Cape Verdean Economy, Cape Verde Economy
Advertisement
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 72% 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: 1.5% (2004)
GDP - real growth rate: 5% (2004 est.)
GDP - per capita: Purchasing power parity - $1,400 (2002 est.)
GDP - composition by sector: Agriculture: 12.1% industry: 21.9% services: 66% (2004 est.)
Population below poverty line: 30% (2000)
Household income or consumption by percentage share: Lowest 10%: NA highest 10%: NA
Distribution of family income - Gini index:
Inflation rate (consumer prices):
Labor force: NA
Labor force - by occupation:
Unemployment rate: 21% (2000 est.)
Budget: Revenues: $260.6 million expenditures: $305.3 million, including capital expenditures of NA (2004 est.)
Industries: Food and beverages, fish processing, shoes and garments, salt mining, ship repair
Industrial production growth rate: NA
Electricity - production: 43.08 million kWh (2002)
Electricity - production by source:
Electricity - consumption: 40.06 million kWh (2002)
Electricity - exports: 0 kWh (2002)
Electricity - imports: 0 kWh (2002)
Oil - production: 0 bbl/day (2001 est.)
Oil - consumption: 2,000 bbl/day (2001 est.)
Oil - exports: NA
Oil - imports: NA
Oil - proved reserves:
Natural gas - production:
Natural gas - consumption:
Natural gas - exports:
Natural gas - imports:
Natural gas - proved reserves:
Agriculture - products: Bananas, corn, beans, sweet potatoes, sugarcane, coffee, peanuts; fish
Exports: $61.11 million f.o.b. (2004 est.)
Exports - commodities: Fuel, shoes, garments, fish, hides
Exports - partners: Portugal 59.4%, US 17.2%, UK 11.4% (2004)
Imports: $387.3 million f.o.b. (2004 est.)
Imports - commodities: Foodstuffs, industrial products, transport equipment, fuels
Imports - partners: Portugal 41.8%, US 12.3%, Netherlands 8.4%, Spain 5.2%, Italy 4.2%, Brazil 4% (2004)
Debt - external: $325 million (2002)
Economic aid - recipient: $136 million (1999)
Currency:
Currency code:
Exchange rates: Cape Verdean escudos (CVE) per US dollar - 88.808 (2004), 97.703 (2003), 117.168 (2002), 123.228 (2001), 119.687 (2000)
Fiscal year: Calendar year
Advertisement
The information here has been derived from Public Domain Sources such as the CIA World Factbook. No liability can be taken for any inaccuracies.
Tot: 0.037s; Tpl: 0.008s; cc: 3; qc: 10; dbt: 0.0122s; 1; m:domysql w:travelblog (10.17.0.13); sld: 1;
; mem: 1.1mb