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    Cape Verde Index 2006

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    Cape Verde Economy - 2006
    https://theodora.com/wfbcurrent/cape_verde/cape_verde_economy.html
    SOURCE: 2006 CIA WORLD FACTBOOK

      Economy - overview:
      This 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 66% of GDP. Although nearly 70% of the population lives in rural areas, the share of agriculture in GDP in 2004 was only 12%, 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. Future prospects depend heavily on the maintenance of aid flows, the encouragement of tourism, remittances, and the momentum of the government's development program.

      GDP (purchasing power parity):
      $2.99 billion (2005 est.)

      GDP (official exchange rate):
      $1.128 billion (2005 est.)

      GDP - real growth rate:
      5.5% (2005 est.)

      GDP - per capita (PPP):
      $6,200 (2005 est.)

      GDP - composition by sector:
      agriculture: 12.1%
      industry: 21.9%
      services: 66% (2004 est.)

      Labor force:
      NA

      Unemployment rate:
      21% (2000 est.)

      Population below poverty line:
      30% (2000)

      Household income or consumption by percentage share:
      lowest 10%: NA%
      highest 10%: NA%

      Inflation rate (consumer prices):
      1.8% (2005 est.)

      Investment (gross fixed):
      26.4% of GDP (2005 est.)

      Budget:
      revenues: $328.1 million
      expenditures: $393.1 million; including capital expenditures of $NA (2005 est.)

      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:
      44.15 million kWh (2003)

      Electricity - consumption:
      41.06 million kWh (2003)

      Electricity - exports:
      0 kWh (2003)

      Electricity - imports:
      0 kWh (2003)

      Oil - production:
      0 bbl/day (2003)

      Oil - consumption:
      1,200 bbl/day (2003 est.)

      Oil - exports:
      NA bbl/day

      Oil - imports:
      NA bbl/day

      Natural gas - production:
      0 cu m (2003 est.)

      Natural gas - consumption:
      0 cu m (2003 est.)

      Current account balance:
      -$147.7 million (2005 est.)

      Exports:
      $73.35 million f.o.b. (2005 est.)

      Exports - commodities:
      fuel, shoes, garments, fish, hides

      Exports - partners:
      Portugal 59%, US 17.1%, UK 11.3% (2004)

      Imports:
      $500 million f.o.b. (2005 est.)

      Imports - commodities:
      foodstuffs, industrial products, transport equipment, fuels

      Imports - partners:
      Portugal 42.1%, US 12.4%, Netherlands 8.4%, Spain 5.3%, Italy 4.2%, Brazil 4.1% (2004)

      Reserves of foreign exchange and gold:
      $152.2 million (2005 est.)

      Debt - external:
      $325 million (2002)

      Economic aid - recipient:
      $136 million (1999)

      Currency (code):
      Cape Verdean escudo (CVE)

      Exchange rates:
      Cape Verdean escudos (CVE) per US dollar - 88.67 (2005), 88.808 (2004), 97.703 (2003), 117.168 (2002), 123.228 (2001)

      Fiscal year:
      calendar year


      NOTE: The information regarding Cape Verde on this page is re-published from the 2006 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Cape Verde Economy 2006 information contained here. All suggestions for corrections of any errors about Cape Verde Economy 2006 should be addressed to the CIA.

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    https://theodora.com/wfbcurrent/cape_verde/cape_verde_economy.html

    Revised 06-Jun-06
    Copyright © 2006 Photius Coutsoukis (all rights reserved)


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