Overview: Cape Verde's low per capita GDP reflects a poor natural resource base, a 17-year drought, and a high birthrate. The economy is service oriented, with commerce, transport, and public services accounting for 65% of GDP during the period 1985-88. Although nearly 70% of the population lives in rural areas, agriculture's share of GDP is only 16%; the fishing sector accounts for 4%. About 90% of food must be imported. The fishing potential, mostly lobster and tuna, is not fully exploited. In 1988 fishing represented only 3.5% of GDP. Cape Verde annually runs a high trade deficit, financed by remittances from emigrants and foreign aid.

GDP: $262 million, per capita $740; real growth rate 3.2% (1988 est.)

Inflation rate (consumer prices): 8.2% (1988 est.)

Unemployment rate: 25% (1988)

Budget: revenues $98.3 million; expenditures $138.4 million, including capital expenditures of $NA (1988 est.)

Exports: $10.9 million (f.o.b., 1989 est.); commodities--fish, bananas, salt; partners--Portugal, Angola, Algeria, France, Italy

Imports: $107.8 million (c.i.f., 1989); commodities--petroleum, foodstuffs, consumer goods, industrial products; partners--Portugal, Netherlands, Spain, France, Brazil, FRG

External debt: $150 million (December 1990 est.)

Industrial production: growth rate 18% (1988 est.); accounts for 7% of GDP

Electricity: 13,000 kW capacity; 15 million kWh produced, 40 kWh per capita (1990)

Industry: fish processing, salt mining, clothing factories, ship repair, construction materials, food and beverage production

Agriculture: accounts for 16% of GDP; largely subsistence farming; bananas are the only export crop; other crops--corn, beans, sweet potatoes, coffee; growth potential of agricultural sector limited by poor soils and limited rainfall; annual food imports required; fish catch provides for both domestic consumption and small exports

Economic aid: US commitments, including Ex-Im (FY75-89), $88 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-88), $590 million; OPEC bilateral aid (1979-89), $12 million; Communist countries (1970-88), $36 million

Currency: Cape Verdean escudo (plural--escudos); 1 Cape Verdean escudo (CVEsc) = 100 centavos

Exchange rates: Cape Verdean escudos (CVEsc) per US$1--64.10 (November 1990), 74.86 (December 1989), 72.01 (1988), 72.5 (1987), 76.56 (1986), 85.38 (1985)

Fiscal year: calendar year

NOTE: The information regarding Cape Verde on this page is re-published from the 1991 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Cape Verde Economy 1991 information contained here. All suggestions for corrections of any errors about Cape Verde Economy 1991 should be addressed to the CIA.