rainfall. As a result, around 90%
of the country's food is imported making it more expensive. The
fishing business in Cape Verde is stable and accounted for about
1.5% of the country's GDP in 2004 but it has started to rise
slightly and is expected to continue. There have been some rumours
that Cape Verde is planning to join the EU which would facilitate
the purchase process for foreign investors. Its currency, the
Escudo, has been pegged to the Euro since 1999, maintaining low
inflation and strengthening its cause for EU accession.
| Satistics |
|
| GDP (PPP) (IMF) (US$Billions) |
1.6 |
| GDP (PPP) (CIA) (US$Billions) |
1.6 |
| GDP Growth (IMF) (%) |
6.9% |
| GDP Growth (CIA) (%) |
6.9% |
| GDP Per Capita (PPP) (IMF) (US$) |
3,243 |
| GDP Per Capita (PPP) (CIA) (US$) |
3,200 |
| GDP by Sector (%) |
Agriculture: 9.3%
Services: 73.9%
Industry: 16.9% |
| Inflation (%) |
4.4% |
| Population Below the Poverty Line(%) |
30% |
| Labour Force (Millions) |
0.1 |
| Unemployment (%) |
21% |
| Main Industries |
Food and beverages, fish processing,
shoes and garments, salt mining, ship repair. |
Source: CIA World Factbook
GDP
| econmic indicators |
2003 |
2004 |
2005 |
2006 |
2007 |
| GDP (US$Billions) |
1.1 |
1.1 |
1.3 |
1.5 |
1.6 |
| GDP Growth (%) |
4.7% |
4.4% |
5.6% |
10.8% |
6.9% |
| GDP Per Capita (US$) |
1,774 |
1,979 |
2,098 |
2,424 |
2,890 |
| GDP Per Capita (PPP) (US$) |
2,420 |
2,372 |
2,683 |
3,010 |
3,243 |
| Inflation (%) |
1.2% |
-1.9% |
0.4% |
5.4% |
4.4% |
| Mobile Phone Users |
28,119 |
53,300 |
53,300 |
81,700 |
108,900 |
| Internet Users |
12,000 |
20,400 |
20,400 |
25,000 |
29,000 |
Sources: IMF, CIA World Factbook
Major Exports & Imports
Cape Verde relies heavily on its imports and exports for
economic growth and as a result, the government is aiming to
attract more foreign investment. It costs Cape Verde more money to
import goods than to export but the country needs the imports to
survive.
major exports 2007
Fuel, shoes, garments, fish, hides.
major imports 2007
Foodstuffs, industrial products, transport equipment, fuels.
| export partners |
% of total |
| Spain |
44.2% |
| Portugal |
21.7% |
| Netherlands |
12.6% |
| Morocco |
4.6% |
| import partners |
% of total |
| Portugal |
41.1% |
| Netherlands |
10.6% |
| Spain |
6.5% |
| Italy |
5.4% |
| Côte d'Ivoire |
5.2% |
| Brazil |
4.8% |
Source: CIA World Factbook
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