Economy of Cape Verde
Population: 0.54 M (2018)
GDP per Capita: 3,635 USD (2018)
1,980 M.

GDP USD

(2018)

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960 M.

EXPORTS USD

(2018)

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1,350 M.

IMPORTS USD

(2018)

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123.95 %

PUBLIC DEBT

(2018)

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Data is provided by World Bank, FMI and Central Banks.

GDP and Economic Growth

Indicator Value
Economic Growth 5.08 % (2018)
GDP of 2010 USD USD 2.00 B. (2018)
GDP Current USD USD 1.98 B. (2018)
GDP per Capita Current USD USD 3,635 (2018)
GDP per capita, PPP USD 6,614 (2018)
GDP per Capita, 2010 USD USD 3,760 (2018)

Government spending and balances

Indicator Value
Government Spending % GDP 17.71 % (2018)
Government Spending USD 0.35 B. (2018)
Government Debt % GDP 123.95 % (2018)

International Trade and Investment

Indicator Value
Terms of Trade Base Year 2000 105.77 (2018)
Trade Openness 116.99 % (2018)
Exports of Goods and Services % GDP 48.78 % (2018)
Exports Goods & Services USD 0.96 B. (2018)
Exports Annual Growth 11.87 % (2018)
Imports as % GDP 68.21 % (2018)
Total Imports USD 1.35 B. (2018)
Foreign Direct Investment % GDP 5.46 % (2018)
Foreign Direct Investment USD 0.10 B. (2018)
Current Account Balance % GDP USD -4.78 % (2018)
Current Account Balance USD -0.09 B. (2018)
Trade Balance % GDP % (2018)
Trade Balance USD -0.37 B. (2018)
Foreign Exchange Reserves incl Gold USD 0.61 B. (2018)
Remittances % GDP 12.24 % (2018)
Remittances USD 212 M. (2018)
Balance of Payments USD 0 M. (2017)

Labor Market

Indicator Value
Labor Force 0.27 M. (2019)
Unemployment Rate 12.30 % (2019)
Unemployment Rate Females 11.49 % (2019)
Unemployment Rate Males 12.85 % (2019)
Youth Unemployment (ages 15-24) 23.27 % (2019)
Labor Force Participation Rate 69.31 % (2019)
Labor Force (Percent Female) 44.12 % (2019)
Female Labor Force Participation Rate 65.51 % (2019)
Male Labor Force Participation Rate 73.18 % (2019)
Dependent People 50.12 % (2018)

Agriculture Sector

Indicator Value
Forest Area 22.50 % (2016)
Forest Area km² 909 km² (2016)
Agricultural Land 19.60 % (2016)
Agricultural Land km² 790 km² (2016)
Employment 13.27 % (2019)
Value added % GDP 5.26 % (2018)
Agriculture Value added USD 0.10 B. (2018)
Crop Production Index 108.70 (2016)
Precipitation 228 mm (2014)
Arable Land 12 % (2016)
Cereal Yield 168 kg/hectare (2017)
Food production index 96 (2016)
Rural Population 34 % (2018)
Fertilizer use of Arable Land 96 (2016)
Livestock Production Index 82 (2016)
Economy of Cape Verde

According to the World Bank and its latest published data, the economy of the Cape Verde presents a growth rate of 5.08 % (2018) to the previous year.

With a population that reaches 0.54 M (2018) and a gross domestic product of USD 1.98 B. (2018), it translates a Gross Domestic Product per Capita of USD 3,635 placing its inhabitants on the threshold of an Lower middle income country (according to the World Bank's updated classification).

Cape Verde also has a workforce of 0.27 M. (2019) with an unemployment rate of 12.30 % (2019), where women represent 11.49 % (2019) and men 12.85 % (2019), the unemployment rate for young people between 15-24 years old stood at 23.27 % (2019). The total number of dependent people stands at 50.12 % (2018).

The central government spent 17.71 % (2018) of its gross domestic product that year, which in absolute terms is USD 0.35 B. (2018). Its consolidated public debt reached 123.95 of its GDP, exceeding the 35% risk limit used by the European Union.

Regarding its international trade, Cape Verde exported USD 0.96 B. (2018), which represents 48.78 % (2018) of its gross domestic product, in that same sense its imports reached USD 1.35 B. (2018) with a direct foreign investment of USD 0.10 B. (2018).

Cape Verde has a forest area of 909 km² (2016), which represents 22.50 % (2016) of its total area, an average rainfall of 228 mm (2014) per year and a population of 34 % (2018) living in rural areas. With a total area of 790 km² (2016) available for agriculture and 13.27 % (2019) of its employments, the agricultural sector contributes to the economy of the Cape Verde about USD 0.10 B. (2018) (5.26 % (2018) of its GDP).