Economy of Cape Verde
The economy of Cape Verde is a service-oriented economy that is focused on commerce, trade, transport and public services. Cape Verde is a small archipelagic nation that lacks resources and has experienced severe droughts. Agriculture is made difficult by lack of rain and is restricted to only four islands for most of the year. Cape Verde's economy has been steadily growing since the late 1990s, and it is now officially considered a country of average development, being only the second African country to have achieved such transition, after Botswana in 1994. Cape Verde has significant cooperation with Portugal at every level of the economy, which has led it to link its currency (the Cape Verdean escudo) first to the Portuguese escudo and, in 1999, to the euro.
A market place in Praia | |
| Currency | Cape Verdean escudo (CVE) |
|---|---|
| Calendar year | |
Trade organisations | AU, WTO |
| Statistics | |
| GDP |
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GDP growth |
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GDP per capita |
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GDP by sector | agriculture (7.9%), industry (17.9%), services (74.2%) (As of 2017) |
| 1.275% (2018) | |
Population below poverty line | 15% (As of 2010) |
Labour force | 243,120 (2010) |
Labour force by occupation | food and beverages, fish processing, shoes and garments, salt mining, ship repair |
| External | |
| Exports | $1 billion (2019 est.) |
Export goods | processed and frozen fish, mollusks, clothing, scrap iron (2019) |
Main export partners |
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| Imports | $1.29 billion (2019 est.) |
Import goods | refined petroleum, delivery trucks, coal tar oil, cars, rice (2019) |
Main import partners |
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Gross external debt | $284 million (As of 2010) |
| Public finances | |
Government debt | N/A (As of 2008) |
| Revenues | $480 million (2009 est.) |
| Expenses | $595.9 million (2009 est.) |
| Economic aid | $136 million (recipient) (As of 2009) |
Credit rating |
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