Economy - overview:
Cabo Verde’s economy is vulnerable to external shocks and depends on development aid, foreign investment, remittances, and tourism. 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 depends on conditions in the euro-zone countries. Cabo Verde annually runs a high trade deficit financed by foreign aid and remittances from its large pool of emigrants; remittances as a share of GDP are one of the highest in Sub-Saharan Africa.Although about 40% of the population lives in rural areas, the share of food production in GDP is low. The island economy suffers from a poor natural resource base, including serious water shortages, exacerbated by cycles of long-term drought, and poor soil for growing food on several of the islands, requiring it to import most of what it consumes. The fishing potential, mostly lobster and tuna, is not fully exploited.Economic reforms are aimed at developing the private sector and attracting foreign investment to diversify the economy and mitigate high unemployment. The government’s elevated debt levels have limited its capacity to finance any shortfalls.
GDP (purchasing power parity): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): Gross national saving: GDP - composition, by end use: GDP - composition, by sector of origin: Agriculture - products: Industries: Industrial production growth rate: Labor force: Unemployment rate: Population below poverty line: Household income or consumption by percentage share: Budget: Taxes and other revenues: Budget surplus (+) or deficit (-): Public debt: Fiscal year: Inflation rate (consumer prices): Central bank discount rate: Commercial bank prime lending rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Current account balance: Exports: Exports - commodities: Exports - partners: Imports: Imports - commodities: Imports - partners: Reserves of foreign exchange and gold: Debt - external: Exchange rates:
$3.734 billion (2017 est.)
$3.591 billion (2016 est.)
$3.459 billion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 181
$1.728 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]
4% (2017 est.)
3.8% (2016 est.)
1% (2015 est.)
country comparison to the world: 70
[see also: GDP - real growth rate country ranks ]
$6,900 (2017 est.)
$6,800 (2016 est.)
$6,600 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 160
33.8% of GDP (2017 est.)
33.3% of GDP (2016 est.)
33.8% of GDP (2015 est.)
country comparison to the world: 17
[see also: Gross national saving country ranks ]
household consumption: 53.9%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 17.1%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 34.5%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 2%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 45.1%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -52.6% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]
agriculture: 7.9%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 17.9%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 74.2% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]
bananas, corn, beans, sweet potatoes, sugarcane, coffee, peanuts; fish
food and beverages, fish processing, shoes and garments, salt mining, ship repair
1.7% (2017 est.)
country comparison to the world: 146
[see also: Industrial production growth rate country ranks ]
196,100 (2007 est.)
country comparison to the world: 174
[see also: Labor force country ranks ]
9% (2017 est.)
9% (2016 est.)
country comparison to the world: 122
[see also: Unemployment rate country ranks ]
30% (2000 est.)
[see also: Population below poverty line country ranks ]
lowest 10%: 1.9%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 40.6% (2001)
revenues: $437.1 million
[see also: Budget - revenues country ranks ]
expenditures: $463.7 million (2017 est.)
[see also: Budget - expenditures country ranks ]
25.3% of GDP (2017 est.)
country comparison to the world: 110
[see also: Taxes and other revenues country ranks ]
-1.5% of GDP (2017 est.)
country comparison to the world: 68
[see also: Budget surplus (+) or deficit (-) country ranks ]
127% of GDP (2017 est.)
123.9% of GDP (2016 est.)
country comparison to the world: 7
[see also: Public debt country ranks ]
calendar year
1% (2017 est.)
-1.4% (2016 est.)
country comparison to the world: 42
[see also: Inflation rate (consumer prices) country ranks ]
7.5% (31 December 2010)
7.5% (31 December 2009)
country comparison to the world: 43
[see also: Central bank discount rate country ranks ]
10% (31 December 2017 est.)
9.61% (31 December 2016 est.)
country comparison to the world: 83
[see also: Commercial bank prime lending rate country ranks ]
$670.5 million (31 December 2017 est.)
$607.2 million (31 December 2016 est.)
country comparison to the world: 163
[see also: Stock of narrow money country ranks ]
$1.743 billion (31 December 2017 est.)
$1.601 billion (31 December 2016 est.)
country comparison to the world: 162
[see also: Stock of broad money country ranks ]
$1.395 billion (31 December 2017 est.)
$1.327 billion (31 December 2016 est.)
country comparison to the world: 162
[see also: Stock of domestic credit country ranks ]
-$105 million (2017 est.)
-$61 million (2016 est.)
country comparison to the world: 81
[see also: Current account balance country ranks ]
$158.6 million (2017 est.)
$148.4 million (2016 est.)
country comparison to the world: 190
[see also: Exports country ranks ]
fuel (re-exports), shoes, garments, fish, hides
Australia 48.6%, Spain 20.2%, Portugal 18.9% (2016)
$724.8 million (2017 est.)
$691 million (2016 est.)
country comparison to the world: 183
[see also: Imports country ranks ]
foodstuffs, industrial products, transport equipment, fuels
Portugal 43%, Spain 12.8%, France 5.9%, China 5%, Russia 4.4% (2016)
$589.1 million (31 December 2017 est.)
$572.7 million (31 December 2016 est.)
country comparison to the world: 138
[see also: Reserves of foreign exchange and gold country ranks ]
$1.808 billion (31 December 2017 est.)
$1.688 billion (31 December 2016 est.)
country comparison to the world: 152
[see also: Debt - external country ranks ]
Cabo Verdean escudos (CVE) per US dollar -
101.8 (2017 est.)
99.688 (2016 est.)
99.688 (2015 est.)
99.426 (2014 est.)
83.114 (2013 est.)