Economy overview: Cape Verde’s low GDP per capita is due to the scarcity of natural resources, including severe water shortages exacerbated by periods of prolonged drought. The basis of the economy is the service sector; trade, transport and utilities account for almost 70% of GDP. Although about 70% of the population lives in rural areas, the share of agriculture in GDP was only 13% (1998), 1.5% of which came from fishing. The country is forced to import about 90% of food. Marine resources, especially lobster and tuna, are underutilized. Cape Verde faces a significant trade deficit every year, funded by foreign aid and remittances from emigrants; remittances account for more than 20% of GDP. The economic reforms launched in 1991 by the new democratic government are aimed at developing the private sector and attracting foreign investment. The further development of the economy in 2001 is highly dependent on foreign aid, remittances and the government’s persistence in implementing the development program. See businesscarriers.com to know more about Cabo Verde Economics and Business.
GDP: at purchasing power parity – $670 million (2000 est.).
Real GDP growth rate: 6% (2000 est.).
GDP per capita: at purchasing power parity – $1,700 (2000 est.).
The composition of GDP by sectors of the economy: agriculture: 13%; industry: 19%; service sector: 68% (1998).
Proportion of the population below the poverty line: no data available.
Percentage distribution of household income or consumption: for the poorest 10% of households: n/a; by top 10% of households: no data.
Inflation rate at consumer prices: 4% (2000).
Labor force: no data.
Unemployment rate: 24% (1999 est.).
Budget: revenues: $188 million; expenses: $228 million, including capital investments – $116 million (1996).
Economic sectors: food and beverage production, fishing, footwear and clothing production, salt mining, ship repair.
Growth in industrial production: no data available.
Electricity generation: 40 million kWh (1999).
Sources of electricity generation: fossil fuels: 100%; hydropower: 0%; nuclear fuel: 0%; others: 0% (1999).
Electricity consumption: 37.2 million kWh (1999)
Electricity export: 0 kWh (1999).
Electricity import: 0 kWh (1999).
Agricultural products: bananas, corn, beans, sweet potatoes, sugarcane, coffee, peanuts; fish.
Exports: $40 million (free on board, 2000 est.)
Exports: fuel, footwear, clothing, fish, bananas, leather.
Export partners: Portugal, Germany, Spain, France, United Kingdom, Malaysia,
Imports: $250 million (free on board, 2000 est.).
Imports: foodstuffs, manufactured goods, transport equipment, fuels.
Import partners: Portugal, Netherlands, France, UK, Spain, USA.
External debt: $260 million (2000) Economic aid recipient: $111.3 million (1995)
Donor economic aid:
Currency: Cape Verdean escudo. G
Currency code: CVE.
Exchange rate: CVE/USD – 123.080 (December 2000), 115.877 (1999), 102.700 (1999), 98.158 (1998), 93.177 (1997), 82.591 (1996).
Fiscal year: calendar year.
Telecommunications Telephone lines: 45 644 (2000).
Mobile cellular telephones: 19,729 (1997).
Telephone system: efficient system; domestic: inter-island microwave radio relay system, which includes both analog and digital exchange stations; work is underway to create a communication system using a submarine fiber optic cable, which should have been completed as early as 1998; international: 2 coaxial submarine cables; high-frequency radiotelephony with Senegal and Guinea-Bissau; satellite ground stations – 1 Intelsat (Atlantic Ocean),
Broadcasting stations: AM -0, FM -11 (and 14 repeaters), shortwave -O (1998).
Radio receivers: 73,000 (1997).
Television broadcast stations: 1 (1997),
Televisions: 2,000 (1997).
Internet country code: cv
Internet service providers: 1 (2000).
Number of users: 5,000 (2000)
Transport Railways: 0 km.
Roads: total length: 1,100 km; coated: 858 km; unpaved: 242 km (1996 est.)
Ports and harbours: Mindelo, Praia, Tarrafal.
Merchant fleet: total: 5 vessels (displacement 1,000 tons or more) with a total displacement of 9,523 gross register tons / 11,795 long tons of gross tonnage; different types of ships: cargo ships – 4, chemical tankers – 1 (2000 est.),
Airports: 8 (2000 est.).
Airports with paved runways: total: 8; over 3,047 m: 1; 914 to 1523 m: 7 (2000 est.).
Branches of the Armed Forces: Army, Coast Guard (Marines).
Total military manpower: men 15 to 49 pets: 89,543 (2001 est.).
Eligible for military service: men aged 15 to 49: 50,615 (2001 est.).
Number of persons reaching military age each year:
Military spending in dollar terms: $4 million (1996).
Military spending as part of GDP: 1.8% (1996),
International issues International disputes: no.
Illicit Drugs: Used as a transit point for illegal drugs from Latin America and Africa to Western Europe.