unbekannter Gast

Cabo Verde: Economy#

The economy is service-oriented with commerce, transport, tourism, and public services accounting for about three-fourths of GDP. Tourism is the mainstay of the economy and it is heavily dependent on conditions in the euro zone countries. This island economy suffers from a poor natural resource base, including serious water shortages exacerbated by cycles of long-term drought and poor soil for agriculture on several of the islands. Although about 40% of the population lives in rural areas, the share of food production in GDP is low. About 82% of food must be imported. The fishing potential, mostly lobster and tuna, is not fully exploited. Cabo Verde annually runs a high trade deficit financed by foreign aid and remittances from its large pool of emigrants; remittances supplement GDP by more than 20%. Despite the lack of resources, sound economic management has produced steadily improving incomes. Continued economic reforms are aimed at developing the private sector and attracting foreign investment to diversify the economy and mitigate high unemployment. Future prospects depend heavily on the maintenance of aid flows, the encouragement of tourism, remittances, and the momentum of the government's development program. Cabo Verde became a member of the WTO in July 2008.

Economic Facts#

GDP (purchasing power parity)$2.222 billion (2013 est.)
$2.19 billion (2012 est.)
$2.135 billion (2011 est.)
note: data are in 2013 US dollars
GDP - real growth rate1.5% (2013 est.)
2.5% (2012 est.)
4% (2011 est.)
GDP - per capita (PPP)$4,400 (2013 est.)
$4,400 (2012 est.)
$4,400 (2011 est.)
note: data are in 2013 US dollars
GDP - composition, by sector of originagriculture: 9.3%
industry: 18.8%
services: 71.9% (2013 est.)
Population below poverty line30% (2000)
Household income or consumption by percentage sharelowest 10%: 1.9%
highest 10%: 40.6% (2001)
Exports - commoditiesfuel, shoes, garments, fish, hides
Exports - partnersSpain 66.9%, Portugal 13.9%, US 5% (2012)
Agriculture - productsbananas, corn, beans, sweet potatoes, sugarcane, coffee, peanuts; fish
Budgetrevenues: $414.6 million
expenditures: $607 million (2013 est.)
Imports - commoditiesfoodstuffs, industrial products, transport equipment, fuels
Imports - partnersPortugal 38.1%, Netherlands 21.5%, China 7.9%, Spain 7% (2012)
Exchange ratesCabo Verdean escudos (CVE) per US dollar -
84.18 (2013 est.)
85.822 (2012 est.)
83.259 (2010 est.)
79.38 (2009)
73.84 (2008)
Exports$159.9 million (2013 est.)
$173.1 million (2012 est.)
Debt - external$1.328 billion (31 December 2013 est.)
$1.18 billion (31 December 2012 est.)
Fiscal yearcalendar year
Imports$796.3 million (2013 est.)
$878.7 million (2012 est.)
Industrial production growth rate1.8% (2013 est.)
Industriesfood and beverages, fish processing, shoes and garments, salt mining, ship repair
Inflation rate (consumer prices)1.9% (2013 est.)
2.5% (2012 est.)
Labor force196,100 (2007)
Unemployment rate21% (2000 est.)
Public debt86.2% of GDP (2012 est.)
78.1% of GDP (2011 est.)
Current account balance-$100 million (2013 est.)
-$209.3 million (2012 est.)
Reserves of foreign exchange and gold$426.2 million (31 December 2013 est.)
$376 million (31 December 2012 est.)
GDP (official exchange rate)$1.955 billion (2013 est.)
Central bank discount rate7.5% (31 December 2010 est.)
7.5% (31 December 2009 est.)
Commercial bank prime lending rate10.1% (31 December 2013 est.)
9.92% (31 December 2012 est.)
Stock of domestic credit$1.523 billion (31 December 2013 est.)
$1.496 billion (31 December 2012 est.)
Stock of narrow money$517.4 million (31 December 2013 est.)
$490.5 million (31 December 2012 est.)
Stock of broad money$1.488 billion (31 December 2013 est.)
$1.461 billion (31 December 2012 est.)
Taxes and other revenues21.2% of GDP (2013 est.)
Budget surplus (+) or deficit (-)-9.8% of GDP (2013 est.)
GDP - composition, by end usehousehold consumption: 52.9%
government consumption: 16.6%
investment in fixed capital: 41.9%
investment in inventories: 1.7%
exports of goods and services: 34.3%
imports of goods and services: -47.3%
(2013 est.)
Gross national saving38.5% of GDP (2013 est.)
34.2% of GDP (2012 est.)
31.2% of GDP (2011 est.)